EPR Properties (NYSE: EPR) is a real estate investment trust that owns and finances experiential properties across the United States. The company generates revenue primarily through triple-net leases and mortgage notes receivable on properties including movie theatres, eat-and-play venues, ski properties, cultural venues, attractions, fitness and wellness centers, experiential lodging, and golf entertainment complexes. A secondary Education segment, consisting of early childhood education centers and private schools, is treated as a legacy portfolio slated for disposition over time. As of December 31, 2025, total assets were approximately $5.7 billion after accumulated depreciation of approximately $1.7 billion. Topgolf USA was the single largest revenue source, contributing approximately $102.3 million, or 14.2% of total revenue for the year ended December 31, 2025. The filing notes that three tenants represent a substantial portion of lease revenues, indicating meaningful customer concentration. EPR structures most investments as long-term, single-tenant triple-net leases, shifting operating cost risk to tenants.

Revenue model

Triple-net lease income and interest income from mortgage notes receivable on experiential and education properties. Tenants bear operating costs under NNN lease structures. Topgolf USA alone generated approximately $102.3 million, or 14.2% of total revenue, for the year ended December 31, 2025.

Products and services

Triple-net leases on experiential real estate including megaplex movie theatres, eat-and-play venues, golf entertainment complexes (Topgolf), ski properties, cultural venues, attractions, fitness and wellness centers, experiential lodging, and entertainment districts. Mortgage notes receivable on similar property types. Legacy Education portfolio consisting of 46 early childhood education center properties and nine private school properties, totaling approximately 1.1 million square feet as of December 31, 2025.

Customers and end markets

Single-tenant operators in experiential leisure and entertainment, including movie theatre exhibitors, golf entertainment operators (Topgolf USA), ski resort operators, cultural venue operators, fitness operators, and private school operators. Three unspecified tenants represent a substantial portion of lease revenues. End consumers are discretionary leisure and entertainment spenders seeking location-based experiences.

Value-chain role

Real estate owner and financier. Acquires, develops, and holds experiential properties, then leases them under long-term triple-net structures or provides mortgage financing to operators. Does not operate the properties directly, relying on third-party tenant-operators.

Geographic exposure

Primarily United States. Ski properties are noted to be near major metropolitan areas. Some exposure to foreign exchange rate risk mentioned in the filing, indicating limited international presence. No country-level revenue breakdown provided in the excerpts.

Source: SEC 10-K, filed 2026-02-26

Industry: Real Estate Investment Trusts Peers: American Tower Corp OUTFRONT Media Inc Uniti Group LLC Four Corners Property Trust Inc Rayonier Inc Lamar Advertising Co National Storage Affiliates Trust POTLATCHDELTIC CORP Safehold Inc. /MD