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EPR Properties
(NYSE:EPR)
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Rating:74Outperform
Price Target:
$72.00
▲(13.33% Upside)
Action:Reiterated
Date:07/30/26
EPR scores as a solid, above-average setup driven primarily by a strong and upbeat earnings call (raised 2026 FFO guidance and accelerated investment plans) and supportive technical trend (price above all key moving averages). The main offsets are fundamental risk factors centered on elevated leverage and weaker/less reliable latest cash-flow signals, while valuation is supported by a high dividend yield but not clearly cheap on P/E.
Positive Factors
High occupancy and portfolio scale
A large, diversified portfolio (346 assets, $7.5B) with 99% leased provides durable rent stability and visibility into cash flows. High occupancy and a fully leased education segment reduce vacancy-driven volatility and support predictable FFO for multiple quarters ahead.
Negative Factors
Elevated leverage
Sustained elevated leverage constrains balance-sheet flexibility and raises sensitivity to higher rates or weaker property cash flows. Even with pro forma targets met, high gearing limits ability to absorb shocks without asset sales, equity issuance, or reduced investment cadence.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and portfolio scale
A large, diversified portfolio (346 assets, $7.5B) with 99% leased provides durable rent stability and visibility into cash flows. High occupancy and a fully leased education segment reduce vacancy-driven volatility and support predictable FFO for multiple quarters ahead.
Read all positive factors
EPR Properties (EPR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.76B
Dividend Yield5.82%
Average Volume (3M)590.38K
Price to Earnings (P/E)19.8
Beta (1Y)0.58
Revenue Growth4.53%
EPS Growth52.99%
CountryUS
Employees54
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)3.14
Shares Outstanding76,608,925
10 Day Avg. Volume593,869
30 Day Avg. Volume590,385
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)1.63
Price to Sales (P/S)5.28
P/FCF Ratio9.01
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$64.50Price Target Upside1.53% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)3.05
Revenue Forecast (FY)$644.68M
EPR Properties Business Overview & Revenue Model
Company Description
EPR Properties is a prominent real estate investment trust (REIT) utilizing an experiential net lease model, focusing on a curated selection of enduring properties designed for unique consumer experiences. Our core strategy centers on real estate ...
How the Company Makes Money
EPR Properties makes money primarily by collecting rent and related lease income from tenants that operate entertainment, recreation, and other experiential venues in EPR-owned real estate. Its key revenue stream is contractual rental revenue gene...
EPR Properties Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed a clear growth trajectory: strong top-line and FFO/AFFO growth, record investment activity, strengthened liquidity/credit facilities, and raised 2026 guidance. Portfolio fundamentals appear resilient (box office +10% YTD, 99% leased), and the company is actively diversifying experiential exposure (Six Flags parks, Netflix House). Headwinds were modest and largely idiosyncratic—higher interest expense, a decline in joint-venture income, weather-related softness at a ski asset, and timing variability in percentage rent recognition. Overall, positives (revenue/FFO gains, robust investment pipeline, improved bad-debt outcomes, solid coverage ratios and liquidity) substantially outweigh the contained negatives.Positive Updates
Revenue and FFO Growth
Total revenue for Q2 was $196.1M, up 10.1% year-over-year. FFO as adjusted per share for the quarter was $1.42, a 12.7% increase versus Q2 2025. AFFO per share for the quarter was $1.43, up 15.3% year-over-year. Six-month FFO as adjusted was $2.67 (+9.0% YoY) and six-month AFFO was $2.71 (+11.1% YoY).
Negative Updates
Increase in Interest Expense
Net interest expense increased by approximately $5.0M in the quarter, driven by higher average borrowings and reduced capitalized interest; partially offset by higher interest income on short-term investments.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and FFO Growth
Total revenue for Q2 was $196.1M, up 10.1% year-over-year. FFO as adjusted per share for the quarter was $1.42, a 12.7% increase versus Q2 2025. AFFO per share for the quarter was $1.43, up 15.3% year-over-year. Six-month FFO as adjusted was $2.67 (+9.0% YoY) and six-month AFFO was $2.71 (+11.1% YoY).
Read all positive updates
Company Guidance
EPR raised 2026 FFO as adjusted per share guidance to $5.41–$5.57 (midpoint +7.2% vs. 2025) with a similar percentage increase expected in AFFO, and increased 2026 investment spending guidance to $600–$700 million (up from $500–$600M) after investing $440.8M in Q2 and $492.2M year‑to‑date (with ~$92M more in the development pipeline, ~ $65M expected to fund in H2); the company reiterated disposition guidance of $50–$100M, set percentage rent and participating interest guidance at $18.5–$22.5M, G&A at $56–$59M, and provided ranges for other income and other expense of $40–$50M (no change to the net difference). Supporting these targets, EPR ended the quarter with pro forma net debt/annualized adjusted EBITDAre of 5.1x (target 5–5.6x), pro forma net debt to gross assets of 41% (book), consolidated debt of $3.3B (about $3.0B fixed or swapped; blended coupon ~4.4%), liquidity of $16.2M in cash and $640M available on the revolver, and estimated net proceeds of $69.5M from unsettled forward sales.EPR Properties Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 730.45M | 718.36M | 641.00M | 659.72M | 610.65M | 512.86M |
| Gross Profit | 508.64M | 320.87M | 581.85M | 602.24M | 554.66M | 456.13M |
| EBITDA | 585.55M | 579.67M | 437.69M | 464.88M | 465.58M | 404.56M |
| Net Income | 263.27M | 274.94M | 146.07M | 173.05M | 176.23M | 98.61M |
Balance Sheet | ||||||
| Total Assets | 6.05B | 5.70B | 5.62B | 5.70B | 5.76B | 5.80B |
| Cash, Cash Equivalents and Short-Term Investments | 16.20M | 98.65M | 22.06M | 78.08M | 107.93M | 288.82M |
| Total Debt | 3.52B | 3.14B | 3.07B | 3.04B | 3.05B | 3.02B |
| Total Liabilities | 3.74B | 3.37B | 3.29B | 3.25B | 3.22B | 3.18B |
| Stockholders Equity | 2.31B | 2.33B | 2.32B | 2.45B | 2.54B | 2.62B |
Cash Flow | ||||||
| Free Cash Flow | 234.26M | 420.95M | 393.14M | 447.09M | 428.30M | 193.73M |
| Operating Cash Flow | 234.26M | 420.95M | 393.14M | 447.09M | 441.72M | 306.93M |
| Investing Cash Flow | -151.50M | -121.68M | -176.35M | -201.05M | -351.58M | 1.86M |
| Financing Cash Flow | 98.00K | -236.73M | -261.62M | -275.69M | -269.39M | -1.05B |
EPR Properties Technical Analysis
Positive
63.53
Price Trends
59.22
Positive
56.47
Positive
53.89
Positive
Market Momentum
0.96
Positive
51.73
Neutral
17.52
Positive
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 63.53 is above the 20-day moving average (MA) of 61.48, above the 50-day MA of 59.22, and above the 200-day MA of 53.89, indicating a neutral trend. The MACD of 0.96 indicates Positive momentum. The RSI at 51.73 is Neutral, neither overbought nor oversold. The STOCH value of 17.52 is Positive, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $4.76B | 19.77 | 11.34% | 5.67% | 4.53% | 52.99% | |
74 Outperform | $16.23B | 29.46 | 56.10% | 4.11% | 3.36% | 31.50% | |
74 Outperform | $13.03B | 12.98 | 20.59% | 7.00% | 5.76% | 30.67% | |
70 Outperform | $2.96B | 24.51 | 9.00% | ― | 19.89% | 62.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $1.99B | 207.55 | 1.09% | 4.61% | 19.80% | ― | |
60 Neutral | $5.61B | 29.51 | 27.72% | 3.75% | 3.17% | -33.22% |
* Real Estate Sector Average
EPR
EPR Properties
61.13
11.02
21.99%
CXW
CoreCivic
31.23
11.63
59.34%
LAMR
Lamar Advertising
158.18
39.59
33.38%
GLPI
Gaming and Leisure
43.81
1.02
2.38%
OUT
Outfront Media
32.01
15.19
90.29%
SMA
SmartStop Self Storage REIT, Inc.
33.85
0.59
1.77%
EPR Properties Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
EPR Properties boosts investments and updates 2026 outlook
Positive
Jul 29, 2026
On July 29, 2026, EPR Properties reported second-quarter 2026 results showing total revenue up 10.1% year over year to $196.1 million, while net income available to common shareholders declined 12.2% to $61.1 million and diluted EPS fell to $0.79....
Business Operations and StrategyPrivate Placements and Financing
EPR Properties Expands Credit Facilities and Maturity Profile
Positive
Jul 20, 2026
On July 20, 2026, EPR Properties announced it had entered into a Fifth Amended, Restated and Consolidated Credit Agreement that replaces its prior $1.0 billion senior unsecured revolving credit facility. The new structure comprises a restated $1.0...
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...
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.