EPR PROPERTIES EPR
EPR Properties ("we," "us," "our," "EPR" or the "Company") was formed on August 22, 1997 as a self-administered Maryland real estate investment trust ("REIT"), and an initial public offering of our common shares of beneficial interest ("common shares") was completed on November 18, 1997. Since that time, we have been a leading net lease investor in experiential real estate, venues that create value by facilitating out-of-home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We focus our underwriting of experiential property investments on key industry and property cash flow criteria, as well as the credit metrics of our tenants and customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $718.4M | $698.1M | $705.7M | $658.0M | $531.7M | $414.7M | $652.0M | $639.9M | $518.3M | $493.2M |
| SG&A | $55.8M | $50.1M | $56.4M | $51.6M | $44.4M | $42.6M | $46.4M | $48.9M | $43.4M | $37.5M |
| Total operating expenses | $343.6M | $398.5M | $397.1M | $347.7M | $270.8M | $412.6M | — | — | — | — |
| Operating income | $414.3M | $315.7M | $306.4M | $311.0M | $278.8M | $52.1M | — | — | — | — |
| Interest expense | $133.1M | $130.8M | $124.9M | $131.2M | $148.1M | $157.7M | $142.0M | $135.9M | $133.5M | $97.1M |
| Pre-tax income | $277.4M | $147.5M | $174.8M | $177.5M | $100.2M | -$115.0M | $151.5M | $224.2M | $227.6M | $225.5M |
| Income tax | $2.5M | $1.4M | $1.7M | $1.2M | $1.6M | $16.8M | $3.0M | $2.3M | $2.4M | $553.0K |
| Net income | $274.9M | $146.1M | $173.0M | $176.2M | $98.6M | -$131.7M | $202.2M | $267.0M | $263.0M | $225.0M |
| EPS, basic | 3.30 | 1.61 | 1.98 | 2.03 | 1.00 | -2.05 | 2.32 | 3.27 | 3.29 | 3.17 |
| EPS, diluted | 3.28 | 1.60 | 1.97 | 2.03 | 1.00 | -2.05 | 2.32 | 3.27 | 3.29 | 3.17 |
| Shares, diluted (wtd. avg.) | $76.5M | $76.0M | $75.7M | $75.0M | $74.8M | $76.0M | $76.8M | $74.3M | $71.3M | $63.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $90.6M | $22.1M | $78.1M | $107.9M | $288.8M | $1.03B | $528.8M | $5.9M | $41.9M | $19.3M |
| Goodwill | $693.0K | $693.0K | $693.0K | $693.0K | $693.0K | $693.0K | $693.0K | $693.0K | $693.0K | $693.0K |
| Other intangibles | $31.7M | $32.4M | $34.7M | $36.6M | — | — | — | — | — | — |
| Total assets | $5.70B | $5.62B | $5.70B | $5.76B | $5.80B | $6.70B | $6.58B | $6.13B | $6.19B | $4.87B |
| Long-term debt | $2.93B | $2.86B | $2.82B | $2.81B | $2.80B | $3.69B | $3.10B | $2.99B | $3.03B | $2.49B |
| Total liabilities | $3.37B | $3.29B | $3.25B | $3.22B | $3.18B | $4.07B | $3.57B | $3.27B | $3.26B | $2.68B |
| Total equity | $2.33B | $2.32B | $2.45B | $2.54B | $2.62B | $2.63B | $3.01B | $2.87B | $2.93B | $2.19B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $421.0M | $393.1M | $447.1M | $441.7M | $306.9M | $65.3M | $439.5M | $484.3M | $398.3M | $305.4M |
| Depreciation and amortisation | $165.4M | $161.9M | $159.3M | $158.8M | $158.3M | $162.6M | $153.2M | $133.7M | $117.6M | $103.9M |
| Stock-based compensation | $15.3M | $14.1M | $17.5M | $16.7M | $14.9M | — | $13.2M | $15.1M | $14.1M | $11.2M |
| Capital expenditure | $151.7M | $45.7M | $60.7M | $174.5M | $56.6M | $38.7M | $500.6M | $187.5M | $397.6M | $61.2M |
| Investing cash flow | -$121.7M | -$176.4M | -$201.0M | -$351.6M | $1.9M | $134.0M | $96.5M | -$96.8M | -$702.1M | -$662.1M |
| Financing cash flow | -$236.7M | -$261.6M | -$275.7M | -$269.4M | -$1.05B | $297.2M | -$23.2M | -$427.6M | $333.5M | $371.1M |
| Dividends paid | $290.7M | $279.9M | $272.2M | $265.7M | $117.5M | $172.5M | $367.3M | $342.3M | $311.7M | $265.7M |
| Buybacks | $9.9M | $11.4M | $3.7M | $4.3M | $2.8M | $7.4M | $9.7M | $7.2M | $6.7M | $4.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001045450-26-000007.
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