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1. Company Snapshot

1.a. Company Description

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.

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1.b. Last Insights on EPR

EPR Properties' recent performance was negatively impacted by valuation and sector concentration concerns. The company's portfolio is heavily weighted toward theaters (37%), exposing it to significant tenant risk from AMC Theaters and Las Vegas casinos. Limited growth prospects and a leveraged balance sheet also temper enthusiasm. Despite a compelling 6.6% monthly dividend yield, EPR's Q3 results revealed a modest 1% increase in total revenue. Additionally, AMC's financial instability and high debt threaten its ability to remain a going concern, impacting EPR's revenue outlook.

1.c. Company Highlights

2. EPR Properties: A Strong Q3 2025 Earnings Report

EPR Properties reported a robust financial performance in Q3 2025, with total revenue reaching $182.3 million for the quarter. The company's FFO as adjusted per share came in at $1.37, representing a 5.4% increase from the prior year, while AFFO per share was $1.39, up 7.8% year-over-year. The actual EPS of $1.39 beat analyst estimates of $1.32, indicating a strong operational performance. The company's investment portfolio is heavily weighted towards experiential assets, which account for 94% of total investments and are 99% leased or operated.

Publication Date: Nov -03

📋 Highlights
  • FFO Growth:: FFO as adjusted increased 5.4% to $1.37/share Q3 2025 vs. prior year; AFFO grew 7.8% to $1.39/share.
  • Investment Portfolio:: $6.9B total investments, 99% leased/experiential portfolio ($54.5M spent in Q3), 94% of assets in experiential assets.
  • Guidance Updates:: 2025 FFO as adjusted guidance raised to $5.05–$5.13/share; investment spending narrowed to $225M–$275M; dispositions increased to $150M–$160M.
  • Balance Sheet Strength:: Liquidity remains robust, leverage below target range; $400–500M acquisition capacity in 2026 without additional capital.
  • Opportunity Pipeline:: 3–5% of market in $100M+ deals, 8% yields on $25–75M smaller deals; Genting deal as optional deleveraging tool.

Investment Portfolio and Guidance

The company's total investments stood at approximately $6.9 billion at the end of Q3 2025, with investment spending of $54.5 million during the quarter, all of which was allocated to the experiential portfolio. EPR Properties has increased its FFO as adjusted guidance for 2025 to a range of $5.05 to $5.13 per share, while also narrowing its investment spending guidance to $225 million to $275 million. The company expects disposition proceeds to be between $150 million to $160 million in 2025.

Balance Sheet and Liquidity

Mark Peterson highlighted that the company's balance sheet is in excellent shape, with a strong liquidity position and leverage below the low end of its targeted range. The net gain on sale was $4.6 million, and the company's cash flow generation supports its plans to accelerate investment spending in 2026. According to Mark Peterson, "our cash flow generation supports this" plan to increase acquisition volumes.

Valuation and Growth Prospects

Analysts estimate revenue growth of 3.2% for EPR Properties in the next year. With a P/E Ratio of 18.66 and a Dividend Yield of 7.14%, the company's valuation appears reasonable. Additionally, the P/S Ratio is 5.34, and the EV/EBITDA is 7.51, indicating a relatively stable valuation. The company's ROE is 8.58%, and ROIC is 40.03%, suggesting a strong return on investment.

Outlook and Opportunities

Greg Silvers noted that EPR Properties is well-positioned to accelerate investment spending in 2026, with a strong balance sheet and clear visibility into future opportunities. The company is seeing increased deal flow, particularly in larger investment opportunities, and is excited about the opportunity set. With a cautious approach to macroeconomic indicators, the company is poised to capitalize on attractive investment prospects.

3. NewsRoom

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REIT Bulls - Brace For More Frustration

Dec -05

Source: seekingalpha.com

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EPR Properties Announces $113 Million in Sale Leaseback Transactions

Dec -04

Source: businesswire.com

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EPR vs. FRT: Which Stock Is the Better Value Option?

Dec -04

Source: zacks.com

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EPR Properties: Underappreciated Double-Digit Total Return Opportunity (Rating Upgrade)

Dec -02

Source: seekingalpha.com

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E-Power Resources Appoints New CEO and Expands Advisory Teams; Focus on Agressive Strategy for Tetepisca Graphite Project

Nov -27

Source: feeds.newsfilecorp.com

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Happy Thanksgiving! Thank You For The Dividends

Nov -27

Source: seekingalpha.com

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3 REITs That Deliver High Yields And Have More Upside

Nov -22

Source: 247wallst.com

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E-Power Resources Inc. Announces Tetepisca Flake Graphite Property Delivers High-Value Concentrate Potential, Demonstrating High Recoveries and Premium Flake Size Distribution

Nov -20

Source: feeds.newsfilecorp.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.49%)

6. Segments

Experiential

Expected Growth: 8.5%

EPR Properties' experiential segment growth of 8.5% is driven by increasing demand for entertainment and recreation experiences, expansion of existing properties, and strategic acquisitions. Additionally, the company's focus on experiential offerings, such as escape rooms and virtual reality, is attracting a younger demographic and driving revenue growth.

Education

Expected Growth: 8.5%

EPR Properties' 8.5% growth in Education segment is driven by increasing demand for charter schools, expansion of existing educational facilities, and rising enrollment in experiential education. Additionally, growing popularity of educational travel and recreation experiences, such as ski resorts and waterparks, contributes to the segment's growth.

Corporate/Unallocated

Expected Growth: 4.83%

EPR Properties' Corporate/Unallocated segment growth of 4.83% is driven by strategic investments in experiential entertainment and education, as well as the expansion of its portfolio of top-performing properties, resulting in increased revenue and profitability.

7. Detailed Products

Megaplex Theatres

State-of-the-art movie theatres with advanced technology and luxurious amenities

TopGolf Venues

High-tech entertainment venues offering golfing, food, and socializing

Ski Resorts

Mountain resorts offering skiing, snowboarding, and other winter sports

Waterparks

Themed waterparks with slides, wave pools, and other aquatic attractions

Family Entertainment Centers

Indoor play centers with arcade games, laser tag, and other activities

Eatertainment Venues

Restaurants and bars offering dining, drinks, and live entertainment

CinéBistro Theatres

Upscale movie theatres with in-theatre dining and luxury seating

8. EPR Properties's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for EPR Properties is moderate due to the availability of alternative forms of entertainment and leisure activities.

Bargaining Power Of Customers

The bargaining power of customers for EPR Properties is low due to the company's diversified portfolio of properties and limited dependence on individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for EPR Properties is low due to the company's ability to negotiate favorable terms with its suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for EPR Properties is high due to the relatively low barriers to entry in the entertainment and leisure industry.

Intensity Of Rivalry

The intensity of rivalry for EPR Properties is moderate due to the presence of several established players in the industry, but the company's diversified portfolio and strong brand recognition help to mitigate the impact of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.50%
Debt Cost 4.47%
Equity Weight 46.50%
Equity Cost 12.16%
WACC 8.04%
Leverage 115.06%

11. Quality Control: EPR Properties passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EPR Properties

A-Score: 7.1/10

Value: 5.2

Growth: 3.9

Quality: 8.1

Yield: 9.0

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Hannon Armstrong

A-Score: 6.5/10

Value: 9.1

Growth: 4.4

Quality: 6.4

Yield: 10.0

Momentum: 3.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Rayonier

A-Score: 6.5/10

Value: 5.1

Growth: 5.4

Quality: 7.7

Yield: 9.0

Momentum: 3.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Gaming and Leisure Properties

A-Score: 6.4/10

Value: 3.8

Growth: 4.4

Quality: 6.5

Yield: 10.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Lamar

A-Score: 5.7/10

Value: 2.6

Growth: 5.1

Quality: 6.5

Yield: 8.0

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Weyerhaeuser

A-Score: 4.8/10

Value: 2.3

Growth: 3.0

Quality: 5.1

Yield: 8.0

Momentum: 2.0

Volatility: 8.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

51.64$

Current Price

51.64$

Potential

-0.00%

Expected Cash-Flows