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EPR-PE

EPR Properties

EPR-PE

EPR Properties • NYSE
$30.61 ▲ 0.72% (+0.22)
Market Cap $2.33 B
52w High $32.68
52w Low $26.81
Dividend Yield 2.25%
P/E 20.22
Volume 299
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 Q3-2024Q4-2024Q2-2025Q3-2025
Corporate Unallocated
Corporate Unallocated
 $0 ▲$0 ▲$0 ▲$0 ▲
Education Reportable Operating Segment
Education Reportable Operating Segment
 $10.00M ▲$30.00M ▲$10.00M ▼$10.00M ▲
Entertainment Reportable Operating Segment
Entertainment Reportable Operating Segment
 $0 ▲$0 ▲$0 ▲$170.00M ▲
Experiential Reportable Operating Segment
Experiential Reportable Operating Segment
 $170.00M ▲$490.00M ▲$170.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement EPR’s income statement shows a business that has largely stabilized after the pandemic shock. Revenue has been steady for several years, and profit margins are healthy, reflecting the benefit of long-term, triple-net leases where tenants bear many property costs. Earnings dipped sharply in 2020 but have since recovered to consistently positive levels, though net profit has eased slightly from its post-pandemic peak. Overall, profitability looks solid but not on a rapid growth path, more like a steady, income-focused real estate platform.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative for a specialized REIT. Total assets have edged down over time, suggesting some portfolio pruning and capital recycling rather than aggressive expansion. Debt has been meaningfully reduced from its 2020 peak, which lowers financial risk, while equity has stayed broadly stable, indicating no major erosion of the capital base. Cash on hand is now much lower than during the pandemic, when the company held a large liquidity buffer, so it appears to be operating with a leaner cash position and relying more on ongoing cash flow and credit access.

Cash Flow

Cash Flow Cash flow is a clear strength. Operating cash flow has improved substantially from 2020 and has been consistently strong in recent years, which fits with the recurring rent profile of a net-lease REIT. Free cash flow has been firmly positive after the pandemic, helped by relatively low capital spending lately. This pattern suggests that the existing portfolio generates ample cash for obligations and distributions, though it also implies that future growth may depend on selective acquisitions funded by a mix of internal cash and external capital rather than heavy reinvestment in existing assets.

Competitive Edge

Competitive Edge EPR’s competitive position rests on its niche focus in experiential real estate—things like entertainment, attractions, and leisure destinations—rather than traditional offices or shopping centers. Its long history in these specialized property types, along with deep tenant relationships and long-term triple-net leases, creates a meaningful barrier to entry and a stable rent base. At the same time, the portfolio is tied to discretionary consumer spending, so it is more exposed to economic cycles and shifts in leisure habits, including ongoing changes in movie theater demand. Overall, the moat is real but depends on continued consumer appetite for out-of-home experiences.

Innovation and R&D

Innovation and R&D For a real estate owner, EPR is relatively forward-leaning on innovation. The company is pushing into data- and AI-driven underwriting to improve how it selects properties and tenants, and it uses modern analytics tools to monitor property performance and credit risk. It is also actively recycling capital out of lower-growth or challenged categories, such as traditional theaters, and into newer experiential concepts, while building out ESG practices with tenants and at the corporate level. The impact of the AI and data initiatives will take time to fully show up in results, but they indicate a willingness to modernize a traditionally slow-moving sector.

Summary

EPR Properties today looks like a specialized, experience-focused REIT that has largely repaired the financial damage from the pandemic and moved back to steady, cash-generative operations. Its income statement and cash flows reflect stable, recurring rent backed by long leases, while the balance sheet shows a clear effort to reduce leverage and streamline the asset base. The company’s niche in experiential real estate, combined with long-standing tenant partnerships and a triple-net model, provides a defensible position but also ties results to the health of the leisure economy. Innovation for EPR is less about traditional R&D and more about smarter underwriting, active portfolio rotation, and ESG integration, all aimed at sharpening returns and managing risk over time. Investors following EPR may want to watch how successfully it continues shifting away from legacy theaters, how its AI and data initiatives improve decision-making, and how well the portfolio holds up through different economic and consumer cycles.