# EPR Properties (EPR)

> Source: Nexqual · https://nexqual.com/EPR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, EPR Properties (EPR), nexqual.com/EPR" · informational, not investment advice.

**Price:** USD 56.36 (+3.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 54.54 · day 54.75–56.45 · 52w 48.11–64.97 · market cap $4.32B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $743M, net income $263M (35.5% margin), free cash flow -$150M (SEC filings).
- Valuation: P/E 16.4x (avg 19.4x at the last 3 fiscal year-ends), EV/EBITDA 12.9x, net debt $3.28B.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $3.2M; 1 not under a Rule 10b5-1 plan ($209K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (12 analysts), mean target USD 64.23 (range 56–70.5).
- Total return with dividends: 1Y +10.9% vs S&P 500 +14.9%; 5Y +56.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.83, revenue estimate $203M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $532M | $658M | $706M | $698M | $718M | $743M |
| Operating income | $279M | $311M | $306M | $316M | $414M | $409M |
| Net income | $98.6M | $176M | $173M | $146M | $275M | $263M |
| EPS (diluted) | $1.00 | $2.03 | $1.97 | $1.60 | $3.28 | — |
| Free cash flow | $250M | $39.2M | $178M | $129M | $269M | -$150M |
| Operating margin | 52.4% | 47.3% | 43.4% | 45.2% | 57.7% | 55.1% |
| Net margin | 18.5% | 26.8% | 24.5% | 20.9% | 38.3% | 35.5% |
| Revenue growth | +28.2% | +23.8% | +7.2% | -1.1% | +2.9% | — |
| Cash + short-term investments | $289M | $108M | $78.1M | $22.1M | $90.6M | — |
| Total debt | $2.80B | $2.81B | $2.82B | $2.86B | $2.93B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.4x · P/S 5.8x · EV/EBITDA 12.9x · EV/Sales 10.2x · P/B 1.9x · FCF yield -3.47% · Earnings yield 6.10% · Dividend yield (paid, TTM) 6.88% · Buyback yield (TTM) 0.30% · Net debt $3.28B · EV $7.59B
P/E at fiscal year-ends: Dec 2025 13.9x, Dec 2024 23.0x, Dec 2023 21.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-19 | Grace Elizabeth | SVP - Human Resources & Admin | 4,200 | $254K | 15.8% | Yes (adopted May 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Sterneck Robin Peppe | Director | 3,403 | $209K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Mater Tonya L. | SVP & Chief Accounting Officer | 6,692 | $413K | 12% | Yes (adopted December 11, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-17 | Johnson Gwendolyn Mary | SVP - Asset Management | 1,000 | $63K | 7.6% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-07 | Johnson Gwendolyn Mary | SVP - Asset Management | 1,000 | $60K | 7% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-23 | Johnson Gwendolyn Mary | SVP - Asset Management | 2,000 | $116K | 12.3% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-23 | Turvey Paul Robert | SVP, General Counsel | 6,400 | $372K | 12.2% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10 | Peterson Mark Alan | EVP & Chief Financial Officer | 8,334 | $500K | 3.9% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-07 | Peterson Mark Alan | EVP & Chief Financial Officer | 8,696 | $500K | 3.9% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-14…2026-04-15 | Mater Tonya L. | SVP & Chief Accounting Officer | 4,600 | $259K | 7.6% | Yes (adopted December 11, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-14 | Peterson Mark Alan | EVP & Chief Financial Officer | 9,091 | $500K | 3.9% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 12 analysts; mean target USD 64.23 (low 56, high 70.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $61 → $56 |
| 2026-09-09 | JP Morgan | Target raised | Overweight | $62 → $65 |
| 2026-08-20 | Keybanc | Upgrade | Sector Weight → Overweight | $70 |
| 2026-08-07 | RBC Capital | Target raised | Sector Perform | $61 → $64 |
| 2026-07-30 | Stifel | Target raised | Buy | $66 → $70.5 |
| 2026-07-15 | Wells Fargo | Target raised | Equal-Weight | $60 → $61 |
| 2026-07-02 | Citizens | Reiterated | Market Outperform | $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +10.9% | +56.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +10.9% | +9.4% |
| Volatility (annualized) | 22.5% | 26.1% |
| Max drawdown | -19.5% (Feb 2026→Mar 2026) | -34.5% (Aug 2022→Oct 2022) |

## Peers (REIT - Specialty)
OUT (OUTFRONT Media Inc.) USD 31.4 +1.29% · RYN (Rayonier Inc. REIT) USD 18.72 +1.74% · FRMI (Fermi Inc.) USD 2.65 -7.34% · BXDC (Blackstone Digital Infrastructu) USD 15.88 -1.49% · GLPI (Gaming and Leisure Properties, ) USD 40.02 +4.35% · WY (Weyerhaeuser Company) USD 19.82 +4.43%

## More
Full page: https://nexqual.com/EPR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EPR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1045450/000104545026000007/epr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | American Multi-Cinema | "If for any reason Topgolf, AMC and/or Regal failed to perform under their lease or mortgage obligations for a significant period of time, or under any modified lease or mortgage obligations, we could be required to reduc…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Experiential Reportable Operating | $187.6M | 95.7% | +10.8% |
| Education Reportable Operating | $8.4M | 4.3% | -3.3% |
| Corporate / Unallocated | $131,000 | 0.1% | +197.7% |
| Total revenue | $196.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.83 | $0.85 | -2.4% | $203.0M | 1 |
| Next quarter (ends 2026-12-31) | $0.75 | $0.75 | +0.0% | $202.5M | 1 |
| Current fiscal year (ends 2026-12-31) | $3.07 | $3.04 | +1.2% | $782.4M | 7 |
| Next fiscal year (ends 2027-12-31) | $3.13 | $3.02 | +3.5% | $832.8M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±7.1%; last 8 reports averaged ±3.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.9% | ±7.1% |
| 2026-12-18 | 56 | 27.3% | ±8.6% |
| 2027-01-15 | 84 | 23.6% | ±9.1% |
| 2027-04-16 | 175 | 24.1% | ±13.1% |