- Business
- EPR Properties (NYSE: EPR; EPR-PC) operates as a diversified experiential net lease real estate investment trust (REIT) that acquires, finances and leases properties facilitating out-of-home leisure and recreation experiences; its portfolio totals approximately $6.9 billion across 330 locations that are 99% leased or operated, encompassing 58 operators in 43 U.S. states and Canada. The company focuses primarily on experiential assets representing 94% of investments, including megaplex theaters, family entertainment centers, ski resorts, attractions, experiential lodging, gaming, fitness centers, hot springs resorts, eat-and-play venues and golf entertainment properties, all under long-term triple-net leases typically spanning 15-20 years; its smaller education segment includes early childhood centers and private schools. Founded in 1997 and headquartered in Kansas City, Missouri, EPR Properties targets operators with strong credit metrics and cash flows from consumer discretionary spending on experiences.
In recent developments, EPR Properties invested $54.5 million in Q3 2025 entirely in experiential assets, including $18.25 million accordion funding for Iron Mountain Hot Springs and a $20 million mortgage to Canadian fitness operator Altea Active on a 20-year term; year-to-date investment spending reached $140.8 million amid a pipeline of over $100 million in committed projects and larger opportunities exceeding $100 million. The company amended its unsecured revolving credit facility in September 2024 to $1.0 billion with a potential $2.0 billion accordion feature and improved terms maturing October 2028, enhancing liquidity for experiential acquisitions; it priced $550 million of 4.750% senior notes due 2030 and raised 2025 guidance for dispositions to $150-$160 million, investment spending to $225-$275 million and FFO as adjusted per share to $5.05-$5.13. EPR Properties continues strategic capital recycling by selling non-core theaters, with year-to-date proceeds of $133.8 million including its last vacant AMC property, while maintaining strong coverage ratios of 2.0x and net debt to annualized adjusted EBITDAre at 4.9x.