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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

Breaking News: EPR Properties has been outperforming its sector this year. The company's stock has shown resilience compared to its peers. According to recent analysis, EPR Properties is considered one of the high-yield stocks with a potential for net gains of over 51% by March 2027. Income investors view EPR Properties favorably due to its ability to provide steady income without needing to sell shares. Analysts at Dogcatcher identify EPR Properties as one of the 24 'safer' buys. Hold recommendation is given by analysts.

1.c. Company Highlights

2. EPR Properties: A Resilient Portfolio and Strong Growth Prospects

EPR Properties reported a strong Q4 and year-end 2025 earnings, with a 5.1% increase in FFO as adjusted per share to $1.3, beating analyst estimates of $1.29. The company's AFFO per share also rose by 6.2%. The robust financial performance was driven by the resilience of its diversified portfolio, which benefited from durable tenant performance and steady consumer demand. The actual EPS figure wasn't directly provided, but the increase in FFO as adjusted per share indicates a solid year for the company.

Publication Date: Mar -01

📋 Highlights
  • FFO & AFFO Growth: FFO per share rose 5.1% and AFFO per share increased 6.2% in 2025, reflecting strong operational performance.
  • Portfolio Diversification: Expanded into championship golf courses and water parks, enhancing attraction sector exposure and tenant resilience.
  • Capital Raise: $550M debt offering and $400M at-the-market equity program boosted financial flexibility and funded a $400–500M 2026 investment pipeline.
  • Dividend Increase: Monthly dividend to common shareholders rose 5.1%, effective April 15, with a 70% payout ratio of AFFO per share guidance midpoint.
  • 2026 FFO Guidance: FFO per share projected at $5.28–$5.48, a 5.1% increase versus 2025 midpoint, driven by disciplined capital allocation and high-quality investments.

Financial Flexibility and Investment Pipeline

The company bolstered its financial flexibility with a $550 million public debt offering and a $400 million at-the-market equity program, which will fund its growing investment pipeline. EPR Properties has a robust pipeline of high-quality experiential investments, with a strong balance sheet and expanded operator relationships giving access to larger opportunities. As Gregory Silvers mentioned, "We expect our 2026 dividend to be well covered with an AFFO per share payout continuing to be about 70% based on the midpoint of guidance."

Investment Spending and Disposition Proceeds Guidance

EPR Properties expects to increase its investment spending materially in 2026, with guidance in the range of $400 million to $500 million. The company also expects disposition proceeds in the range of $25 million to $75 million. The investment spending guidance reflects the company's disciplined approach to capital allocation and its focus on high-quality experiential assets.

Valuation Metrics

With a P/E Ratio of 16.45 and a Dividend Yield of 5.96%, EPR Properties appears to be reasonably valued. The company's ROE of 11.81% and ROIC of 43.14% indicate strong profitability. The Net Debt / EBITDA ratio of -0.16 suggests a healthy debt position. Analysts estimate next year's revenue growth at 3.3%, which is a relatively modest growth rate. Overall, EPR Properties' strong financial performance, resilient portfolio, and growth prospects make it an attractive investment opportunity.

Growth Opportunities

The company's top investment opportunities are in fitness and wellness attractions, Eat & play, and gaming, with ski being more opportunistic. EPR Properties has seen a lot of opportunity in the fitness and wellness space, including golf, climbing gyms, and hot springs deals. The company's ability to participate in larger deals will further its growth, as Upal Rana with KeyBanc Capital Markets noted, "We're starting to see more opportunities and are able to participate in larger deals, which will further our growth."

3. NewsRoom

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5 Dividend Stocks Yielding 5% or More to Buy Right Now for Passive Income

Mar -24

Source: fool.com

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These Top Dividend Stocks Should Be on Your Rebound Radar: EPR, HRB, HSBC

Mar -23

Source: zacks.com

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The Multiplex Isn't Dead; 3 Stocks Laughing All the Way to the Bank

Mar -23

Source: fool.com

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24 Safer Buys From 10 Years Of Dogcatcher Digging

Mar -22

Source: seekingalpha.com

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Are Finance Stocks Lagging EPR Properties (EPR) This Year?

Mar -20

Source: zacks.com

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I Quit, Let Prices Fall

Mar -20

Source: seekingalpha.com

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Brian Andrew Moriarty Sells 5,000 Shares of EPR Properties (NYSE:EPR) Stock

Mar -18

Source: defenseworld.net

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This Overlooked Monthly Dividend Stock Just Made Its Biggest Power Move in 7 Years

Mar -12

Source: fool.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: 7.4/10

Value: 5.3

Growth: 3.9

Quality: 7.8

Yield: 10.0

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Hannon Armstrong

A-Score: 7.3/10

Value: 10.0

Growth: 4.8

Quality: 7.6

Yield: 9.0

Momentum: 7.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Rayonier

A-Score: 6.6/10

Value: 5.7

Growth: 5.4

Quality: 7.7

Yield: 10.0

Momentum: 2.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Gaming and Leisure Properties

A-Score: 6.4/10

Value: 3.9

Growth: 4.3

Quality: 6.6

Yield: 10.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Lamar

A-Score: 6.2/10

Value: 2.6

Growth: 5.0

Quality: 7.0

Yield: 8.0

Momentum: 6.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Weyerhaeuser

A-Score: 4.6/10

Value: 2.4

Growth: 3.0

Quality: 3.7

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

49.51$

Current Price

49.51$

Potential

-0.00%

Expected Cash-Flows