📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

EPR Properties is the leading diversified 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 that create value by facilitating out-of-home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately 6.1 billion dollars (after accumulated depreciation of approximately 1.8 billion dollars) across 43 states and Canada. 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. EPR Properties was established on August 22, 1997 and is based in Kansas City, United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding EPR

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	564.4K	$28.2M	0.04%	Mar 2026
Steve Cohen Point72 Asset Management	118.7K	$5.9M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used positive language such as 'sustained momentum', 'solid earnings growth', 'significant improvement in our cost of capital' and provided concrete figures (e.g., FFO per share $1.26, coverage 2.1x, Q2 box office $2.7B) demonstrating confidence backed by data.

Q3 2025

Confident Specific

Management used definitive language like 'steady progress', 'pleased to report a 5.4% increase in FFO as adjusted', 'strong and resilient portfolio', and 'moving decisively to capture' larger opportunities. They provided specific figures and ranges throughout.

Q4 2025

Confident Specific

Management uses precise figures (FFO +5.1%, AFFO +6.2%, investment guidance $400-$500M) and a forward-looking tone; phrases like 'solid execution', 'clear progress', and 'we are excited' reinforce certainty.

Q1 2026 latest

Confident Specific

Management used precise metrics: 5.9% FFO per share growth, 6.5% guidance midpoint increase, $315M acquisition, and specific phrases like 'strong momentum', 'resilient consumer spending', and 'unique platform delivering outsized returns'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for EPR Properties strengthened after this call. The company delivered solid Q1 results with 5.9% FFO growth, raised full-year guidance, and completed a transformative $315M acquisition of seven Six Flags parks, diversifying into attractions with high barriers to entry. Portfolio fundamentals remain robust: 99% occupancy, 2x rent coverage, and resilient consumer spending in experiential categories. Management's ability to source large proprietary deals and use flexible capital structures (convertible mortgages, ATM) supports future growth. Key to watch next quarter: closure of La Ronde (Canada), pace of further investment, and any impact from macro uncertainty on tenant performance. The raised dividend and low AFFO payout ratio (70%) provide confidence in income sustainability.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED EPR Properties posts 5.9% FFO growth, raises investment guidance to $500M-$600M

Revenue & Profitability

Total Q1 revenue was $181.3 million versus $175 million in the prior year. FFO as adjusted per share was $1.26 (up 5.9% year-over-year) and AFFO per share was $1.29 (up 6.6%). The company raised its 2026 FFO as adjusted per share guidance to $5.37–$5.53, representing 6.5% growth at the midpoint. Interest expense net increased by $1.7 million due to higher average borrowings.

Outlook

Management sees sustained growth in consumer spending on experiences, with personal consumption expenditures in EPR's categories increasing 7% from 2024 to 2025. The North American box office saw a 25% increase in Q1, and recent studio commitments to theatrical windows (Amazon MGM, Universal, Netflix) reinforce the stability of theatrical exhibition. Fitness & wellness and eat & play segments remain resilient, while ski performance varied by region (East strong, West weak).

Growth Drivers

Key growth levers include accelerating investment spending across all experiential verticals (attractions, fitness, eat & play). The largest recent investment is the $315 million acquisition of a seven-park portfolio from Six Flags, which adds over 1,600 acres, 418 attractions, and ~4.5 million annual visitors. The company also completed a VITAL Climbing Gym acquisition in Manhattan and has $71 million in committed development/redevelopment projects expected to fund through the year.

Balance Sheet & CapEx

EPR increased its 2026 investment spending guidance to $500 million–$600 million (from $400 million–$500 million), the highest expectation since COVID. Disposition guidance was raised to $50 million–$100 million (from $25 million–$75 million). Investment activity is expected to be weighted toward acquisitions over development, with convertible or other mortgage structures used selectively.

Margins

The company's fixed charge coverage ratio was 3.3x, and interest and debt service coverage ratios were both 3.9x. Unit-level rent coverage across the portfolio was 2x. The AFFO payout ratio for Q1 was 70%, and management expects the 2026 dividend to be well-covered with a payout ratio below 70% based on the midpoint of guidance. G&A expense guidance was confirmed at $56 million–$59 million.

Key Risks

Macroeconomic crosscurrents and capital markets volatility were noted, but portfolio coverage remains stable. Box office performance is tied to film slate and studio distribution policies (e.g., window lengths). Ski portfolio is exposed to snowfall variability (weak Western U.S. snowfall in the quarter). Management also flagged potential impacts from changes in consumer spending priorities, though fitness and wellness are seen as increasingly non-discretionary.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Revenue and FFO per share saw double-digit growth year-over-year, driven by record investment activity and strong portfolio performance, especially in theaters and experiential assets. Guidance for 2026 was raised for both earnings and investment spending, reflecting confidence in continued growth.

Q1 2026 Q1 2026 2026-05-07

FFO as adjusted per share grew 5.9% year-over-year, driven by robust experiential investments and a major $315 million theme park acquisition. 2026 guidance for earnings and investment spending was raised, with portfolio performance and coverage ratios remaining strong.

Q4 2025 Q4 2025 2026-02-26

FFO as adjusted and AFFO per share grew over 5% year-over-year, driven by a resilient experiential portfolio and strategic acquisitions in golf and water parks. 2026 guidance projects continued earnings growth, increased investment spending, and a 5.1% dividend hike.

Q3 2025 Q3 2025 2025-10-30

FFO as adjusted per share rose 5.4% year-over-year, with guidance for 2025 increased and a strong balance sheet supporting accelerated investment in experiential properties. Asset recycling and disciplined capital deployment continue, while box office and experiential segments show robust performance.

Q2 2025 Q2 2025 2025-07-31

Q2 2025 saw strong earnings growth, improved cost of capital, and robust investment in experiential assets. Portfolio coverage and box office performance improved, while asset sales and capital recycling advanced ahead of expectations. Guidance for investment and dispositions was raised, and key financial ratios remain strong.

📊 Analysis Methodology

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Investment Risk:
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