Headquartered in Kansas City, MO Fiscal year ends December NYSE: EPR eprkc.com
EPR Properties is a self-administered, self-managed diversified experiential net lease REIT. It owns, develops and finances properties for out-of-home leisure and recreation, where consumers spend discretionary time and money.
As of September 30, 2026, total investments were about $7.6 billion:
- Experiential: about $7.2 billion, or 95%, and 96% of annualized base revenue (ABR).
- Education: about $0.4 billion, a legacy portfolio of 54 private school and early childhood education properties with 4 operators. Its ABR share is 4%, and the company aims to reduce it.
The Experiential portfolio spans 296 properties with 61 operators and is 99% leased or operated. By share of ABR:
- 148 theatres: 34%, to be reduced.
- 62 eat & play venues: 25%.
- 35 attractions: 16%.
- 11 ski properties: 7%.
- 32 fitness & wellness properties: 10%.
- 5 experiential lodging properties: 1%.
- One gaming property: 2%.
- One cultural property: 1%.
- One live venue: a new category entered in Q3 2026 via a Live Nation build-to-suit in Portland, Oregon.
The largest customers by ABR are Topgolf, AMC, Regal, Cinemark, Premier Parks, Enchanted Parks, Vail Resorts, Camelback Resort, Andretti Indoor Karting & Games and Six Flags. Together these top ten represent 68.0% of ABR.
EPR earns revenue mainly from long-term triple-net leases with staggered expirations; most ABR expires in 2034 and later. It also earns percentage rent, mortgage and other financing income, and some income from properties run by third-party managers.
Properties are located across 43 states and Canada. The company is cutting theatre concentration toward about 20% while growing fitness & wellness, eat & play, attractions, experiential lodging and live venues. Growth is funded through unsecured notes, a $1.6 billion credit agreement, ATM forward equity sales and capital recycling. Updated
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EPR Properties is a self-administered, self-managed diversified experiential net lease REIT. It owns, develops and finances properties for out-of-home leisure and recreation, where consumers spend discretionary time and money.
The Wall Street consensus 12-month price target for EPR is $64.35.
