EPR Properties priced $550 million of 4.750% senior notes due 2030. The notes are senior unsecured and are not guaranteed by subsidiaries, except under specific circumstances.
The offering is expected to close on November 13, 2025. Net proceeds will be used to repay the outstanding principal on the company’s unsecured revolving credit facility and for general business purposes, including funding acquisition and build‑to‑suit projects.
The pricing follows Q3 2025 results, where the REIT reported total revenue of $182.3 million and net income of $60.6 million, with funds from operations per diluted share of $1.37, up 5.4% year‑over‑year. The company’s debt‑to‑equity ratio is 1.29 and net debt/EBITDA is 4.9x.
EPR’s portfolio is heavily weighted toward experiential properties, which account for about 94% of total investments. The theater segment represents roughly 37% of the portfolio, and the company is working to reduce exposure to that segment.
The offering is being managed by a syndicate that includes J.P. Morgan Securities, BofA Securities, Barclays Capital, and RBC Capital Markets.
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