EPR Properties (NYSE:EPR) reported fourth‑quarter and full‑year 2025 results on February 25, 2026. Earnings per share came in at $1.30, a $0.01 beat to the consensus estimate of $1.29. Funds from operations as adjusted (FFOAA) per share were $1.30, surpassing the $0.72 estimate and matching the $1.30 estimate that some analysts had projected. Total revenue reached $183.0 million, exceeding the $181.9 million estimate that a majority of analysts had forecast, although a few analysts had projected slightly higher revenue. The results reflect a 3.2% year‑over‑year increase in revenue and a 5.1% rise in FFOAA, driven by stronger performance in the company’s experiential portfolio and disciplined cost management.
In comparison, the fourth quarter of 2024 generated $177.2 million in revenue, $1.23 in FFOAA per share, and $1.22 in AFFO per share. The 2025 quarter therefore represents a modest sequential lift in revenue and a notable improvement in cash‑generating metrics, underscoring the company’s ongoing portfolio transformation and the successful monetization of non‑core assets.
EPR’s guidance for fiscal 2026 projects FFO of $5.28 to $5.48 per share, a range that sits above the consensus estimate of $5.30. The company also raised its monthly dividend by 5.1% to $0.31 per share, reflecting confidence in its cash‑flow generation and a commitment to shareholder returns. The upward‑adjusted guidance signals management’s belief that demand for experiential properties will remain robust and that the company’s investment strategy will continue to deliver value.
Chairman and CEO Greg Silvers highlighted the company’s “solid execution” during the quarter, noting that EPR deployed almost $300 million into an expanded set of high‑quality experiential assets. He emphasized that the firm’s portfolio transformation—selling non‑core holdings and reinvesting in growth‑oriented properties—has begun to pay off, driving the earnings beat and supporting the optimistic outlook.
The earnings release also underscored EPR’s strong balance‑sheet position. The company issued $550 million in senior unsecured notes and maintains ample liquidity, positioning it to fund the projected $400 million to $500 million of investment spending for 2026. Capital recycling through asset dispositions continues to generate proceeds that are being redeployed into high‑growth opportunities, reinforcing the company’s long‑term value proposition.
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