EPR Properties (EPR) Q4 2025 earnings summary

Executive summary

• Achieved strong earnings growth in 2025, with FFO as adjusted (FFOAA) 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 premier 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 positions the company for significant investment opportunities in 2026.

Financial highlights

• Q4 FFO as adjusted was $1.30 per share, up 6% year-over-year; AFFO was $1.30 per share, up 7%.

• Full-year 2025 FFO as adjusted reached $5.12 per share, AFFO $5.14 per share, both at the high end of guidance.

• 2025 total revenue was $718.4 million, up 2.9% year-over-year; Q4 revenue was $183.0 million, up 3.2% from Q4 2024.

• Net income available to common shareholders 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 per share guidance is $5.28–$5.48, a 5.1% increase at the midpoint.

• AFFO per share expected to increase similarly; investment spending guidance of $400 million–$500 million.

• Disposition guidance for 2026 is $25 million–$75 million.

• Net income per diluted share for 2026 is projected at $2.89 to $3.09.

• Monthly dividend increased by 5.1%, with an AFFO payout ratio expected to remain around 70%.