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EPR

EPR Properties

EPR

EPR Properties • NYSE
$52.27 ▲ 0.51% (+0.27)
Market Cap $3.98 B
52w High $61.24
52w Low $41.75
Dividend Yield 3.51%
P/E 22.93
Volume 300.46K
Outstanding Shares 76.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $170.171M ▲ $58.078M ▲ $66.586M ▼ 39.129% ▼ $0.8 ▼ $142.958M ▼
Q2-2025 $165.85M ▲ $39.938M ▼ $75.643M ▲ 45.609% ▲ $0.91 ▲ $151.65M ▲
Q1-2025 $163.397M ▼ $46.619M ▼ $65.803M ▲ 40.272% ▲ $0.79 ▲ $140.049M ▲
Q4-2024 $164.037M ▲ $103.607M ▲ $-8.395M ▼ -5.118% ▼ $-0.19 ▼ $60.372M ▼
Q3-2024 $163.088M $55.766M $46.65M 28.604% $0.54 $122.188M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.71M ▼ $5.544B ▼ $3.215B ▼ $2.329B ▼
Q2-2025 $28.72M ▲ $5.561B ▲ $3.23B ▲ $2.331B ▲
Q1-2025 $20.572M ▼ $5.533B ▼ $3.212B ▼ $2.321B ▼
Q4-2024 $22.062M ▼ $5.617B ▼ $3.293B ▲ $2.323B ▼
Q3-2024 $35.328M $5.689B $3.285B $2.404B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $66.586M ▼ $136.483M ▲ $-36.329M ▼ $-99.058M ▼ $972K ▼ $136.483M ▲
Q2-2025 $75.643M ▲ $87.321M ▼ $-12.574M ▼ $-73.416M ▲ $1.794M ▲ $87.321M ▼
Q1-2025 $65.803M ▲ $99.369M ▲ $42.397M ▲ $-150.49M ▼ $-8.773M ▼ $99.369M ▲
Q4-2024 $-8.395M ▼ $92.938M ▼ $-30.71M ▲ $-64.468M ▼ $-2.621M ▼ $92.938M ▼
Q3-2024 $46.65M $122.001M $-73.16M $-47.295M $1.631M $122.001M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Corporate Unallocated
Corporate Unallocated
 $0 ▲$0 ▲$0 ▲$0 ▲
Education Reportable Operating Segment
Education Reportable Operating Segment
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Experiential Reportable Operating Segment
Experiential Reportable Operating Segment
 $170.00M ▲$330.00M ▲$160.00M ▼$170.00M ▲

Five-Year Company Overview

Income Statement

Income Statement EPR’s income statement shows a business that has largely recovered from the shock of 2020 and then settled into a more mature, slower‑growth phase. Revenue bounced back strongly after the pandemic hit and has since been fairly stable, rather than growing rapidly. Profitability looks solid for a REIT: operating profits and cash-based profits have held up well, suggesting the underlying properties are performing reasonably consistently. Net income has been positive for several years in a row after the loss during 2020, though earnings per share have softened a bit from their post‑pandemic peak. That points to a company that is healthy but not currently in a strong earnings growth cycle. Overall, the income statement reflects resilience, good margins for its niche, and a business more focused on stability and portfolio reshaping than on aggressive expansion.

Balance Sheet

Balance Sheet EPR’s balance sheet looks like that of a typical specialized REIT: meaningful debt, substantial property assets, and a moderate equity base. Total assets have edged down from their pandemic-era peak, which fits with selling or repositioning parts of the portfolio rather than simply adding more properties. Debt levels have been fairly steady and are somewhat high in absolute terms, but not unusual for a real estate trust. Equity has slipped slightly in the last couple of years after rebuilding from 2020, which hints at pressure from payouts, portfolio changes, or valuation adjustments. Cash on hand is relatively low now compared with the large safety cushion held during the pandemic, so EPR relies more on steady rental inflows and access to capital markets than on cash reserves. The balance sheet overall appears serviceable but leaves limited room for major missteps or a sharp downturn in tenant performance.

Cash Flow

Cash Flow EPR’s cash flow picture is a key strength. Cash generated from day‑to‑day operations has improved markedly from 2020 and has remained solid in recent years, supporting its role as an income-focused REIT. Free cash flow has been consistently positive since 2021, which indicates that after necessary spending on properties, there is still cash available for debt service, dividends, and selective new investments. Capital spending has recently been quite light, implying a cautious approach to new development and a focus on optimizing the existing portfolio. This supports near‑term cash flow but also means future growth relies more on smart asset recycling and rent escalations than on large new projects. Overall, the cash flow statement underscores a stable, cash‑generative business model, as long as tenant health and occupancy remain strong.

Competitive Edge

Competitive Edge EPR occupies a distinct niche in “experiential” real estate—things like entertainment complexes, ski resorts, water parks, and other activity‑driven venues. This specialization gives it deep knowledge that many generalist REITs lack, and that expertise supports better deal selection, risk assessment, and tenant structuring. The use of long‑term, triple‑net leases with high occupancy provides a degree of income predictability and shifts many property costs to tenants. Strong, long‑standing relationships with key operators further reinforce its position. However, the focus on discretionary, experience-based spending also creates vulnerability to economic downturns and changing consumer tastes, and exposure to theaters remains a notable structural risk even as EPR reduces that footprint. On balance, EPR’s moat comes from its specialization and partnerships, but it is tied closely to the health of the experience economy.

Innovation and R&D

Innovation and R&D While EPR does not run traditional “R&D” like a technology company, it has been innovative in how it selects and manages properties. A major theme is its data‑driven and AI‑supported underwriting process, which aims to better assess operator quality, local demand, and long‑term viability of each experiential concept. This can sharpen risk control and help identify attractive opportunities that might be overlooked by less specialized landlords. Strategically, EPR is also innovating through capital recycling—selling slower‑growth or less strategic assets (especially in theaters and education) and reinvesting into higher‑potential experiential categories like “eat & play,” outdoor attractions, and fitness and wellness. The focus on “drive‑to” locations shows another layer of strategic thinking, aiming for venues that stay attractive even when consumers cut back on long‑distance travel. These efforts together amount to a quiet but meaningful form of innovation centered on portfolio design, analytics, and tenant partnerships.

Summary

Overall, EPR looks like a specialized experiential REIT that has come through the pandemic stress test and stabilized, but is not in a rapid growth phase. Its income statement shows solid, steady profitability. The balance sheet carries typical REIT leverage with less cash cushion than during the crisis, emphasizing the importance of stable rents and capital market access. Cash flows are a clear bright spot, with healthy, recurring free cash flow supported by triple‑net, long‑term leases. Competitively, EPR’s edge comes from its deep sector focus, strong tenant relationships, and a portfolio that matches consumer interest in experiences. At the same time, that same focus ties results to discretionary spending cycles and sector-specific risks such as theaters. The company’s innovation is mainly in how it uses data, AI‑assisted underwriting, and capital recycling to refine its portfolio rather than in traditional product development. The key watchpoints are tenant health, evolving consumer behavior in entertainment and leisure, interest rate levels (given leverage), and EPR’s execution on shifting away from weaker categories into more durable experiential concepts. The strengths are stable cash generation, specialized knowledge, and a clear strategic direction; the risks center on concentration in discretionary experiences and a balance sheet that requires continued disciplined management.

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