EPR Properties (NYSE: EPR) owns the places people go for fun: movie theaters, Topgolf venues, ski resorts, waterparks, and now Six Flags amusement parks, wrapped in a monthly dividend yielding roughly a point and a half more than the retail net lease majors. It is the highest-yield, highest-controversy name in net lease, and 2026 is the year the recovery thesis is being tested with real money.
| EPR Properties (EPR) Snapshot | |
|---|---|
| Share Price (delayed) | $61.22 +0.02% |
| Market Cap | $4.7B |
| Annualized Dividend | $3.62 (Monthly) |
| Dividend Yield | 5.90% |
| AFFO Payout Ratio | 70% |
| Properties | 335 |
| Credit Rating | BBB- (S&P) |
| Sector | Net Lease ยท Experiential Net Lease |
Market data updates automatically several times daily. Last price refresh: Aug 04, 2026.
Portfolio and Business Model
Roughly $7.1 billion invested across ~335 locations run by 54 experiential operators, with a small education remainder (~6% of EBITDAre). The 2026 statement deal: acquiring seven regional amusement parks from Six Flags for $315 million, EPR’s largest transaction since before the pandemic, alongside raised investment guidance of $500 to $600 million at cap rates the company pegs above 8%. Theaters, the albatross, keep shrinking as a share of rent while studios (including Amazon MGM and Netflix committing to theatrical windows) quietly stabilize the segment’s economics.
Dividend Safety Analysis
The monthly dividend was raised 5.1% in 2026 to $0.31 per share ($3.72 annualized), the fifth consecutive annual increase since the pandemic reset, covered at an AFFO payout ratio below 70% against raised FFOAA guidance of $5.37 to $5.53 (+6.5%). Q1 delivered 6.6% AFFO growth. Balance sheet: 5.2x net debt to EBITDAre, 99% unsecured debt at a 4.4% average rate, and no year with more than $550 million maturing through 2031.
The Honest Risk Section
Concentration in discretionary spending is the whole risk. Experiential demand is the first thing consumers cut in a recession, theater economics remain structurally challenged despite better windows, and single large operators (AMC, Regal’s parent, Topgolf, Six Flags) each represent meaningful rent. EPR cut its dividend in 2020 when the doors literally closed; that history is why the market hands it a ~10.7x FFO multiple and a 6%+ yield. This is a bet that experiences keep winning consumer wallets, with a coverage cushion if they wobble but not if they break.
Peer Context
EPR is net lease’s risk-premium play: the same lease mechanics as Realty Income applied to assets with triple the operating sensitivity, priced accordingly. Its monthly dividend and yield attract the same income investors who compare REIT payouts against direct NNN cap rates, a comparison the tenant credit database makes concrete.
Frequently Asked Questions
Does EPR Properties pay monthly dividends?
Yes, $0.31 per share monthly ($3.72 annualized), raised 5.1% in 2026, the fifth straight annual increase since resuming payments after the 2020 suspension.
How much of EPR’s business is movie theaters?
Theaters remain the largest single segment but a shrinking share as EPR redeploys into eat-and-play, ski, waterparks, and amusement parks, including the $315 million Six Flags portfolio closed in 2026. Education is only about 6% of EBITDAre.
Is EPR’s dividend safe now?
Coverage is genuinely strong: below a 70% AFFO payout with 6%+ cash flow growth and a laddered, 99% unsecured debt stack. The risk is macro, not math: a consumer recession hitting experiential spending is the scenario that matters.
Analysis based on Q1 2026 results (May 2026) and company disclosures. Live market data updates automatically. Independent research, not investment advice.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive.
Compare Direct NNN Ownership