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EPR-PC

EPR Properties

EPR-PC

EPR Properties • NYSE
$23.55 ▼ -0.78% (-0.18)
Market Cap $1.79 B
52w High $26.83
52w Low $19.75
Dividend Yield 1.44%
P/E 15.55
Volume 101
Outstanding Shares 76.08M

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 Q4-2023Q2-2024Q3-2024Q4-2024
Corporate Unallocated
Corporate Unallocated
 $0 ▲$0 ▲$0 ▲$0 ▲
Education Reportable Operating Segment
Education Reportable Operating Segment
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲
Experiential Reportable Operating Segment
Experiential Reportable Operating Segment
 $160.00M ▲$160.00M ▲$170.00M ▲$320.00M ▲

Five-Year Company Overview

Income Statement

Income Statement EPR’s income statement shows a business that has largely stabilized after the turmoil of 2020. Revenue has held fairly steady over the last few years, with only small year‑to‑year shifts, suggesting a mature portfolio rather than a high‑growth one. Profitability looks solid: operating and EBITDA margins have stayed healthy, showing that once rent is collected and basic costs are covered, a good portion falls to profit. Net income has remained clearly positive since the pandemic dip, though it has eased a bit from its post‑reopening peak, which can reflect a mix of higher interest costs, selective asset sales, and a more normalized operating environment. Overall, earnings quality appears decent, but growth is incremental rather than explosive, and results are naturally tied to the health of discretionary entertainment spending.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive real estate owner with meaningful leverage but no obvious structural stress in the recent data. Total assets have edged down slightly, consistent with some asset sales or portfolio pruning. Debt levels have been fairly stable for several years and are lower than the pandemic peak, but still represent a substantial portion of the capital structure, which is common for REITs and increases sensitivity to interest rates and refinancing conditions. Equity has drifted modestly lower from its high point, indicating value returned to investors and some compression from changing market conditions, but not a dramatic erosion. Cash on hand is modest compared with the size of the asset base, implying ongoing reliance on steady cash flows and capital markets access rather than large cash reserves. In short, leverage is material but seems managed, with the usual REIT trade‑off between income generation and balance‑sheet risk.

Cash Flow

Cash Flow Cash flow has improved markedly compared with the pandemic period and now appears steady and supportive of the business model. Operating cash flow has been consistently strong in recent years and comfortably above the weak 2020 level, showing that tenants are largely paying their rent and that the underlying portfolio is cash‑generative. Capital spending requirements are quite low, so free cash flow closely tracks operating cash flow, which is a positive for a landlord with triple‑net leases. This provides flexibility to cover interest, preferred and common distributions, and selective investments, although it still depends on continued tenant health. The main watchpoints are potential pressure on cash flow if consumer demand softens or if key tenants struggle, and the impact of higher interest costs over time.

Competitive Edge

Competitive Edge EPR occupies a differentiated niche among REITs by focusing on experiential properties—movie theaters, entertainment venues, ski resorts, and similar assets—rather than traditional offices, malls, or warehouses. This specialization gives it deep sector knowledge, strong relationships with major operators, and a reputation as a go‑to capital partner in its space. The triple‑net lease structure shifts many property costs to tenants, helping stabilize EPR’s income. Its scale and diversification within experiential categories help offset weakness in any single area. However, this niche also brings risks: demand is tied to discretionary consumer spending, which can be hit in recessions, and certain segments such as cinemas face structural challenges from changing media consumption. Tenant concentration and exposure to a relatively narrow set of industries mean that EPR’s fortunes are more closely linked to the “experience economy” than a broadly diversified REIT’s would be.

Innovation and R&D

Innovation and R&D While EPR is not a technology or R&D‑driven company in the traditional sense, it shows meaningful innovation in how it chooses, structures, and manages investments. Its early and focused move into experiential real estate was itself an innovative business model, anticipating a shift in consumer preferences toward experiences. The company uses detailed, data‑driven underwriting and proprietary market knowledge to evaluate tenants and properties, which can be a quiet but important advantage. It actively recycles capital, selling slower‑growth or non‑core assets and reinvesting into higher‑potential experiential concepts such as eat‑and‑play venues, ski and outdoor recreation, and wellness properties. EPR also works closely with operators as a long‑term partner rather than a purely arms‑length landlord, and is increasingly layering in ESG considerations. Overall, innovation here is about portfolio design, risk assessment, and capital allocation, not laboratory R&D, and its success will hinge on correctly identifying which experiential formats will stay relevant over the long term.

Summary

EPR’s recent financial profile points to a REIT that has largely completed its recovery from the pandemic shock and settled into a phase of steady, if modest, growth. Income and cash flows are relatively stable and comfortably positive, with solid margins and manageable capital needs. The balance sheet carries meaningful debt but appears under control, consistent with a typical income‑oriented REIT structure. The company’s real strength lies in its distinctive focus on experiential real estate and the expertise, relationships, and lease structures that come with that focus. At the same time, this specialization makes it more exposed to cycles in entertainment and leisure spending and to industry‑specific shifts (especially in theaters). Looking ahead, the key factors to watch are the health of major tenants, consumer demand for out‑of‑home experiences, interest rate and refinancing conditions, and EPR’s execution on capital recycling and new experiential concepts. Strengths in cash generation and niche positioning are balanced by sector concentration and macro sensitivity, which together define the opportunity and the risk profile underlying EPR‑PC.