EPR Properties

EPR Properties (EPR) Market Cap

EPR Properties has a market capitalization of —.

No quote data available.

CEO: Gregory K. Silvers

Sector: Real Estate

Industry: REIT - Specialty

IPO Date: 1997-11-18

Website: https://www.eprkc.com

EPR Properties (EPR) - Company Information

Market Cap: -|Sector: Real Estate

Company Profile

EPR Properties is a leading experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have nearly $6.7 billion in total investments across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns.

Analyst Sentiment

57%
Buy

From 12 Active Polls

1Y Forecast: $61.50

▲ +0.0% Potential Upside

Consensus Target Metrics

Low Bound

$58

Median

$61

High Bound

$66

Average

$62

Price & Moving Averages

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🎯 Wall Street Analyst Intelligence Report

1-Year structural target targets, chart projections, and sentiment maps.

Average 1Y Target
$61.50
▲ +7.22% Upside
Low Target
$58.00
1% Risk
Median Target
$61.00
6% Mid
High Target
$65.50
14% Max

Consensus Trend Projection

Trailing closures vs. 12-month metrics map.

Analyst Vote Distribution

Aggregate institutional coverage sentiment weights.

Sentiment volume allocation data unavailable.

valuation & financial ratiosdetailed financials

📊 Historical Valuation Multiples

Real-time Trailing Twelve Month (TTM) momentum side-by-side with discrete quarterly metrics.

Fiscal QuarterTTMQ1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Period EndingTrailing 12MMar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
Market Cap ($M)—————————
Enterprise Value ($M)—————————
Price to Earnings Ratio (P/E)—15.2314.2016.5514.6515.15-99.8619.9017.31
Price/Earnings-to-Growth Ratio (PEG)——1.896.359.76—-171.627.167.72
Price to Sales Ratio (P/S)—21.0420.7725.9126.7324.4120.4422.7719.68
Price to Book Ratio (P/B)—1.651.631.891.901.721.441.541.29
Price to Free Cash Flow Ratio (P/FCF)—————————
Enterprise Value to Sales (EV/Sales)—————————
Enterprise Value to EBITDA (EV/EBITDA)—————————
Debt to Equity Ratio—————————

📘 Full Research Report

ℹ️

AI-Generated Research: This report is for informational purposes only.

📘 EPR PROPERTIES REIT (EPR) — Investment Overview

🧩 Business Model Overview

EPR Properties is a specialty REIT that owns and finances real estate used for entertainment and experience-driven destinations. The investment process centers on partnering with operating companies (movie exhibitors, family entertainment centers, and related experiences) and then structuring leases so that EPR receives a combination of fixed base rent and, in many cases, a participation component tied to the operator’s performance.

The economic “engine” is property-level cash flow supported by (1) sites chosen for durable demand, (2) purpose-built or purpose-enhanced improvements that are difficult to replicate for other uses, and (3) long-lived relationships with tenants that prefer staying in proven locations where foot traffic and operational know-how already exist. This creates practical switching costs for operators and supports lease stability.

💰 Revenue Streams & Monetisation Model

EPR’s monetisation generally blends recurring rent with performance-linked revenue participation:

  • Base rent (recurring): Contracted minimum rent amounts provide the anchor for cash generation.
  • Revenue participation (semi-recurring/variable): For qualifying assets, tenant economics flow through via percentage rent or similar participation tied to sales performance (e.g., admissions/throughput and related metrics). This can help align EPR’s returns with the health of consumer entertainment demand.
  • Ancillary and recovery income: Where applicable, recoveries and other contractual charges support the durability of net operating cash flow.

Margin drivers are less about property-level “operating margins” (as with operating companies) and more about (1) rent escalators and participation formulas, (2) asset utilization and tenant sales productivity, and (3) EPR’s ability to control capital expenditures and renewal costs through the life cycle of specialized improvements.

🧠 Competitive Advantages & Market Positioning

EPR’s moat is best characterized as a combination of asset specificity (a switching-cost dynamic) and relationship-driven market access with entertainment operators.

  • Switching costs / asset specificity: Many entertainment venues require tailored layouts, infrastructure, and location attributes that do not transition easily to alternative uses. Operators also face time and investment burdens when moving locations, which strengthens the incentive to renew or remain with well-positioned assets.
  • Operator partnerships and deal structuring: EPR’s underwriting and leasing approach is geared toward entertainment business models. This can translate into lease formats that balance downside protection (fixed rent floors) with upside participation, improving risk-adjusted returns versus purely fixed-income models.
  • Portfolio concentration in experience-based real estate: The company’s expertise is oriented toward consumer-experience venues rather than generic retail space, supporting differentiated asset selection and redevelopment planning.

COMPETITIVE BENCHMARKING (industry peers/alternatives):

  • Regency Centers (REG) / Kimco Realty (KIM): These are primarily focused on traditional retail leasing. Their tenant base typically does not require the same level of specialized entertainment infrastructure, and their economic sensitivity is driven more by general retail tenant health than by entertainment throughput.
  • Tanger (SKT): Outlet and value retail is a different consumer purchasing dynamic and generally lacks EPR’s entertainment-specific operating linkage (where revenue participation can tie more directly to operator performance).
  • WP Carey (WPC): A net-lease-oriented platform with a broader tenant mix. The competitive difference for EPR is that EPR’s property specificity and participation-linked lease economics create a distinct value proposition versus standardized net-lease cash flows.

In short, while EPR competes for capital as part of the broader REIT universe, it is differentiated by specialized entertainment real estate and the operational linkage embedded in many lease structures.

🚀 Multi-Year Growth Drivers

  • Experience-led consumer spending: Over a multi-year horizon, entertainment and “destination” consumption can sustain demand for venues that aggregate social activity, leisure, and recurring visits.
  • Selective redevelopment and value creation: EPR’s model supports upgrading and re-merchandising assets to match evolving entertainment formats and tenant requirements, which can improve long-run cash flows.
  • Participation economics and rent escalators: Lease structures that include revenue participation and/or contractual increases can link EPR’s growth to tenant throughput, providing a pathway for income growth beyond inflation-only rent adjustments.
  • Long-term demand for community-level destinations: Even when entertainment attendance patterns fluctuate, well-sited venues with repeatable value to consumers can maintain relevance and reduce relocation risk for operators.

The TAM is anchored less in “new square feet” and more in the availability and re-use of suitable specialized real estate for entertainment operators within existing markets.

⚠ Risk Factors to Monitor

  • Tenant credit and business-model risk: Entertainment operators can be sensitive to consumer spending cycles and competitive intensity, which can affect rent coverage and renewal behavior.
  • Revenue participation variability: Percentage-based economics introduce variability tied to attendance and spending trends; underwriting must account for downcycle resilience.
  • Capital intensity and redevelopment execution risk: Specialized assets can require ongoing capital for modernization, tenant improvements, and sustaining layout efficiency.
  • Interest-rate and refinancing risk: Like other REITs, EPR’s returns depend on financing conditions and maintaining access to capital at acceptable cost.
  • Concentration and sub-sector shifts: Changes in entertainment formats or tenant mix can pressure returns if lease rollovers coincide with weaker demand for specific venue types.

📊 Valuation & Market View

Specialty REITs like EPR are typically valued on cash-flow metrics rather than pure book value, with investors focusing on:

  • AFFO / FFO durability: Sustainability of recurring cash flow after maintenance capital expenditures.
  • Lease quality and rent escalator design: The proportion of fixed versus participation-linked rent and the defensiveness of minimum rents.
  • Balance-sheet capacity: Net leverage, maturity ladder characteristics, and ability to refinance without eroding distributable cash flow.
  • Asset-level re-leasing/redevelopment outcomes: The market discounts the risk of lease rollovers and the effectiveness of capital plans for specialized venues.

Market valuation generally moves with expectations for (1) lease stability, (2) cash-flow visibility, and (3) the cost of capital.

🔍 Investment Takeaway

EPR’s long-term investment case rests on specialized entertainment real estate that creates practical switching costs for operators, supported by partner-centric lease structures that can align EPR’s cash flows with tenant performance. The model’s success depends on disciplined underwriting of tenant credit, prudent redevelopment capital, and maintaining financing flexibility through interest-rate and consumer-demand cycles.


⚠ AI-generated — informational only. Validate using filings before investing.

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📊 AI Financial Analysis

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Earnings Data: Q Ending 2026-03-31

"EPR reported Q1 2026 revenue of $181.3M and net income of $62.6M, with diluted EPS of $0.74. Versus Q1 2025, revenue rose +4.7% YoY ($181.3M vs. $163.4M) and net income increased +0.9% YoY ($62.6M vs. $65.8M). QoQ, revenue was -1.0% (vs. $183.0M in Q4 2025) while net income was -6.4% (vs. $66.9M). Profitability was resilient but mixed: net margin dipped to 34.5% in Q1 2026 from 36.6% in Q4 2025, while operating margin held relatively firm at 55.5%. Cash flow quality cannot be cleanly assessed from the Q1 cash flow line items provided (operating cash flow/FCF are shown as 0 in the dataset), but dividends were paid at -$1.94M in Q1 2026, suggesting continuing capital returns; buybacks were not reflected. Balance sheet leverage remains meaningful for an equity-REIT: total assets were $5.68B and equity was stable around $2.32B, but liabilities remain large ($3.37B). Shareholder returns appear supportive: the stock is up +16.87% over the last year (price momentum is positive but below the >20% threshold). Analyst valuation remains constructive with a consensus price target of $59.13 versus $56.68 current (~+4.3% upside)."

Revenue Growth

Neutral

Q1 2026 revenue increased +4.7% YoY, but declined -1.0% QoQ, indicating modest growth with short-term softness.

Profitability

Neutral

Net income was +0.9% YoY but -6.4% QoQ. Net margin contracted to 34.5% from 36.6% in Q4 2025, suggesting slight margin pressure.

Cash Flow Quality

Fair

Q1 2026 cash flow fields are shown as 0 in the dataset, limiting confidence in operating cash conversion. Dividends were paid (-$1.94M) with no buybacks reflected.

Leverage & Balance Sheet

Positive

Equity is stable (~$2.32B) and total assets were $5.68B; despite meaningful liabilities, the equity base did not deteriorate materially QoQ.

Shareholder Returns

Positive

Price performance is positive (+16.87% 1y), but not strong enough to trigger momentum emphasis (>20%). Dividend yield shown is ~0.05%, so total return is likely more price-driven.

Analyst Sentiment & Valuation

Positive

Consensus target of $59.13 vs. $56.68 current implies ~4.3% upside; targets are reasonably above current price.

Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.

RevenueEarningsP/E RatioSharesDebtMargin %

Fundamentals Overview

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EPR delivered Q1 2026 FFO as adjusted of $1.26/sh (+5.9%) and AFFO of $1.29/sh (+6.6%), backed by resilient experiential demand and strong portfolio coverage (2x unit-level rent coverage; 99% leased/operated). The core shift is acceleration: management raised 2026 investment spending to $500m–$600m and increased FFO guidance to $5.37–$5.53 (midpoint +6.5% YoY), alongside a higher disposition range of $50m–$100m. A major driver is the Six Flags “Seven Park” portfolio ($315m), with 6 properties acquired post-quarter end and La Ronde (Montreal) expected to close in Q2, operated with Enchanted Parks. Q&A clarified that raised AFFO is not merely a better quarter; it’s mostly timing (investments coming sooner), better cap rates, and conservative assumptions improving outcomes, plus modest straight-line rent uplift from the Margaritaville conversion. Risks center on market/transaction volatility and rent/percentage-rent noise, but management highlighted stable cap rates and expanding inbound seller conversations.

AI IconGrowth Catalysts

  • Increased earnings guidance: 2026 midpoint FFO as adjusted growth raised to 6.5% vs prior year (from 5.1% delivered in 2025 and 5.9% FFO growth in Q1).
  • Accelerating investment cadence with 2026 investment guidance increased to $500 million–$600 million (highest since COVID) and expected weighting more towards acquisitions than development.
  • Experiential asset resilience supporting portfolio coverage: 2x unit-level rent coverage and 99% leased/operated experiential properties.
  • Theater demand tailwind: North American box office up 25% in Q1, with improved attendance and film slate set up for remainder of year.
  • Fitness & Wellness durability as consumers prioritize it as protected nondiscretionary spending.

Business Development

  • Announced acquisition of Seven Park regional portfolio from Six Flags: $315 million, including 418 attractions, >1,600 acres across 6 states and Canada; 6 properties acquired post-quarter end with remaining La Ronde (Montreal) expected to close in Q2.
  • Enchanted Parks as operator partner: operates U.S. parks and will operate La Ronde in Montreal.
  • VITAL Climbing Gym acquisition (Lower East Side Manhattan) completed in Q1.
  • Margaritaville conversion: mortgage converted to a wholly owned rental property subject to a long-term triple net lease (incremental straight-line rent benefit mentioned in Q&A).
  • Studio partnerships cited impacting theater windows: Amazon MGM (15 theatrical releases in 2027; 45-day window), Universal adopting at least 45-day window after Amazon MGM announcement, Netflix wide release of Narnia with 49-day theatrical window before streaming.

AI IconFinancial Highlights

  • Q1 2026 FFO as adjusted: $1.26 per share vs $1.19 prior year (+5.9%).
  • Q1 2026 AFFO: $1.29 per share vs $1.21 prior year (+6.6%).
  • Revenue: $181.3 million vs $175.0 million prior year (+$6.3 million), driven mostly by investment spending impact and rent/interest bumps; offset by decrease in percentage rents and participating interest ($2.5 million vs $5.1 million prior year).
  • Disposition guidance increased to $50 million–$100 million (from $25 million–$75 million), citing emphasis on noncore risk management proceeds.
  • Investment spending guidance increased to $500 million–$600 million (from $400 million–$500 million).
  • 2026 FFO as adjusted guidance increased to $5.37–$5.53 (from $5.28–$5.48); midpoint implies +6.5% vs prior year.
  • Dividend: monthly common dividend increased 5.1% to $3.72 per share annualized; begins with dividend payable April 15 to record date March 31.
  • Balance sheet/cost of capital: blended coupon ~4.4% on fixed-rate debt and swapped exposure; fixed charge coverage 3.3x; interest and debt service coverage 3.9x; pro forma net debt/annualized adjusted EBITDAre 4.8x below targeted 5.0x–5.6x.
  • Tax/credit-loss detail: benefit for credit losses was $5.6 million in Q1, including $1.3 million benefit tied to the mortgage note conversion and updates to third-party model assumptions.
  • Capital market item: ATM forward sales agreement for 797,422 shares for gross proceeds $47.5 million at average sale price $59.52; unsold as of call date.

AI IconCapital Funding

  • Q1 investments: $51.3 million completed investments (acquisition of VITAL Climbing Gym plus committed development capital).
  • Additional investment expectation: ~$71 million as of March 31 for existing experiential development/redevelopment projects, expected to fund over balance of 2026.
  • Capital raise / liquidity: $68.5 million cash at quarter end; $1.0 billion revolver with no draws.
  • ATM program: forward sales agreement to sell 797,422 shares for $47.5 million gross proceeds; settlement optional until before March 1, 2027 (none settled as of call date).
  • Debt: consolidated debt $2.9 billion at quarter end; all fixed rate or hedged via swaps; blended coupon ~4.4%.

AI IconStrategy & Ops

  • Guidance shift: 2026 investment activity expected to be weighted more toward acquisitions than development.
  • Selective use of convertible or similar mortgage structures; management emphasized mortgages as pathways to ownership.
  • Operational portfolio: 335 properties total, 99% leased or operated; 94% of gross investment value in experiential assets (280 properties operated by 54 clients) and Education segment 100% leased (55 properties, 5 operators).
  • Asset management/disposition emphasis: increase in proactive risk management sales of noncore assets; near-term focus on generating accretive proceeds.
  • Theater asset optimization rationale: discussion that studio theatrical strategies support enhanced economics and downstream streaming value (used as confidence input).

AI IconMarket Outlook

  • 2026 FFO as adjusted guidance increased to $5.37–$5.53 (midpoint +6.5% YoY).
  • 2026 investment spending increased to $500 million–$600 million.
  • 2026 disposition proceeds increased to $50 million–$100 million.
  • Confirmed percentage rent and participating interest income guidance: $18.5 million–$22.5 million, weighted to back half.
  • G&A expense guidance confirmed at $56 million–$59 million.
  • Remaining Six Flags portfolio property (La Ronde) expected to close in Q2.

AI IconRisks & Headwinds

  • Decrease in percentage rents and participating interest in Q1: $2.5 million vs $5.1 million prior year (management attributed to out-of-period recognition totaling $2.9 million in Q1 2025).
  • Capital market volatility: volatility increased inbound seller activity (per management) but implies ongoing uncertainty in rates and transaction timing.
  • Competition for acquisitions: management notes net lease sector competitive; however, indicates cap rates remain stable for targeted deals.

Q&A: Analyst Interest

  • AFFO guidance bridge: Management (Mark Peterson) said Q1 only contributed about $0.01–$0.02 of incremental improvement, while most of the raised AFFO outlook comes from higher full-year investment activity, conservative Six Flags closing assumptions improving versus expectations, and faster, better-cap-rate remaining investments.
  • Convertible mortgage strategy and examples: Management (Ben Fox) confirmed the early-quarter mortgage conversion (Margaritaville note to lease) is exactly how they use mortgage structures as pathways to real estate ownership, and that they will convert opportunities selectively as they arise within existing portfolios and future transactions.
  • Competitive risk/cap rates and theater exposure: Management (Greg Silvers) stated cap rates remain stable and competition persists, but EPR’s market position drives first call access. He also said strong Q1 box office hasn’t changed strategy materially; private interest increased due to studio window changes and theatrical momentum.

Sentiment: POSITIVE

Note: This summary was synthesized by AI from the EPR Q1 2026 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.

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© 2026 Stock Market Info — EPR Properties (EPR) Financial Profile