At a glance
EPR Properties is worth $4.25B, about 17 times its fiscal 2025 earnings. Revenue grew 2.9% to $718.4M in fiscal 2025, with 38.3% kept as profit; over 5 years it has grown 11.6% a year. It pays a 6.61% dividend yield, raised every year for at least 4 years, and returned $1.26B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.0% over the past year with dividends reinvested and +9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 79.8% in the 2020 crash (S&P 500: 33.7%) and 35.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 59 months and 23 months after the lows.
The business in plain English
EPR Properties is a real estate investment trust (REIT), a company that owns or finances property and passes most of its taxable income to shareholders as dividends. EPR, formerly called Entertainment Properties Trust, focuses on "experiential" real estate. These are places where people spend leisure time and money, such as movie theaters, Topgolf venues, waterparks, ski areas and fitness centers. As of December 31, 2025, it had about $5.7 billion in total assets, with properties in 43 states and Canada.
It earns money by collecting rent and loan interest. Most deals are either long-term triple-net leases or mortgage loans to operators. Under a triple-net lease, the tenant pays nearly all the costs of running the property, such as taxes, insurance and maintenance. Three customers stand out. In fiscal 2025, total revenue was about $718 million, and Topgolf supplied 14.2% of it, AMC 13.6% and Regal 11.5%.
EPR reports two segments. As of December 31, 2025, Experiential properties made up $6.6 billion, or 94%, of its roughly $7.0 billion in total investments. They included 148 theater properties, 60 eat & play venues, 27 fitness & wellness properties, 26 attractions and 11 ski properties. Education (early childhood education centers and private schools) made up the other 6%. Management plans to exit the Education portfolio over time and to rely less on theaters.
Price history
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EPR +13.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $204.1M, up 12% from a year earlier, and net income was $100.1M (+50.4%).
- For fiscal 2025, revenue was $718.4M (+2.9% year over year; +11.6% a year from FY2020 to FY2025) with a 38.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.6% good |
|---|---|
| Operating margin | 57.7% good |
| Free cash flow margin | 37.5% good |
| Return on equity (FY2025) | 11.8% watch |
| Return on assets (FY2025) | 4.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $414.7M | $-131.7M | $26.6M |
| FY2021 | $531.7M | $98.6M | $250.4M |
| FY2022 | $658.0M | $176.2M | $39.2M |
| FY2023 | $705.7M | $173.0M | $177.7M |
| FY2024 | $698.1M | $146.1M | $129.2M |
| FY2025 | $718.4M | $274.9M | $269.2M |
Valuation snapshot
| Market value | $4.25B |
|---|---|
| P/E ratio | 16.9 |
| Dividend yield | 6.61% |
Rank among 1514 US companies
Market value at each year end
EPR Properties’s market value went from $4.57B at the end of 2016 to $4.25B on Oct 28, 2026, down 7%; since the end of 2025 it is up 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.25B | +12.0% |
| 2025 | $3.80B | +13.3% |
| 2024 | $3.35B | -8.1% |
| 2023 | $3.65B | +29.0% |
| 2022 | $2.83B | -20.3% |
| 2021 | $3.55B | +46.5% |
| 2020 | $2.42B | -56.2% |
| 2019 | $5.54B | +16.4% |
| 2018 | $4.76B | -1.3% |
| 2017 | $4.82B | +5.6% |
| 2016 | $4.57B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EPR price data to Oct 28, 2026 | +16.8% | +13.0% | +19.0% | +9.0% | +3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.8% |
| 2025 | +20.6% |
| 2024 | -1.1% |
| 2023 | +38.9% |
| 2022 | -14.5% |
| 2021 | +50.6% |
| 2020 | -52.2% |
| 2019 | +17.2% |
| 2018 | +4.7% |
| 2017 | -3.4% |
| 2016 | +29.6% |
| 2015 | +8.0% |
| 2014 | +25.0% |
| 2013 | +13.3% |
| 2012 | +12.8% |
| 2011 | +0.8% |
| 2010 | +39.3% |
| 2009 | +31.9% |
| 2008 | -31.3% |
| 2007 | -14.8% |
| 2006 | +52.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 75.1% over that stretch · deepest drop along the way 77.5%, back to its old high 19.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 74.7% over that stretch · deepest drop along the way 79.8%, back to its old high 59.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.2% over that stretch · deepest drop along the way 35.6%, back to its old high 22.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 16 sales ($4.1M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 10, 2026 | Mark Alan Peterson EVP & Chief Financial Officer | sell (plan) | $500K |
| May 7, 2026 | Mark Alan Peterson EVP & Chief Financial Officer | sell (plan) | $500K |
| Apr 14, 2026 | Mark Alan Peterson EVP & Chief Financial Officer | sell (plan) | $500K |
| Mar 10, 2026 | Lisa G Trimberger Director | sell | $384K |
| Jun 23, 2026 | Paul Robert Turvey SVP, General Counsel | sell (plan) | $372K |
Who owns it
Large shareholders (13G filings)
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | 14.6% | Dec 31, 2024 |
| BlackRock, Inc. | 11.1% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.62% | Mar 31, 2026 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
| Infrastructure Capital Advisors, LLC | 3.52% | Dec 31, 2025 |
ETFs with the most weight in EPR
| NETL NETLease Corporate Real Estate ETF | 3.72% |
| SRET Global X SuperDividend REIT ETF | 3.26% |
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 3.11% |
| FORH Formidable ETF | 2.38% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.23% |
| MGMT Ballast Small/Mid Cap ETF | 1.89% |
| REAI Intelligent Real Estate ETF | 1.8% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.44% |
What could go wrong
- Heavy exposure to movie theaters. Theaters make up a large part of the portfolio, with 148 properties. Attendance depends on a steady flow of wide-release films. Studio mergers or shorter theater-only release periods could weaken tenants' ability to pay rent.
- Three tenants supply much of revenue. In fiscal 2025, Topgolf provided 14.2% of total revenue, AMC 13.6% and Regal 11.5%. Financial trouble at any one of them could cut EPR's income noticeably.
- Venues depend on leisure spending and crowds. EPR's venues depend on crowds and on discretionary spending, which people cut when times are tight. Inflation that outpaces tenants' revenue, or another pandemic, could hurt tenants. COVID-19 restrictions hit these properties severely.
- Tenant defaults and expiring leases. Rent depends on operators' finances. A tenant or borrower going bankrupt, or leases ending without renewal on similar terms, could reduce income. Real estate can also be slow to turn into cash.
- Debt, balloon payments and interest rates. Total debt was about $3.3 billion as of June 30, 2026. Most debt agreements require balloon payments, large lump sums due at maturity. Higher rates or tight credit could raise costs or force asset sales.
- Dividend may not hold at current rates. EPR's annual report warns that dividends may not continue at current rates. Fiscal 2025 payouts exceeded both earnings and free cash flow, and REIT payout rules limit how much cash it can keep.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Change to shareholder rights; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Other company announcement
For income and retirement investors
EPR raised its regular dividend four years in a row, from $1.50 per share in fiscal 2021 to $3.52 in fiscal 2025. The yield was 6.61% as of October 28, 2026. Coverage is thin. Fiscal 2025 dividends equaled 105.7% of earnings and 108% of free cash flow. A REIT's earnings are reduced by depreciation, an accounting charge that uses no cash, so the earnings payout can overstate the strain. Paying out more than free cash flow, though, leaves little room for error. Buybacks were small: about $32 million over fiscal 2021 to 2025, compared with about $1.2 billion in dividends.
In past downturns the shares fell hard: 77.5% in the 2008 financial crisis, 79.8% in the 2020 COVID crash and 35.6% in the 2022 bear market. Recovery from the COVID low took about 59 months, until February 2025. A single stock like EPR carries more risk than a diversified fund.
Questions investors ask
How does EPR Properties make money?
EPR makes money mainly by collecting rent and loan interest from operators of leisure venues. It owns or finances movie theaters, Topgolf sites, waterparks, ski areas, fitness centers and similar properties. Most deals are long-term triple-net leases, where the tenant pays nearly all property costs, or mortgage loans. Total revenue was about $718 million in fiscal 2025. As of December 31, 2025, Experiential properties made up 94% of its roughly $7.0 billion in total investments, and Education properties made up 6%.
Who are EPR Properties' biggest tenants?
Topgolf, AMC and Regal were its three biggest customers in fiscal 2025. Topgolf supplied about $102.3 million, or 14.2% of total revenue. AMC supplied $97.4 million, or 13.6%, and Regal $82.8 million, or 11.5%. EPR's theaters were leased to 17 operators as of December 31, 2025. Because so much of its money comes from theaters, the company plans to limit new theater investments and look for chances to exit some theater properties.
Does EPR Properties raise its dividend every year?
No, but it raised its regular dividend four years in a row through fiscal 2025. Dividends per share were $1.515 in fiscal 2020 and $1.50 in fiscal 2021. They then rose each year to $3.25, $3.30, $3.40 and $3.52 in fiscal 2022 through 2025. The yield was 6.61% as of October 28, 2026. Fiscal 2025 dividends equaled 105.7% of earnings and 108% of free cash flow. The annual report warns that dividends may not continue at current rates.
How much debt does EPR Properties have?
EPR had about $3.3 billion of total debt as of June 30, 2026. On the same date it had about $16 million in cash and $2.3 billion of shareholders' equity. It relies partly on borrowing to pay for investments and development. Most of its debt agreements require balloon payments, which are large lump sums due when the debt matures. Its annual report warns that higher interest rates would likely raise the cost of new debt. It also warns that a credit rating downgrade could make raising money harder or more expensive.
How did EPR stock do during the COVID crash?
EPR shares fell 79.8% from February 20 to March 18, 2020. They did not get back to that peak until February 26, 2025, about 59 months after the low. The stock lost about 52% in calendar 2020, then gained about 51% in 2021. EPR's annual report says the pandemic severely hurt its properties, which depend on people gathering and spending money on leisure. The shares also fell 77.5% in the 2008 financial crisis.