This specialty REIT carries strong underlying quality metrics and an impressive earnings track record, but the price has nearly reached its near-term ceiling and the risk/reward ratio is now unfavorable — momentum remains positive and the business is healthy, yet limited upside at current levels argues for reducing rather than adding exposure.
Thesis pillars
- Experiential Property Concentration↑Improving
- Earnings Beat Track Record↑Improving
- Quality And Cash Conversion→Stable
- +2 more pillars — see the Why tab for full reasoning
EPR Properties (EPR) Stock Analysis
Temporary headwind edge
Real Estate · REIT - Specialty
Sell if holding. At $54.58, A.R:R 0.6:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 3.1%; Concentration risk — Property Type: Experiential properties (94.0%).
EPR Properties is a Maryland REIT investing in experiential real estate across 43 states and Canada via long-term triple-net leases and mortgages — including theaters, eat & play venues, ski properties, and fitness facilities. As of December 31, 2025, total investments were $7.0... Read more
Sell if holding. At $54.58, A.R:R 0.6:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 3.1%; Concentration risk — Property Type: Experiential properties (94.0%). Chart setup: No clear chart pattern; technical signals are mixed. Score 5.5/10, high confidence.
Passes 5/8 gates (clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: aggressive.
About EPR Properties
About EPR Properties
Topgolf (14.2%), AMC (13.6%), and Regal (11.5%) collectively accounted for 39.3% of EPR Properties' 2025 total revenues, against a $7.0 billion total investment portfolio spanning 43 states and Canada as of December 31, 2025. The Experiential segment — 148 theatres, 60 eat & play venues, 26 attractions, 11 ski properties, and 27 fitness & wellness facilities among others — comprised 94% of that investment base, with roughly 19.0 million square feet 99% leased.
EPR Properties earns revenue primarily through long-term triple-net leases and mortgage notes receivable under which tenants bear operating expenses including property taxes, insurance, and maintenance. Leases typically include periodic rent escalations and percentage rent provisions tied to tenant gross sales, and master lease structures carry cross-default provisions — a default at one property triggers default across all properties under the same tenant lease. An Education portfolio of 46 early childhood education centers and 9 private schools, 100% leased and totaling approximately 1.1 million square feet, is being wound down with proceeds targeted for reinvestment in experiential properties. EPR relies primarily on an unsecured debt structure and issues equity through an ATM program and a Dividend Reinvestment and Direct Share Purchase Plan, paying monthly common share dividends. The company competes for assets with public and private REITs, private equity funds, and institutional investors.
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Tenant credit risk is concentrated: Regal filed for Chapter 11 in 2022 — among the 'material customer bankruptcies' the 10-K notes EPR has experienced — and post-reorganization AMC and Regal together still represent 25.1% of annual revenues. The 10-K warns that if Topgolf, AMC, and/or Regal fail to perform, EPR could be required to reduce or suspend shareholder dividends. A potential studio consolidation that shortens the current approximately 45-day theatrical exclusivity window, or reduces the number of wide-release titles, could simultaneously pressure the revenue base of all three largest tenants.
See also: Real Estate · REIT - Specialty
From EPR Properties's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-10-15Recent Developments — EPR Properties
Latest news
- NEWS EPR Properties unveils strong 2026 guidance after Q4 2025 revenue beats, earnings in line - MSN — MSN positive
- NEWS Undercovered Dozen: EPR Properties, Petrobras, Navitas And More - Seeking Alpha — Seeking Alpha neutral
- NEWS Improving EPR Spectrometers for Field Deployment - Spectroscopy Online — Spectroscopy Online neutral
- NEWS Universal Beteiligungs und Servicegesellschaft mbH Has $5.32 Million Stock Position in EPR Properties $EPR - MarketBeat — MarketBeat neutral
- NEWS EPR Properties (EPR) to Release Quarterly Earnings on Wednesday - MarketBeat — MarketBeat neutral
Generated 2026-10-15T11:42:22Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- LOWTenantTopgolf14%10-K Item 1A: 'total revenues of approximately $102.3 million or 14.2% were from Topgolf'
- LOWTenantAMC14%10-K Item 1A: 'approximately $97.4 million or 13.6% were from AMC'
- LOWTenantRegal12%10-K Item 1A: 'approximately $82.8 million or 11.5% were from Regal'
- HIGHPropertyExperiential properties94%10-K Item 1: 'our Experiential investments comprised $6.6 billion, or 94%, and our Education investments comprised $0.4 billion, or 6%, of our total investments'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $54.58, A.R:R 0.6:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 3.1%; Concentration risk — Property Type: Experiential properties (94.0%). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $52.46. Score 5.5/10, high confidence.
Take-profit target: $56.27 (+3.1% upside). Prior stop was $52.46. Stop-loss: $52.46.
Concentration risk — Property Type: Experiential properties (94.0%); Thin upside margin: 3.1%; Sector modifier (Real Estate): -1.2.
EPR Properties trades at a P/E of 17.6 (forward 17.2). TrendMatrix value score: 5.5/10. Verdict: Sell.
17 analysts cover EPR with a consensus score of 3.6/5. Average price target: $65.
What does EPR Properties do?EPR Properties is a Maryland REIT investing in experiential real estate across 43 states and Canada via long-term...
EPR Properties is a Maryland REIT investing in experiential real estate across 43 states and Canada via long-term triple-net leases and mortgages — including theaters, eat & play venues, ski properties, and fitness facilities. As of December 31, 2025, total investments were $7.0 billion, 94% in Experiential; three tenants (Topgolf, AMC, Regal) contributed 39.3% of 2025 total revenue.