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EPR Properties (EPR) investor relations material
EPR Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong financial performance in 2025, with FFOAA/FFO as adjusted per share up 5.1% and AFFO per share up 6.2% year-over-year, driven by resilient tenant performance and steady consumer demand.
Expanded experiential portfolio with acquisitions in championship golf courses and a regional water park, further diversifying assets.
Announced a 5.1% increase in the monthly dividend, reflecting confidence in future earnings and payout ratio.
Maintained a strong balance sheet with $90.6 million in cash and no outstanding balance on the $1.0 billion revolving credit facility.
Enhanced balance sheet and capital recycling position the company for significant investment opportunities in 2026.
Financial highlights
Q4 2025 FFO as adjusted per share was $1.30, up 6%; AFFO per share was $1.30, up 7% year-over-year.
Full-year 2025 FFO as adjusted per share was $5.12, AFFO per share was $5.14, both up over 5% from prior year.
Total 2025 revenue was $718.4 million, up 2.9% year-over-year; Q4 revenue was $183 million, up 3.2% from Q4 2024.
Net income for 2025 was $250.8 million, up 105.7% year-over-year; Q4 net income was $60.9 million.
Disposition proceeds for 2025 totaled $168.3 million, with a gain on sale of $39.5 million.
Outlook and guidance
2026 FFO as adjusted/FFOAA per share guidance is $5.28–$5.48, a 5.1% increase at midpoint; similar increase expected for AFFO.
2026 investment spending guidance is $400 million–$500 million; disposition guidance is $25 million–$75 million.
Percentage rent and participating interest guidance for 2026 is $18.5 million–$22.5 million.
G&A expense guidance for 2026 is $56 million–$59 million.
Net income per diluted share for 2026 is projected at $2.89 to $3.09.
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