EPR Properties (EPR)
NYSE:EPR
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EPR Properties
(NYSE:EPR)
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Rating:77Outperform
Price Target:
$66.00
▲(16.44% Upside)
Action:ReiteratedDate:05/08/26
The score is driven primarily by improving financial performance and cash generation, supported by constructive technical momentum (price above major moving averages) and an income-friendly valuation (6.17% yield with a ~15.2 P/E). Raised 2026 guidance and the dividend increase further strengthen the outlook, partially offset by data inconsistencies in the latest financial snapshot and execution/timing risks highlighted on the earnings call (variable income back-weighting and ATM forward settlement).
Positive Factors
Cash Generation
Material multi-year improvement in operating cash flow underpins durable internal funding for dividends, acquisitions and capex. Consistent positive free cash flow (except 2020) and FFO/AFFO growth support coverage of the raised dividend and a higher investment program without immediate reliance on volatile capital markets.
Negative Factors
Balance Sheet Data Anomalies & Leverage
A reported 2025 debt anomaly undermines transparency and complicates assessment of credit metrics; historically debt-to-equity ran ~1.15–1.48, indicating moderate leverage for a REIT. Unclear latest-year reporting raises uncertainty around covenants, refinancing risk and true leverage headroom over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Material multi-year improvement in operating cash flow underpins durable internal funding for dividends, acquisitions and capex. Consistent positive free cash flow (except 2020) and FFO/AFFO growth support coverage of the raised dividend and a higher investment program without immediate reliance on volatile capital markets.
Read all positive factors
EPR Properties (EPR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.46B
Dividend Yield7.05%
Average Volume (3M)924.82K
Price to Earnings (P/E)15.2
Beta (1Y)0.62
Revenue Growth2.71%
EPS Growth96.98%
CountryUS
Employees55
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)3.25
Shares Outstanding76,503,560
10 Day Avg. Volume906,041
30 Day Avg. Volume924,823
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.63
Price to Sales (P/S)5.28
P/FCF Ratio9.01
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue6.27
Enterprise Value/Gross Profit9.47
Enterprise Value/Ebitda7.54
Forecast
1Y Price Target
$59.33Price Target Upside4.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3.01
Revenue Forecast (FY)$628.35M
EPR Properties Business Overview & Revenue Model
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 h...
How the Company Makes Money
EPR Properties makes money primarily by owning experiential real estate and leasing it to operating companies. Its core revenue stream is rental income generated under long-term leases (commonly structured as triple-net leases), where tenants are ...
EPR Properties Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call emphasized accelerating growth driven by tangible operational and portfolio metrics: Q1 FFO/AFFO growth, raised full-year earnings guidance (midpoint implying ~6.5% FFO growth), a meaningful increase in investment guidance to $500M–$600M, and a sizeable strategic acquisition (Six Flags portfolio) that expands and diversifies the experiential portfolio. Balance-sheet metrics and coverage ratios are strong, leverage is conservative on a pro forma basis, and theater box office and consumer spending trends support demand. Headwinds cited were limited and operationally manageable (lower variable rent recognition timing, modest rise in interest expense, weather impacts on select ski assets, and back-weighted percentage rent guidance), along with execution/market risks tied to unsettled ATM proceeds and the timing of variable income. Overall, positives materially outweighed the negatives.Positive Updates
FFO and AFFO Growth
Q1 FFO as adjusted per share rose to $1.26 from $1.19, an increase of 5.9% year-over-year. AFFO per share increased to $1.29 from $1.21, a 6.6% year-over-year gain.
Negative Updates
Decline in Percentage Rent and Participating Interest
Percentage rent and participating interest declined to $2.5M in Q1 versus $5.1M in the prior year, driven primarily by out-of-period percentage rent recognized in Q1 2025 (a $2.9M timing difference).
Read all updates
Q1-2026 Updates
Positive
Negative
FFO and AFFO Growth
Q1 FFO as adjusted per share rose to $1.26 from $1.19, an increase of 5.9% year-over-year. AFFO per share increased to $1.29 from $1.21, a 6.6% year-over-year gain.
Read all positive updates
Company Guidance
EPR raised 2026 targets: FFO as adjusted guidance is $5.37–$5.53 per share (midpoint implying ~6.5% growth year‑over‑year) with AFFO expected to increase by a similar percentage; investment spending guidance was increased to $500–$600 million (weighted more to acquisitions, with selective use of convertible/mortgage structures); disposition proceeds guidance was raised to $50–$100 million; percentage rent and participating interest income guidance remains $18.5–$22.5 million (heavily back‑half weighted); G&A guidance is $56–$59 million and consolidated operating properties other income/expense guidance was confirmed; the monthly common dividend was increased 5.1% to a $3.72 per‑share annualized rate, and management expects 2026 AFFO payout below 70% at the midpoint.EPR Properties Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 700.22M | 718.36M | 641.00M | 659.72M | 610.65M | 512.86M |
| Gross Profit | 463.79M | 320.87M | 581.85M | 602.24M | 554.66M | 456.13M |
| EBITDA | 582.55M | 579.67M | 437.69M | 464.88M | 465.58M | 404.56M |
| Net Income | 271.74M | 274.94M | 146.07M | 173.05M | 176.23M | 98.61M |
Balance Sheet | ||||||
| Total Assets | 5.68B | 5.70B | 5.62B | 5.70B | 5.76B | 5.80B |
| Cash, Cash Equivalents and Short-Term Investments | 68.47M | 98.65M | 22.06M | 78.08M | 107.93M | 288.82M |
| Total Debt | 3.13B | 3.14B | 3.07B | 3.04B | 3.05B | 3.02B |
| Total Liabilities | 3.37B | 3.37B | 3.29B | 3.25B | 3.22B | 3.18B |
| Stockholders Equity | 2.32B | 2.33B | 2.32B | 2.45B | 2.54B | 2.62B |
Cash Flow | ||||||
| Free Cash Flow | 434.95M | 420.95M | 393.14M | 447.09M | 428.30M | 193.73M |
| Operating Cash Flow | 434.95M | 420.95M | 393.14M | 447.09M | 441.72M | 306.93M |
| Investing Cash Flow | -214.94M | -121.68M | -176.35M | -201.05M | -351.58M | 1.86M |
| Financing Cash Flow | -172.71M | -236.73M | -261.62M | -275.69M | -269.39M | -1.05B |
EPR Properties Technical Analysis
Positive
56.68
Price Trends
55.02
Positive
53.04
Positive
52.92
Positive
Market Momentum
0.54
Negative
65.24
Neutral
91.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EPR, the sentiment is Positive. The current price of 56.68 is above the 20-day moving average (MA) of 51.97, above the 50-day MA of 55.02, and above the 200-day MA of 52.92, indicating a bullish trend. The MACD of 0.54 indicates Negative momentum. The RSI at 65.24 is Neutral, neither overbought nor oversold. The STOCH value of 91.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EPR.
EPR Properties Risk Analysis
EPR Properties disclosed 62 risk factors in its most recent earnings report. EPR Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
EPR Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.46B | 15.23 | 11.68% | 7.05% | 2.71% | 96.98% | |
75 Outperform | $13.66B | 13.38 | 19.39% | 6.93% | 4.43% | 11.49% | |
71 Outperform | $16.02B | 31.69 | 55.93% | 4.90% | 3.36% | 31.50% | |
67 Neutral | $2.01B | 12.87 | 9.00% | ― | 19.89% | 62.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.97B | 60.87 | 21.63% | 5.02% | 3.17% | -33.22% | |
59 Neutral | $1.93B | 43.67 | 1.09% | 3.42% | 19.80% | ― |
* Real Estate Sector Average
EPR
EPR Properties
58.28
8.75
17.67%
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20.33
-1.55
-7.08%
LAMR
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157.93
48.88
44.83%
GLPI
Gaming and Leisure
48.22
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10.02%
OUT
Outfront Media
33.90
19.75
139.53%
SMA
SmartStop Self Storage REIT, Inc.
32.56
-2.30
-6.61%
EPR Properties Corporate Events
Executive/Board ChangesShareholder Meetings
EPR Properties Shareholders Reelect Board and Approve Compensation
Positive
May 7, 2026
At its May 5, 2026 annual meeting, EPR Properties shareholders elected ten trustee nominees, including Peter C. Brown, Gregory K. Silvers and others, to one-year terms expiring in 2027, reflecting broad support for the existing board slate. The vo...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
EPR Properties Boosts Dividend Amid Strong Q1 2026 Performance
Positive
May 6, 2026
EPR Properties reported its first-quarter 2026 results on May 6, 2026, posting a 3.6% year-over-year increase in total revenue to $181.3 million, while net income available to common shareholders declined 5.3% to $56.6 million. However, key non-GA...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
EPR Properties Hikes Dividend on Strong 2025 Earnings
Positive
Feb 25, 2026
EPR Properties reported that for the fourth quarter and full year ended Dec. 31, 2025, total revenue rose to $182.95 million and $718.36 million, respectively, with annual net income available to common shareholders more than doubling to $250.79 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.