EPR Properties reported a total revenue of $718.4 million for the fiscal year ending December 31, 2025, reflecting a 3% increase from $698.1 million in 2024. The company's net income available to common shareholders surged by 105% to $250.8 million, or $3.28 per diluted share, compared to $121.9 million, or $1.60 per diluted share, in the previous year. Funds From Operations As Adjusted (FFOAA) also saw a 5% rise, reaching $5.12 per diluted share, up from $4.87 in 2024. The increase in revenue was attributed to property acquisitions and developments, as well as a net increase in rental revenue from existing properties, despite some revenue loss from property dispositions.
EPR Properties made significant strategic moves in 2025, including investments totaling approximately $288.5 million, primarily in experiential properties. This included the acquisition of five golf course properties in Texas for $90.7 million and a $20 million mortgage financing secured by a fitness and wellness property in Winnipeg, Canada. The company also completed the sale of multiple properties, generating net proceeds of $141.8 million and recognizing a net gain of $36.1 million. Additionally, EPR Properties announced a transition in leadership, with Ben Fox set to take over as Chief Investment Officer following Greg Zimmerman's retirement.
Operationally, EPR Properties maintained a strong portfolio, with total assets amounting to approximately $5.7 billion and total investments reaching $7.0 billion as of December 31, 2025. The company's Experiential segment, which includes theatres, eat & play venues, and attractions, accounted for 94% of total investments, while the Education segment made up the remaining 6%. The overall portfolio was 99% leased or operated, with a total of 301 properties across 43 states and Canada. The company reported a 1.6% increase in rental rates during lease renewals and a strong performance from key tenants, including Topgolf, AMC, and Regal, which collectively contributed significantly to the company's revenue.
Looking ahead, EPR Properties plans to continue focusing on its growth strategy centered around experiential properties, while gradually reducing its investments in theatres. The company aims to enhance shareholder value through predictable and increasing FFOAA, AFFO, and dividends per share. However, it also acknowledged potential risks from geopolitical uncertainties, inflation, and changes in consumer spending that could impact its operations and financial performance. The company remains committed to maintaining a conservative capital structure and ensuring compliance with REIT regulations to sustain its tax-advantaged status.
About EPR PROPERTIES
EPR Properties is a real estate investment trust specializing in experiential properties such as theaters, entertainment venues, attractions, and leisure destinations. It leases properties to operators in the entertainment, recreation, and education sectors, generating income through long-term triple-net leases and mortgages. The company focuses on diversified, high-quality assets in the U.S. and Canada, emphasizing long-term growth, tenant relationships, and strategic dispositions.
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