EPR Properties
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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.
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Q4 2025 earnings summary26 Feb, 2026

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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Frequently asked questions

EPR Properties is a real estate investment trust (REIT) specializing in experiential properties, including entertainment venues, recreation centers, and education facilities. The company invests in and leases properties to tenants across the United States. EPR Properties operates within the real estate and specialty REIT sectors. The company is headquartered in Kansas City, Missouri, and its shares are listed on the NYSE.

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