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→Stable
- Earnings Beat Track Record→Stable
- Quality And Cash Conversion↑Improving
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 26, 2026· older than 90 days
EPR Properties (EPR) Stock Analysis
Real Estate · REIT - Specialty
Hold if already holding. Not a fresh buy at $60.74, but acceptable to hold if already in. Reasons: Concentration risk — Property Type: Experiential properties (94.0%); Analyst target reached - limited upside remaining.
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
Hold if already holding. Not a fresh buy at $60.74, but acceptable to hold if already in. Reasons: Concentration risk — Property Type: Experiential properties (94.0%); Analyst target reached - limited upside remaining. Chart setup: No clear chart pattern; technical signals are mixed. Downgraded from BUY WAIT — price $60.74 vs the analyst target $55.48: -8.7% upside; No upside left. Score 6.4/10, moderate confidence.
Passes 6/7 gates (positive momentum, clean insider activity, no SEC red flags, earnings proximity 111d clear, semi cycle peak clear, materials cycle peak clear). Fails on 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 Nov 3, 2026Recent Developments — EPR Properties
Latest news
- NEWS EPR Properties (EPR) Stock Price, Chart & Analysis - www.debelegger.nl — www.debelegger.nl Nov 3, 2026 neutral
- NEWS EPR Properties: 7.7% On Preferred Shares, But We Would Wait A Bit More (NYSE:EPR) - Seeking Alpha — Seeking Alpha Oct 29, 2026 positive
- NEWS EPR Properties Q3 2026 slides: diversification drives 12% revenue growth - Investing.com — Investing.com Oct 29, 2026 positive
- NEWS EPR PROPERTIES ($EPR) Releases Q3 2026 Earnings, Stock Rises - Quiver Quantitative — Quiver Quantitative Oct 28, 2026 positive
- NEWS EPR Properties (EPR) Q3 FFO and Revenues Surpass Estimates - Yahoo Finance Singapore — Yahoo Finance Singapore Oct 28, 2026 positive
Latest item Nov 3, 2026 · Generated 2026-11-05T11:34:07Z.
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. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Technicals 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
Hold if already holding. Not a fresh buy at $60.74, but acceptable to hold if already in. Reasons: Concentration risk — Property Type: Experiential properties (94.0%); Analyst target reached - limited upside remaining. Chart setup: No clear chart pattern; technical signals are mixed. Downgraded from BUY WAIT — price $60.74 vs the analyst target $55.48: -8.7% upside; No upside left. Analyst target $55.48 reached (−8.7%), stop $56.63 (−7.3%), A.R:R -0.7:1. Score 6.4/10, moderate confidence.
Analyst target $55.48 reached (−8.7% from $60.74); no take-profit level is published. Analyst target $55.48 reached (−8.7%), stop $56.63 (−7.3%), A.R:R -0.7:1. Stop-loss: $56.63.
Concentration risk — Property Type: Experiential properties (94.0%); Analyst target reached - limited upside remaining; Sector modifier (Real Estate): -1.2.
EPR Properties trades at a P/E of 17.1 (forward 19.4). TrendMatrix value score: 4.8/10. Verdict: Hold.
17 analysts rate EPR, with a consensus score of 3.6/5. 11 analysts publish price targets averaging $64.
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.