EPR Properties Announces Pricing of $550 Million in 4.750% Senior Notes Due 2030
EPR Properties (NYSE: EPR), a leading diversified experiential net lease real estate investment trust (REIT), announced that it has priced an underwritten public offering of $550 million in 4.750% Senior Notes due 2030. This strategic financial move reinforces the Company’s commitment to maintaining a strong balance sheet while supporting continued growth and expansion in its portfolio of experiential real estate assets.
The offering is expected to close on November 13, 2025, subject to customary closing conditions. Initially, none of EPR’s subsidiaries will guarantee the notes; however, under specific circumstances, certain of the Company’s domestic subsidiaries will be required to provide guarantees.
Strengthening Financial Flexibility
EPR Properties intends to use the net proceeds from this offering to repay outstanding balances on its unsecured revolving credit facility. Any remaining proceeds will be used for general corporate purposes, which may include funding the Company’s pipeline of acquisition and build-to-suit projects. These investments are designed to enhance EPR’s diversified portfolio across entertainment, recreation, and education sectors—key pillars of its experiential real estate strategy.
This debt issuance provides the Company with additional liquidity and flexibility to pursue strategic opportunities while reinforcing its financial resilience amid evolving market conditions.
Underwriters and Offering Details
The offering is being led by a syndicate of prominent financial institutions. J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays Capital Inc., RBC Capital Markets, LLC, Citigroup Global Markets Inc., Citizens JMP Securities, LLC, KeyBanc Capital Markets Inc., and Truist Securities, Inc. are serving as joint book-running managers.
Additional co-managers include Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated, UMB Financial Services, Inc., and U.S. Bancorp Investments, Inc..
The notes will be issued under an effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission (SEC). A prospectus and accompanying prospectus supplement related to the offering will be made available to investors. Interested parties may obtain these documents free of charge by visiting the SEC’s EDGAR database at www.sec.gov or by contacting the respective underwriters at the addresses and emails listed in the official offering announcement.
As with all securities offerings, this press release does not constitute an offer to sell or a solicitation of an offer to buy the notes, nor shall there be any sale of the notes in any jurisdiction where such action would be unlawful prior to registration or qualification under applicable state securities laws.
Strategic Rationale and Market Context
EPR Properties’ decision to issue senior notes reflects a proactive capital management strategy aimed at reducing near-term debt obligations and optimizing its capital structure. By repaying its revolving credit facility, the Company will strengthen liquidity and position itself for long-term growth in its targeted markets.
The 4.750% coupon rate demonstrates favorable pricing conditions given the Company’s strong credit profile, prudent financial management, and consistent operating performance. This move underscores investor confidence in EPR’s business model and its ability to generate steady cash flows through its diversified portfolio of experiential assets.
In a period marked by shifting interest rates and ongoing economic uncertainty, EPR’s ability to access the debt markets at attractive terms highlights the resilience and stability of its business. The Company’s focus on long-duration, income-generating properties—such as entertainment complexes, ski resorts, golf facilities, and education centers—provides a steady income base that supports both dividend payments and reinvestment in future growth.
About EPR Properties
EPR Properties (NYSE: EPR) is the leading diversified experiential net lease REIT in North America. The Company specializes in owning and leasing properties that provide immersive, out-of-home leisure, recreation, and education experiences—venues where people choose to spend their discretionary time and income.
As of the latest reporting period, EPR Properties has total assets of approximately $5.5 billion, after accumulated depreciation of approximately $1.7 billion, spread across 43 U.S. states and Canada. The Company’s portfolio is structured to deliver both stable income and long-term growth, backed by rigorous investment and underwriting standards.
EPR’s disciplined approach to portfolio management is guided by detailed analysis of industry trends, tenant performance, and property-level cash flows. This allows the Company to identify high-quality opportunities that align with its strategic focus on enduring experiential sectors. Its tenant base includes well-established operators in entertainment, recreation, and education—industries known for resilience and strong consumer engagement.
Investing in Experiences That Endure
Unlike traditional REITs focused primarily on office, retail, or industrial assets, EPR Properties has carved out a unique niche by investing in properties that cater to consumers’ experiential lifestyles. The Company’s holdings include attractions such as movie theaters, ski resorts, amusement parks, water parks, and other recreation-driven destinations. It also maintains a significant presence in the education sector, owning properties such as private schools and early childhood learning centers.
This focus on experiential assets provides a competitive advantage in a changing real estate landscape, where consumer demand continues to shift away from goods and toward experiences. By emphasizing long-term triple-net leases with tenants that operate in resilient, experience-driven industries, EPR ensures predictable cash flows and mitigates operational risks.
Commitment to Responsible Growth
EPR’s financial strategy reflects a balance between growth, income stability, and capital discipline. The Company continues to maintain a conservative leverage profile and a strong liquidity position. Through prudent debt management, including offerings like the 4.750% Senior Notes due 2030, EPR is reinforcing its ability to fund new investments while meeting existing financial obligations.
In addition to its financial discipline, EPR Properties is committed to corporate responsibility and sustainable investing. The Company integrates environmental, social, and governance (ESG) principles into its business strategy, recognizing that responsible real estate investment contributes to long-term value creation for shareholders, tenants, and communities alike.
With the successful pricing of this $550 million senior notes offering, EPR Properties is well-positioned to advance its strategic initiatives and enhance shareholder value. The Company’s focus on long-term experiential investments, disciplined capital allocation, and proactive balance sheet management continues to set it apart in the REIT sector.
As consumer demand for experiences remains strong, EPR’s diversified portfolio and thoughtful financial strategy will enable it to capitalize on emerging opportunities—further strengthening its position as the premier experiential real estate company in North America.
