EPR PROPERTIES SEC 10-Q Report

EPR Properties, a leading real estate investment trust (REIT) specializing in experiential and educational properties, has released its Form 10-Q report for the second quarter of 2025. The report highlights the company's financial performance and operational achievements, showcasing growth in revenue, net income, and strategic investments in its core segments.

Financial Highlights

Total Revenue: EPR Properties reported total revenue of $178.1 million for the three months ended June 30, 2025, marking a 2.9% increase from $173.1 million in the same period in 2024. For the six months ended June 30, 2025, total revenue was $353.1 million, up 3.8% from $340.3 million in 2024.

Net Income: The company achieved a net income of $75.6 million for the three months ended June 30, 2025, compared to $45.1 million for the same period in 2024. For the six months ended June 30, 2025, net income was $141.4 million, up from $107.8 million in 2024.

Net Income Available to Common Shareholders: Net income available to common shareholders was $69.6 million for the three months ended June 30, 2025, compared to $39.1 million for the same period in 2024. For the six months ended June 30, 2025, it was $129.4 million, up from $95.7 million in 2024.

Net Income Available to Common Shareholders per Diluted Share: The net income available to common shareholders per diluted share was $0.91 for the three months ended June 30, 2025, an increase of 78.4% from $0.51 in the same period in 2024. For the six months ended June 30, 2025, it was $1.69, up 34.1% from $1.26 in 2024.

FFOAA per Diluted Share: Funds From Operations As Adjusted (FFOAA) per diluted share was $1.26 for the three months ended June 30, 2025, a 3.3% increase from $1.22 in the same period in 2024. For the six months ended June 30, 2025, it was $2.45, up 4.7% from $2.34 in 2024.

Business Highlights

Experiential Segment Performance: The Experiential segment, which includes theatre properties, eat & play properties, attractions, ski properties, experiential lodging, fitness & wellness, gaming, and cultural properties, accounted for 94% of the company's total investments as of June 30, 2025. This segment's total assets were approximately $5.17 billion, with a net operating income of $279.5 million for the six months ended June 30, 2025.

Education Segment Performance: The Education segment, comprising early childhood education centers and private school properties, represented 6% of the company's total investments as of June 30, 2025. The segment's total assets were approximately $367.9 million, with a net operating income of $19.5 million for the six months ended June 30, 2025.

Property Portfolio: As of June 30, 2025, the company's wholly-owned Experiential real estate portfolio consisted of approximately 18.5 million square feet, with 99% of the portfolio leased or operated. The Education portfolio consisted of approximately 1.1 million square feet and was 100% leased.

Investment Spending: During the six months ended June 30, 2025, the company invested $86.3 million, primarily in the Experiential segment, including $44.7 million in new development and $14.8 million in redevelopment projects.

Dispositions: The company completed the sale of multiple properties, including theatre and early childhood education centers, for net proceeds of $106.4 million, recognizing a net gain on sale of $26.2 million.

Future Outlook: EPR Properties plans to continue focusing on long-term investments in the Experiential sector, leveraging its industry knowledge and relationships to enhance shareholder value through predictable and increasing Funds From Operations As Adjusted (FFOAA) and dividends per share.

SEC Filing: EPR PROPERTIES [ EPR ] - 10-Q - Jul. 31, 2025