EPR Properties (EPR)
NYSE:EPR
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EPR Properties
(NYSE:EPR)
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Rating:79Outperform
Price Target:
$57.00
▲(17.02% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by strong technical momentum (price well above major moving averages with positive MACD) and a constructive earnings call (positive 2026 growth guidance, dividend increase, and solid cited credit/liquidity metrics). Financial performance is good but tempered by leverage considerations and 2025 financial data inconsistencies, while valuation is mixed—supported by a high dividend yield but held back by a higher P/E.
Positive Factors
Consistent cash generation
EPR's multi-year recovery to rising operating cash flow (to $421M in 2025) and sustained free cash flow since 2021 indicates durable internal funding for dividends, maintenance and reinvestment. Reliable cash generation supports dividend coverage and capital recycling over the medium term.
Negative Factors
Leverage and data inconsistency
Historical leverage at REIT-typical but meaningful levels (debt-to-equity ~1.15–1.48) combined with a reporting anomaly for 2025 (total debt shown as $0) undermines clarity on true leverage and debt service capacity. Persistent leverage elevates refinancing and interest-rate sensitivity risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
EPR's multi-year recovery to rising operating cash flow (to $421M in 2025) and sustained free cash flow since 2021 indicates durable internal funding for dividends, maintenance and reinvestment. Reliable cash generation supports dividend coverage and capital recycling over the medium term.
Read all positive factors
EPR Properties (EPR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.73B
Dividend Yield7.05%
Average Volume (3M)932.78K
Price to Earnings (P/E)13.8
Beta (1Y)0.54
Revenue Growth2.93%
EPS Growth-0.87%
CountryUS
Employees55
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.79
Shares Outstanding76,520,010
10 Day Avg. Volume1,059,692
30 Day Avg. Volume932,777
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 Cap1.82
Enterprise Value/Revenue9.92
Enterprise Value/Gross Profit12.63
Enterprise Value/Ebitda11.68
Forecast
1Y Price Target
$59.75Price Target Upside22.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)3
Revenue Forecast (FY)$621.03M
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:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call emphasized strong per-share earnings growth, disciplined capital recycling, a fortified balance sheet and an acceleration of experiential investment activity backed by clear capital-market actions (a $550M note issuance and a $400M ATM). Key operational strengths include a large, highly leased portfolio, improved percentage rent collection and full-year box office growth. Near-term headwinds include Q4 box office volatility, weather-driven ski revenue impacts, elevated G&A and Q1 seasonality. On balance the highlights notably outweigh the lowlights: management is confident in execution, raised investment cadence with supporting financing, and maintained dividend coverage.Positive Updates
Strong Per-Share Earnings Growth
FFO as adjusted per share: Q4 $1.30 vs $1.23, +5.7%; Full year FFO as adjusted $5.12 vs $4.87, +5.1%. AFFO per share: Q4 $1.30 vs $1.22, +6.6%; Full year AFFO $5.14 vs $4.84, +6.2%.
Negative Updates
Q4 Box Office Decline vs Prior-Year Quarter
Q4 box office was $2.2B compared to $2.4B in Q4 2024, a decline of approximately 8.3% year-over-year for the quarter, reflecting quarterly variability despite full-year box office up 1%.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Per-Share Earnings Growth
FFO as adjusted per share: Q4 $1.30 vs $1.23, +5.7%; Full year FFO as adjusted $5.12 vs $4.87, +5.1%. AFFO per share: Q4 $1.30 vs $1.22, +6.6%; Full year AFFO $5.14 vs $4.84, +6.2%.
Read all positive updates
Company Guidance
Management's 2026 guidance called for FFO as adjusted of $5.28–$5.48 per share (midpoint +5.1% vs. 2025) with AFFO rising a similar percentage and Q1 expected to be about $0.11 below a simple quarterly average; they forecast investment spending of $400–$500 million and dispositions of $25–$75 million, percentage rent and participating interest of $18.5–$22.5 million (noting $3.5M of out‑of‑period 2025 items that won't repeat, -$1.1M from a delayed Northern CA ski season, -$0.4M from higher breakpoints and a +$1M net increase including Regal), G&A of $56–$59 million, an AFFO payout of roughly 70% at the midpoint and a 5.1% monthly dividend increase effective April 15; these targets are supported by year‑end credit metrics of fixed charge coverage 3.4x, interest and debt service coverage 4.0x, net debt/EBITDAre 4.9x, net debt/gross assets 39%, consolidated debt of $2.9 billion (blended coupon ~4.4%), $90.6 million cash and an undrawn $1.0 billion revolver.EPR Properties Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 718.36M | 641.00M | 659.72M | 610.65M | 512.86M |
| Gross Profit | 320.87M | 581.85M | 602.24M | 554.66M | 456.13M |
| EBITDA | 579.67M | 437.69M | 464.88M | 465.58M | 404.56M |
| Net Income | 274.94M | 146.07M | 173.05M | 176.23M | 98.61M |
Balance Sheet | |||||
| Total Assets | 5.70B | 5.62B | 5.70B | 5.76B | 5.80B |
| Cash, Cash Equivalents and Short-Term Investments | 98.65M | 22.06M | 78.08M | 107.93M | 288.82M |
| Total Debt | 3.14B | 3.07B | 3.04B | 3.05B | 3.02B |
| Total Liabilities | 3.37B | 3.29B | 3.25B | 3.22B | 3.18B |
| Stockholders Equity | 2.33B | 2.32B | 2.45B | 2.54B | 2.62B |
Cash Flow | |||||
| Free Cash Flow | 420.95M | 393.14M | 447.09M | 428.30M | 193.73M |
| Operating Cash Flow | 420.95M | 393.14M | 447.09M | 441.72M | 306.93M |
| Investing Cash Flow | -121.68M | -176.35M | -201.05M | -351.58M | 1.86M |
| Financing Cash Flow | -236.73M | -261.62M | -275.69M | -269.39M | -1.05B |
EPR Properties Technical Analysis
Negative
48.71
Price Trends
55.46
Negative
52.83
Negative
53.36
Negative
Market Momentum
-1.98
Positive
24.29
Positive
4.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EPR, the sentiment is Negative. The current price of 48.71 is below the 20-day moving average (MA) of 54.89, below the 50-day MA of 55.46, and below the 200-day MA of 53.36, indicating a bearish trend. The MACD of -1.98 indicates Positive momentum. The RSI at 24.29 is Positive, neither overbought nor oversold. The STOCH value of 4.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.73B | 13.80 | 11.81% | 7.05% | 2.93% | -0.87% | |
76 Outperform | $12.44B | 15.14 | 18.36% | 6.93% | 4.39% | -2.87% | |
75 Outperform | $12.54B | 21.05 | 59.02% | 4.90% | 3.04% | -14.88% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $1.90B | 18.58 | 8.00% | ― | 5.72% | 47.75% | |
55 Neutral | $4.71B | 27.51 | 21.63% | 5.02% | -1.48% | -50.05% | |
55 Neutral | $1.78B | -946.00 | -0.58% | 3.42% | 12.57% | 4.92% |
* Real Estate Sector Average
EPR
EPR Properties
48.71
0.31
0.64%
CXW
CoreCivic
19.44
-0.97
-4.75%
LAMR
Lamar Advertising
123.77
16.98
15.90%
GLPI
Gaming and Leisure
43.93
-3.18
-6.75%
OUT
Outfront Media
25.65
10.29
66.99%
SMA
SmartStop Self Storage REIT, Inc.
30.01
-1.37
-4.37%
EPR Properties Corporate Events
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.