EPR Properties
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.73%.
Did EPR Beat Earnings? Q1 2025 Results
EPR Properties kicked off 2025 on firm footing, posting first quarter earnings of $0.78 per share as total revenue climbed 4.7% year-over-year to $175.03 million, lifted by gains in rental revenue and mortgage financing income. The experiential-focused REIT's key metric, funds from operations as adjusted per diluted share, rose 5.3% to $1.19, reflecting the company's continued progress in recycling capital away from theaters and education assets toward higher-conviction experiential investments. EPR sold three theater properties and 11 early childhood education centers for combined proceeds of $78.90 million during the quarter, a strategic shift that helped sharpen the portfolio's focus while generating a net gain of $9.40 million. With its wholly-owned experiential portfolio 99% leased or operated and box office trends improving, management raised full-year 2025 FFOAA per diluted share guidance to $5.00 to $5.16, up from the prior range of $4.94 to $5.14, and also lifted disposition proceeds guidance to $80.00 million to $120.00 million, signaling confidence in continued portfolio momentum.
- Rental revenue grew to $146.4M from $142.3M year-over-year
- Mortgage and other financing income increased to $17.0M from $12.9M year-over-year
- Consumer prioritization of drive-to, value-oriented experiences
- Total portfolio coverage of 2.0x on trailing twelve months through March 2025
- Experiential portfolio 99% leased or operated
- Beyond box office: ~60% increase in per-patron F&B spending from 2019-2024 driving higher theatre profitability
- Ski properties showed Q1 and TTM Q1 revenue and EBITDARM up versus prior year
- Fitness & wellness portfolio showing increases in revenue and EBITDARM TTM through March 2025 vs. same period 2024
“We are pleased to have delivered solid earnings growth in the first quarter and increase our guidance for the full year. We continue to see resilience at our experiential properties, as many consumers prioritize drive-to value oriented experiences, particularly in times of uncertainty. We also continue to make meaningful progress in our ongoing recycling strategy, as we recycle theatre and education assets and accretively redeploy capital into our target experiential sectors. With healthy rent coverage and a prudently positioned balance sheet, we remain encouraged by our outlook and growth opportunities.”
EPR Properties CEO, on the earnings call
Forward Guidance & Outlook
EPR Properties increased its 2025 FFOAA per diluted share guidance to $5.00-$5.16 from $4.94-$5.14, representing a 4.3% increase at the midpoint over 2024. Net income per diluted share guidance was raised to $2.98-$3.14 from $2.84-$3.04. Investment spending guidance was confirmed at $200M-$300M. Disposition proceeds guidance was significantly raised to $80M-$120M from $25M-$75M. Percentage rent and participating interest guidance was increased to $21.5M-$25.5M from $18.0M-$22.0M. G&A expense guidance was modestly raised to $53.0M-$56.0M from $52.0M-$55.0M. The company confirmed its 2025 North American Box Office Gross expectations of $9.3B-$9.7B. EPR has committed approximately $148M for experiential development and redevelopment projects expected to be funded over the next two years.
EPR YoY Financials
Figures from SEC filings and company reports. Not investment advice.