Experiential Real Estate Investment Trust (Net Lease REIT)
Strategic Profile
EPR is providing 2026 investment spending guidance of $400 million to $500 million, reflecting deep relationships and high-quality investment opportunities. For the year ended December 31, 2025, FFOAA per diluted common share and AFFO per diluted common share increased by 5.1% and 6.2%, respectively. The company is simultaneously repositioning away from theatrical properties—having sold 33 theatres over the past five years with only one vacant theatre remaining in the portfolio.
Cyborg Score Rationale
The company reported earnings per share of $0.79, beating forecasts by 11.27%, while emphasizing solid execution and clear progress toward accelerated growth with resilient portfolio performance and strategic capital deployment. Strong balance sheet metrics include fixed charge coverage of 3.4x, debt service coverage of 4.0x, net debt to adjusted EBITDAre at 5.0x, and an AFFO payout ratio of 68%.
Top Insights
Company provided FY 2026 earnings per share guidance of 5.28-5.48, significantly above consensus estimate of 3.82
FY 2026 FFOAA guidance represents 5.1% midpoint increase over 2025
Announced 5.1% increase to monthly common share dividend
Systematic portfolio transition from entertainment to discretionary leisure (golf, waterparks, climbing, fitness) with proven management execution
Named Competitors
Realty Income — Diversified net lease REIT with monthly dividend focus
STORE Capital — Net lease REIT investing in retail and industrial properties
W.P. Carey — Diversified net lease REIT with global footprint