EPR
EPR Properties49.79
-0.44-0.88%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Confident $400-500M investment pipeline
Q&A largely reaffirmed EPR's prepared guidance for $400M-$500M in 2026 investments, but management detailed high confidence from a multi-year pipeline across fitness/wellness (golf, climbing, hot springs), attractions, and eat & play, with 70/30 acquisition tilt at ~8% cap rates, front-half loaded. Topgolf's new PE owner aligns on 3-5 units/year growth, F&B emphasis, and venue refreshes—positive for coverage. ATM equity makes sense at low 7s cost, offering 100bps spread. SAG-AFTRA talks seen as low-risk. Pipeline's primed to accelerate. Watch spending execution amid rising opportunities.
Key Stats
Market Cap
3.79BP/E (TTM)
21.84Basic EPS (TTM)
2.28Dividend Yield
0.07%Recent Filings
10-K
FY2025 results
EPR Properties closed FY2025 with total investments of $7.0B, up from $6.9B, as Experiential assets hit 94% of the portfolio amid $289M in new spending on attractions, eat & play, and fitness & wellness. Rental revenue climbed 4% to $609M, driven by 3% minimum rent growth and doubled percentage rents to $22M from theatre and attraction tenants, while total revenue rose 3% to $718M. FFOAA per diluted share advanced 5% to $5.12, fueled by $36M gains on dispositions including 19 theatre and education properties; net income available to common shareholders soared 105% to $3.28/share. Debt stands at $2.9B (99% unsecured) with $630M due 2026, revolver undrawn, and cash at $91M. No annual guidance disclosed. Tenant defaults remain a risk to quarterly cash flows.
8-K
EPR lifts dividend, guides growth
EPR Properties posted strong 2025 results with AFFO per share up 6.2% to $5.14 versus prior year, fueled by $289M in experiential investments like Texas golf courses and Virginia attractions, offset by $169M dispositions. Balance sheet shines: $91M cash, $1B revolver undrawn, fresh $550M notes at 4.75% due 2030. Dividend jumps 5.1% to $0.31 monthly. 2026 FFOAA guidance: $5.28-$5.48.
8-K
EPR launches $400M ATM program
EPR Properties entered a Distribution Agreement on December 5, 2025, to sell up to $400 million in common shares at-the-market through top-tier agents like J.P. Morgan, with commissions capped at 2.0%. Forward sale options allow flexible settlement, delaying proceeds. Funds target acquisitions, working capital, and debt reduction. No sales obligated yet.
8-K
EPR issues $550M notes
EPR Properties completed a $550 million public offering of 4.750% senior notes due 2030 on November 13, 2025. Unsecured and ranking equal with existing senior debt, they mature November 15, 2030, with semi-annual interest from May 2026 and optional redemption. Covenants cap additional debt while requiring 150% unencumbered assets coverage. No use of proceeds disclosed.
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