EPR Properties Overview
Pro stress-test →EPR Properties is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties. The company focuses on leisure and recreation venues including golf courses, waterparks, and climbing facilities. Full-year 2025 investment activity totaled $288.5 million, including a $90.7 million portfolio of five championship golf courses in Dallas, a $23.2 million Ocean Breeze Waterpark acquisition, and early 2026 acquisition of VITAL Climbing Lower East Side for $34 million.
Strategic Profile
Pro stress-test →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.
Competitive Landscape
Pro stress-test →EPR is positioned as the leading diversified experiential net lease REIT. Key competitors include Realty Income (O), STORE Capital, and W.P. Carey, which operate in the broader net lease REIT space. EPR's differentiation lies in its focused exposure to high-quality experiential venues (golf, waterparks, climbing) versus competitors' broader commercial real estate diversification.
Industry Context
EPR Properties operates in Experiential Real Estate Investment Trust (Net Lease REIT).
Key facts
Headquarters: Kansas City, Missouri · Revenue: $718.4M · Market cap: $4.6B