EPR Properties
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did EPR Beat Earnings? Q3 2025 Results
EPR Properties posted a clean beat to open its third quarter of 2025, with earnings per diluted share of $0.79 edging past the $0.78 consensus by 1.14% and revenue of $182.31 million topping estimates by 0.06% on 11.8% year-over-year growth. The primary catalyst behind the quarter's strength was a 49.1% surge in net income available to common shareholders to $60.55 million, aided by gains on real estate sales and the absence of prior-year joint venture impairment charges that had weighed on results twelve months earlier. FFOAA per diluted share climbed 5.4% to $1.37, while the portfolio held firm at 99% leased or operated across roughly $6.92 billion in total investments. Management's confidence in the trajectory was underscored by a tightened full-year FFOAA guidance range of $5.05 to $5.13 per diluted share, a 4.5% increase at the midpoint over 2024, alongside plans to materially accelerate investment spending in 2026, with a strong liquidity position and no debt maturities scheduled until August 2026.
- Continued box office recovery with Q3 NABOG of $2.4B and 7 titles exceeding $100M
- Strong portfolio occupancy at 99% leased or operated
- Total portfolio coverage of 2.0x, above pre-COVID levels of 1.9x
- Significant percentage rent increase from Regal Entertainment
- Strong performance in Canadian attraction assets and Enchanted Forest Water Safari
- Iron Mountain Hot Springs strong performance driving $18.25M accordion financing
- Revenue increases in ski portfolio over summer
- Expansion at Jellystone Kozy Rest RV Resort drove experiential lodging gains
- Eat & play portfolio coverage strong and above pre-COVID
“We delivered solid third quarter results and are pleased to increase FFOAA per diluted common share earnings guidance for the year, demonstrating our continued momentum. We remain encouraged by the stability of our portfolio and the ongoing strength of the box office.”
EPR Properties CEO, on the earnings call
Forward Guidance & Outlook
EPR Properties increased 2025 FFOAA per diluted common share guidance to $5.05–$5.13 (from $5.00–$5.16), representing a 4.5% increase at the midpoint over 2024. Full-year net income guidance is $3.14–$3.22 per diluted share. Investment spending guidance was narrowed to $225M–$275M (from $200M–$300M), while disposition proceeds guidance was raised to $150M–$160M (from $130M–$145M). The company estimates 2025 North American box office gross of $9.0B–$9.2B, approximately 6% above 2024 at the midpoint. Management expects to materially accelerate investment spending in 2026, with a pipeline of opportunities actionable over the next 90–120 days. Approximately $100M in additional experiential development and redevelopment spending has been committed over the next 15 months. The company is especially bullish on the fitness & wellness category.
EPR YoY Financials
Figures from SEC filings and company reports. Not investment advice.