EPR Properties reported third‑quarter 2025 results with total revenue of $182.3 million, up 1.0% from $180.5 million in the same period last year. Net income available to common shareholders rose 49.1% to $60.6 million, translating to diluted earnings per share of $0.79, a 49.1% increase from $0.53 in Q3 2024.
The company’s Funds From Operations as adjusted (FFOAA) increased 6.0% to $106.4 million, or $1.37 per diluted share, while Adjusted Funds From Operations (AFFO) grew 8.8% to $108.1 million, or $1.39 per diluted share. Investment spending for the quarter reached $54.5 million, and nine‑month disposition proceeds totaled $133.8 million. Compared with Q2 2025, AFFO per diluted share rose from $1.32 to $1.39, indicating a sequential improvement in cash‑generating performance.
Management revised 2025 guidance, lowering the FFOAA per diluted share range to $5.05–$5.13 from the prior $5.00–$5.16. Investment spending guidance was adjusted to $225.0–$275.0 million, and disposition proceeds guidance to $150.0–$160.0 million. The adjustments reflect a focus on capital recycling, with the company selling existing properties such as vacant theaters and educational centers to fund new experiential developments and redevelopments.
EPR declared a monthly cash dividend of $0.885 per share, an annualized $3.54 per share, up 3.5% from the prior year. The dividend policy supports the company’s strategy of delivering consistent income to investors while maintaining sufficient liquidity for growth initiatives.
The portfolio remains heavily concentrated in experiential properties, with theaters accounting for 37% of the asset mix. The company is actively reducing exposure to the theater segment, citing the financial risk associated with its largest tenant, AMC Theatres, which carries significant debt. At the same time, EPR is investing approximately $100 million in new experiential projects, including ski resorts and family entertainment centers, to diversify revenue streams.
As of September 30 2025, EPR held $13.7 million in cash and had $379.0 million outstanding on its $1.0 billion unsecured revolving credit facility, with no scheduled debt maturities until August 2026. The liquidity position supports ongoing investment and dividend commitments.
Economic headwinds, such as a potential recession and a weakening job market, could dampen consumer spending on experiential activities. Management noted that while current demand remains strong, the company remains vigilant to tenant financial health and broader macroeconomic conditions that could impact future cash flows.
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