EPR Properties
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.32%.
Did EPR Beat Earnings? Q4 2025 Results
EPR Properties closed out fiscal 2025 on a strong note, posting Q4 earnings per share of $0.79 against a consensus estimate of $0.71, a beat of 10.52%, even as revenue of $182.95 million trailed the $217.30 million estimate by 15.81% while still growing 11.5% year over year. The headline EPS strength was driven in large part by the absence of impairment charges that weighed heavily on the year-ago quarter, when $39.95 million in property impairments and $16.09 million in joint venture write-downs pushed net income into a loss; this time, net income available to common shareholders swung to $60.86 million. Full-year FFOAA per diluted share rose 5.1% to $5.12, underscoring the durability of EPR's experiential net lease model. Investment momentum is building, with Q4 spending of $147.74 million including a $90.70 million five-course golf portfolio acquisition, and the company has since agreed to acquire seven regional amusement parks from Six Flags for $342 million. For 2026, EPR guided FFOAA per diluted share to $5.28 to $5.48 and investment spending to $400 million to $500 million, while raising its monthly dividend 5.1% to $0.31 per share.
- Strong consumer demand for out-of-home experiential activities
- 5.1% growth in FFOAA per diluted share for full year 2025
- 6.2% growth in AFFO per diluted share for full year 2025
- $288.5 million in total 2025 investment spending
- Portfolio 99% leased or operated
- Total portfolio coverage of 2.0x
- Capital recycling with $168.3 million in 2025 disposition proceeds
- No impairment charges in 2025 vs. $39.9 million in Q4 2024
- Box office stabilization with 2025 NABOG of $8.7 billion, up 1% over 2024
“Fiscal year 2025 was a year of solid execution. We delivered strong earnings growth while successfully deploying almost $300 million into an expanded set of high-quality experiential assets. Our diversified experiential properties continue to demonstrate resilience, supported by consumers' ongoing demand for out-of-home experiences. We have adhered to a disciplined capital strategy, which has allowed us to maintain a robust balance sheet with low leverage and a strong liquidity position. With a pipeline of committed projects and compelling additional investment opportunities, we are well-positioned to deliver against our increased investment spending guidance. We are also pleased to be raising our monthly dividend to common shareholders by 5.1%, as we remain committed to delivering sustainable earnings growth and creating long-term shareholder value.”
EPR Properties CEO, on the earnings call
Forward Guidance & Outlook
EPR Properties introduced 2026 FFOAA per diluted common share guidance of $5.28 to $5.48, representing a 5.1% increase at the midpoint over 2025. Investment spending guidance for 2026 is $400 million to $500 million, a significant increase reflecting the company's deep relationships and high-quality investment opportunities. Disposition proceeds guidance is $25 million to $75 million. Net income available to common shareholders per diluted share is guided to $2.89 to $3.09. Additional guidance includes percentage rent and participating interest of $18.5 million to $22.5 million, general and administrative expense of $56 million to $59 million, and other income/expense each of $41 million to $51 million. The company announced a 5.1% increase in its monthly common share dividend to $0.31 per share ($3.72 annualized). The company has committed approximately $85 million for experiential development and redevelopment projects expected to be funded in 2026 and reports a strong pipeline of potential new investments.
EPR YoY Financials
Figures from SEC filings and company reports. Not investment advice.