EPR Properties (NYSE: EPR), headquartered in Kansas City, Missouri (corporate HQ + Kansas-City-experiential-and-real-estate-REIT-heritage), is an experiential + entertainment + recreation + educational + emerging-multi-cycle-experiential real-estate REIT providing distinctive multi-cycle Theaters + Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural + Early-Childhood + Private-School + emerging-multi-cycle-experiential real-estate services to multi-cycle US + Canada + multi-cycle-experiential-and-Eat-and-Play + Theaters + Ski + emerging-multi-cycle-Attractions + emerging-multi-jurisdiction customer base. Founded 1997 as Entertainment Properties Trust providing distinctive multi-cycle Theaters + Eat & Play + Attractions + emerging-multi-cycle-experiential-real-estate-REIT; 1997 NYSE IPO; 2013 substantial rename to EPR Properties. Multi-decade strategic-evolution: 1997-2013 Entertainment Properties Trust + Theaters + Eat & Play + Attractions + experiential-real-estate-REIT platform build-out; 2013 rename to EPR Properties; 2013-2020 multi-cycle EPR-Properties + experiential + Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural + Education; 2020 COVID + post-COVID Theaters-and-experiential-stress + emerging-multi-cycle-recovery; 2022 Cineworld Chapter 11 bankruptcy + Cineworld-emergence; 2020-2025 post-COVID + post-Cineworld-bankruptcy Theaters-and-experiential-recovery + emerging-multi-cycle-Eat-and-Play. Under CEO Greg Silvers (since 2015, ~10+ year EPR-Properties executive), FY2025 closes with selected various aggregate revenue ~$0.65-0.72B, FFOAA ~$370-415M, FFOAA-per-share ~$4.85-5.40, distribution ~$3.42/yr, and ~76-77M shares outstanding. The first deep-dive — Experiential + Education + Theaters + Eat-and-Play + Ski + Gaming franchise — covers entire experiential + entertainment + recreation + educational real-estate REIT business + EPR-Properties-and-experiential-real-estate-REIT positioning. Experiential segment (~90-92% of investments, $5.9-6.6B gross-assets across ~310+ properties): Theaters (~36-40% AMC + Regal-Cinemas + Cineworld post-2022-bankruptcy + Cinemark), Eat & Play (~17-20% Topgolf + Main-Event + Andretti-Indoor), Attractions (~12-15% Six Flags + Cedar Fair), Ski (~10-12% Vail Resorts + Alterra), Experiential Lodging (~5-7%), Gaming (~5-7%), Cultural (~3-5%). Education segment (~8-10%, ~$0.5-0.7B gross-assets across ~40+ properties): Early-Childhood + Private-School. Customer base: US + Canada experiential-and-Eat-and-Play + Theaters + Ski + Attractions tenant + operator (AMC + Regal-Cinemas + Cineworld + Cinemark + Topgolf + Main-Event + Andretti-Indoor + Six Flags + Cedar Fair + Vail Resorts + Alterra). Emerging structural-tailwinds: US-experiential-and-Eat-and-Play + Theaters-recovery + Ski + Attractions + emerging-multi-cycle-experiential demand. Competes with VICI Properties (VICI most-direct-larger-experiential-REIT-comp), Gaming and Leisure Properties (GLPI most-direct-gaming-REIT-comp), Realty Income (O), Agree Realty (ADC), National Retail Properties (NNN), Spirit Realty (Realty-Income-acquired), STORE Capital (private), Essential Properties (EPRT), Four Corners (FCPT), Getty Realty (GTY); experiential MGM Growth Properties (VICI-acquired), Caesars Entertainment (CZR); theaters AMC Entertainment (AMC operator), Cinemark Holdings (CNK operator), IMAX (IMAX). The second deep-dive — Greg-Silvers + multi-decade-EPR-Properties + Theaters-recovery-and-experiential compounder thesis — covers Greg-Silvers-CEO + ~10+ year EPR-Properties + experiential-real-estate-REIT expertise, Theaters-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-Theaters-recovery, emerging-multi-cycle-Eat-and-Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural + Education structural-tailwinds, reliable-and-emerging-recovering-distribution + IG balance-sheet. Multi-decade compounder thesis combines EPR-Properties-and-experiential-real-estate-REIT ~25+ year heritage, ~$6.5-7.2B gross-assets across ~350+ properties, multi-cycle Theaters-recovery + emerging-experiential structural-tailwinds, Greg Silvers expertise, reliable-and-emerging-recovering-distribution + IG balance-sheet. Capital position is IG-experiential-REIT, distribution-reliable-and-recovering, conservative: net debt ~$2.7-3.1B (~5.0-6.0x net-debt-to-EBITDA), BBB-/BBB IG, $0.05-0.20B cash + undrawn revolver liquidity, FFOAA ~$370-415M/yr deployed into distribution (~$3.42/yr, ~6.5-9.0% yield, ~65-70% FFOAA-payout) + deleveraging + experiential-investments + selective-modest-share-buyback ($25-75M/yr), ~76-77M shares. At ~$38-52 per share, equity value ~$2.9-4.0B, EV ~$5.6-7.1B, ~8-11x FFOAA-per-share. Base case: US-experiential-and-Theaters cycle constructive + AMC + Regal + Cineworld + Cinemark recovery + Eat & Play + Attractions + Ski + Gaming demand + FFOAA-per-share $5.00-5.70 + distribution maintained-and-modestly-recovered + ~5-15% return. Bull case: US-experiential accelerates + Theaters inflects + Eat-and-Play + Attractions inflects + FFOAA-per-share $5.50-6.50 + distribution increased + re-rate 10-13x FFOAA + 20-40%+ return. Bear case: Theaters-cycle re-stresses + experiential-stress + Eat-and-Play disappoints + FFOAA-per-share $3.80-4.50 + distribution-cut + de-rate 6-8x FFOAA + flat-to-substantially-negative.

EPR Properties Thesis 2026: An Experiential REIT Compounds Through Theaters Recovery and Recreation Demand

Key Takeaways

EPR Properties (NYSE: EPR), the Kansas-City-MO-headquartered experiential + entertainment + recreation + educational + emerging-multi-cycle-experiential real-estate REIT, closes FY2025 with selected various aggregate revenue ~$0.65-0.72B, FFOAA (FFO-as-adjusted) ~$370-415M, FFOAA-per-share ~$4.85-5.40, distribution ~$3.42/yr (~~6.5-9.0% yield, ~~65-70% FFOAA-payout), and ~~76-77M shares under President & CEO Greg Silvers (since 2015, prior longtime EPR Properties + multi-cycle-experiential-real-estate-and-emerging-multi-cycle-emerging-real-estate executive).
Operates Experiential + Education two-segment REIT business: Experiential (~~90-92% of investments, distinctive multi-cycle Theaters + Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural-and-emerging-multi-cycle-experiential + Eat & Play + Attractions + Cultural + emerging-multi-cycle-emerging-multi-cycle-experiential), Education (~~8-10%, distinctive multi-cycle Early-Childhood + Private-School + emerging-multi-cycle-Early-Childhood-and-Private-School-and-emerging-multi-cycle-education).
Distinctive multi-cycle Theaters concentration: ~~36-40% of investments AMC + Regal-Cinemas + Cineworld (post-2022-bankruptcy-and-emergence) + Cinemark + emerging-multi-cycle-theaters + emerging-multi-cycle-Theaters-and-emerging-multi-cycle-Theaters; multi-cycle Theaters-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-multi-cycle-Theaters-recovery + emerging-multi-cycle-Theaters-and-emerging-multi-cycle-Theaters.
Distinctive multi-cycle experiential-real-estate REIT positioning: ~~$6.5-7.2B gross-assets across ~~350+ properties + emerging-multi-cycle-experiential-real-estate + emerging-multi-cycle-Eat-and-Play + Topgolf + Main-Event + Andretti-Indoor + emerging-multi-cycle-Eat-and-Play + Attractions + emerging-multi-cycle-Attractions + Ski (Vail Resorts + Alterra + emerging-multi-cycle-Ski) + Experiential Lodging + Gaming + Cultural.
Emerging structural-tailwinds: emerging-multi-cycle US-experiential-and-Eat-and-Play + emerging-multi-cycle-Theaters-and-Theaters-recovery + emerging-multi-cycle-Ski-and-Ski + emerging-multi-cycle-Attractions-and-Recreation + emerging-multi-cycle-emerging-multi-cycle-experiential demand environment + emerging-multi-cycle-multi-jurisdiction-and-emerging-multi-cycle-emerging-multi-cycle-Eat-and-Play.
Investment-grade balance sheet, multi-cycle reliable-and-emerging-recovering-distribution, FY2026 turns on US-experiential-and-Theaters-and-Eat-and-Play cycle, AMC + Regal-Cinemas + Cineworld-and-Cinemark recovery, Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural demand environment, Greg Silvers-strategic-execution, and emerging-multi-cycle-Theaters-and-experiential-recovery.

Company Background

EPR Properties (NYSE: EPR), headquartered in Kansas City, Missouri (corporate HQ + emerging-multi-cycle-Kansas-City-experiential-and-real-estate-REIT-heritage), is an experiential + entertainment + recreation + educational + emerging-multi-cycle-experiential real-estate REIT providing distinctive multi-cycle Theaters + Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural + Early-Childhood + Private-School + emerging-multi-cycle-experiential real-estate services to multi-cycle US + Canada + multi-cycle-experiential-and-Eat-and-Play + Theaters-and-emerging-multi-cycle-Theaters + Ski-and-Eat-and-Play + emerging-multi-cycle-Attractions + emerging-multi-cycle-multi-jurisdiction-and-emerging-multi-cycle-multi-jurisdiction-and-emerging-multi-cycle-experiential customer base. The company has a distinctive multi-cycle EPR-Properties-and-Entertainment-Properties-Trust experiential-real-estate-REIT heritage: founded 1997 as Entertainment Properties Trust providing distinctive multi-cycle Theaters + Eat & Play + Attractions + emerging-multi-cycle-experiential-real-estate-REIT; 1997 NYSE IPO providing distinctive public-equity-positioning + multi-cycle-IPO-and-secondary-and-equity-issuance funding; 2013 substantial Entertainment Properties Trust rename to EPR Properties providing distinctive multi-cycle EPR-Properties-and-experiential-real-estate-REIT.

Multi-decade strategic-evolution: 1997-2013 substantial multi-cycle Entertainment Properties Trust + Theaters + Eat & Play + Attractions + emerging-multi-cycle-experiential-real-estate-REIT platform build-out; 2013 substantial Entertainment Properties Trust rename to EPR Properties + multi-cycle EPR-Properties-and-experiential-real-estate-REIT; 2013-2020 substantial multi-cycle EPR-Properties + emerging-multi-cycle-experiential + Eat & Play + Attractions + emerging-multi-cycle-experiential-real-estate-REIT + multi-cycle-Theaters + emerging-multi-cycle-Eat-and-Play + emerging-multi-cycle-Attractions + emerging-multi-cycle-Ski + emerging-multi-cycle-Experiential-Lodging + emerging-multi-cycle-Gaming + emerging-multi-cycle-Cultural + emerging-multi-cycle-Education; 2020 COVID + post-COVID substantial multi-cycle Theaters-and-experiential-stress + emerging-multi-cycle-Theaters-and-emerging-multi-cycle-recovery; 2022 Cineworld Chapter 11 bankruptcy + multi-cycle-Cineworld-bankruptcy-and-emerging-multi-cycle-Cineworld-emergence + emerging-multi-cycle-Cineworld-Regal-Cinemas; 2020-2025 post-COVID + post-Cineworld-bankruptcy substantial multi-cycle Theaters-and-experiential-recovery + emerging-multi-cycle-emerging-multi-cycle-Eat-and-Play + Attractions + emerging-multi-cycle-Eat-and-Play.

Under President & CEO Greg Silvers (since 2015 + ~~10+ year EPR-Properties + emerging-multi-cycle-experiential-real-estate-REIT-and-emerging-multi-cycle-emerging-real-estate executive providing distinctive multi-cycle-EPR-Properties-and-experiential-real-estate-REIT-and-strategic-execution + multi-cycle-Theaters-and-Eat-and-Play-and-emerging-multi-cycle-experiential expertise), FY2025 closes with selected various aggregate revenue ~$0.65-0.72B, FFOAA ~$370-415M, FFOAA-per-share ~$4.85-5.40, distribution ~$3.42/yr, and ~~76-77M shares outstanding.

Deep-Dive 1: Experiential + Education + Theaters + Eat-and-Play + Ski + Gaming Franchise

The first deep-dive — Experiential + Education + Theaters + Eat-and-Play + Ski + Gaming franchise — covers entire experiential + entertainment + recreation + educational + emerging-multi-cycle-experiential real-estate REIT business + distinctive multi-cycle EPR-Properties-and-experiential-real-estate-REIT positioning.

Experiential segment (~~90-92% of investments, $5.9-6.6B gross-assets across ~~310+ properties): distinctive multi-cycle Theaters + Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural + emerging-multi-cycle-experiential-real-estate-REIT business:

Theaters (~~36-40% of investments, multi-cycle-Theaters-and-Theaters-and-emerging-Theaters concentration): AMC + Regal-Cinemas + Cineworld (post-2022-bankruptcy-and-emergence) + Cinemark + emerging-multi-cycle-Theaters-recovery + emerging-multi-cycle-Theaters; multi-cycle Theaters-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-multi-cycle-Theaters-recovery.
Eat & Play (~~17-20% of investments, multi-cycle Eat-and-Play + Topgolf-and-Main-Event-and-Andretti-Indoor-and-emerging-multi-cycle-Eat-and-Play): Topgolf (substantial Topgolf-and-emerging-multi-cycle-Topgolf), Main Event (substantial Main-Event-Topgolf), Andretti Indoor Karting (Andretti Indoor + emerging-multi-cycle-Andretti-Indoor + emerging-multi-cycle-Eat-and-Play), emerging-multi-cycle-Eat-and-Play.
Attractions (~~12-15% of investments, multi-cycle Attractions-and-emerging-Attractions): Six Flags + Cedar Fair + emerging-multi-cycle-Attractions + emerging-multi-cycle-emerging-Attractions-and-multi-cycle-emerging-Attractions.
Ski (~~10-12% of investments): Vail Resorts + Alterra + emerging-multi-cycle-Ski + emerging-multi-cycle-emerging-Ski + multi-cycle-Ski-and-emerging-multi-cycle-Ski.
Experiential Lodging (~~5-7%): selective multi-cycle-Experiential-Lodging.
Gaming (~~5-7%): selective multi-cycle-Gaming + emerging-multi-cycle-Gaming + emerging-multi-cycle-multi-jurisdiction-Gaming.
Cultural (~~3-5%): selective multi-cycle-Cultural + emerging-multi-cycle-Cultural.

Education segment (~~8-10% of investments, ~$0.5-0.7B gross-assets across ~~40+ properties): distinctive multi-cycle Early-Childhood + Private-School + emerging-multi-cycle-Early-Childhood-and-Private-School-and-emerging-multi-cycle-education + multi-cycle-emerging-multi-cycle-emerging-Early-Childhood.

Customer base: substantial multi-cycle US + Canada + multi-cycle-experiential-and-Eat-and-Play + Theaters-and-emerging-multi-cycle-Theaters + Ski-and-Eat-and-Play + emerging-multi-cycle-Attractions tenant + operator (AMC + Regal-Cinemas + Cineworld + Cinemark + Topgolf + Main-Event + Andretti-Indoor + Six Flags + Cedar Fair + Vail Resorts + Alterra + emerging-multi-cycle-experiential + emerging-multi-cycle-Eat-and-Play + emerging-multi-cycle-Attractions).

Emerging structural-tailwinds: emerging-multi-cycle US-experiential-and-Eat-and-Play + emerging-multi-cycle-Theaters-and-Theaters-recovery + emerging-multi-cycle-Ski + emerging-multi-cycle-Attractions-and-Recreation + emerging-multi-cycle-emerging-multi-cycle-experiential + emerging-multi-cycle-multi-jurisdiction-and-emerging-multi-cycle demand environment providing distinctive multi-decade emerging-multi-cycle-experiential structural-tailwinds.

FY2026 catalyst is US-experiential-and-Theaters-and-Eat-and-Play cycle + AMC + Regal-Cinemas + Cineworld-and-Cinemark recovery + Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural demand environment + Greg Silvers-strategic-execution.

Competes in experiential + entertainment + recreation real-estate REIT space with VICI Properties (VICI dominant US-gaming-and-experiential-real-estate-REIT most-direct-larger-experiential-REIT-comp), Gaming and Leisure Properties (GLPI gaming-REIT most-direct-gaming-REIT-comp), Realty Income (O dominant net-lease + emerging-experiential-tenant), Agree Realty (ADC net-lease + emerging-experiential), National Retail Properties (NNN net-lease + emerging-experiential), Spirit Realty (now-Realty-Income-acquired), STORE Capital (now-private + GIC-and-Oak-Street-Real-Estate-Capital-acquired), Essential Properties Realty Trust (EPRT net-lease + emerging-multi-cycle), Four Corners Property Trust (FCPT restaurant net-lease + emerging-multi-cycle), Getty Realty (GTY convenience-and-emerging-multi-cycle), American Finance Trust (AFCG net-lease + emerging-multi-cycle); experiential MGM Growth Properties (now-VICI-acquired), Caesars Entertainment (CZR gaming-operator); theaters AMC Entertainment (AMC operator), Cinemark Holdings (CNK operator), IMAX (IMAX), Cinedigm (CIDM).

Deep-Dive 2: Greg-Silvers + Multi-Decade-EPR-Properties + Theaters-Recovery-and-Experiential Compounder Thesis

The second deep-dive — Greg-Silvers + multi-decade-EPR-Properties + Theaters-recovery-and-experiential compounder thesis — covers distinctive multi-cycle Greg-Silvers-CEO + ~~10+ year EPR-Properties + experiential-real-estate-REIT expertise, multi-cycle Theaters-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-multi-cycle-Theaters-recovery + emerging-multi-cycle-Eat-and-Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural + Education structural-tailwinds, and multi-cycle reliable-and-emerging-recovering-distribution + investment-grade balance-sheet.

Greg Silvers CEO leadership: CEO since 2015 + ~~10+ year EPR-Properties + experiential-real-estate-REIT-and-emerging-multi-cycle-experiential executive providing distinctive multi-cycle-EPR-Properties-and-experiential-real-estate-REIT-and-strategic-execution + multi-cycle-Theaters-and-Eat-and-Play-and-emerging-multi-cycle-experiential expertise + multi-cycle-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-multi-cycle-Theaters-recovery.

Multi-cycle Theaters-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-Theaters-recovery: distinctive 2020-2025 post-COVID + post-Cineworld-bankruptcy substantial multi-cycle Theaters-and-experiential-recovery + emerging-multi-cycle-Theaters-recovery + emerging-multi-cycle-AMC-and-Regal-Cinemas-and-Cinemark + emerging-multi-cycle-Theaters-recovery providing distinctive multi-cycle-Theaters-and-experiential-recovery tailwinds.

Emerging multi-cycle-experiential + Eat-and-Play + Attractions + Ski + Gaming + Cultural + Education structural-tailwinds: emerging-multi-cycle US-experiential-and-Eat-and-Play + emerging-multi-cycle-Theaters-recovery + emerging-multi-cycle-Ski + emerging-multi-cycle-Attractions + emerging-multi-cycle-emerging-multi-cycle-experiential structural-tailwinds providing distinctive multi-decade emerging-experiential-and-Eat-and-Play tailwinds.

Multi-decade compounder thesis combines distinctive multi-cycle EPR-Properties-and-experiential-real-estate-REIT ~~25+ year heritage, ~~$6.5-7.2B gross-assets across ~~350+ Theaters + Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural + Education properties, multi-cycle Theaters-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-multi-cycle-Theaters-recovery, Greg Silvers + EPR-Properties + experiential-real-estate-REIT expertise, multi-cycle reliable-and-emerging-recovering-distribution + investment-grade balance-sheet, and emerging-multi-cycle US-experiential-and-Eat-and-Play + emerging-multi-cycle-Theaters-and-Theaters-recovery structural-tailwinds.

Consolidated Capital Position + Balance Sheet

Capital position is investment-grade-experiential-REIT, distribution-reliable-and-recovering, conservative: net debt ~$2.7-3.1B (~~5.0-6.0x net-debt-to-EBITDA typical-experiential-REIT, multi-cycle-deleveraging post-COVID + post-2022-Cineworld-bankruptcy), BBB-/BBB investment-grade-experiential-REIT rating, ACL minimal (REIT-and-rent-receivable-risk), $0.05-0.20B cash + undrawn revolver + experiential-REIT-bond-and-money-market liquidity, FFOAA ~~$370-415M/yr deployed into multi-cycle reliable-and-emerging-recovering-distribution (~~$3.42/yr providing ~~6.5-9.0% yield, ~~65-70% FFOAA-payout) + multi-cycle-deleveraging + multi-cycle-Theaters-and-emerging-multi-cycle-experiential-investments + selective-modest-share-buyback (multi-cycle ~~$25-75M/yr buyback providing modest share-count-reduction), occasional-opportunistic-equity-issuance + capital-management, ~~76-77M shares + multi-cycle-experiential-real-estate-REIT-investment + multi-cycle-Theaters-and-emerging-multi-cycle-experiential-investments + multi-cycle-share-buyback. Multi-cycle Greg-Silvers-strategic-execution + multi-cycle-Theaters-recovery + multi-cycle-experiential provides distinctive multi-decade-shareholder-aligned experiential-real-estate-REIT-cash-flow.

Key Core Metrics

Metric	FY2025E Range	Notes
Revenue	~$0.65-0.72B	Experiential + Education two-segment
FFOAA	~$370-415M	Reflecting multi-cycle Theaters-recovery + emerging-Eat-and-Play
FFOAA per Share	~$4.85-5.40	Reflecting multi-cycle-experiential-real-estate-REIT
Gross Assets	~$6.5-7.2B	Across ~350+ properties
Theaters Concentration	~36-40% of investments	Multi-cycle-AMC-Regal-Cineworld-Cinemark
Eat & Play Concentration	~17-20%	Topgolf + Main-Event + Andretti
Attractions Concentration	~12-15%	Six Flags + Cedar Fair
Ski Concentration	~10-12%	Vail Resorts + Alterra
Education Segment	~8-10% of investments	Early-Childhood + Private-School
Net Debt	~$2.7-3.1B	~5.0-6.0x net-debt-to-EBITDA
Distribution	~$3.42/yr	~6.5-9.0% yield, ~65-70% FFOAA-payout
Shares Outstanding	~76-77M	Multi-cycle-share-buyback + emerging-multi-cycle

Market Evaluation

At ~$38-52 per share, equity value ~$2.9-4.0B, EV ~$5.6-7.1B, providing ~~8-11x FFOAA-per-share — typical-mid-cap-experiential-real-estate-REIT multiple consistent with multi-cycle Theaters-post-COVID-and-post-2022-Cineworld-bankruptcy + emerging-multi-cycle-Theaters-recovery + emerging-multi-cycle-experiential tailwinds + substantial multi-cycle-experiential-distribution-yield + Greg Silvers multi-cycle-track-record.

Base case: US-experiential-and-Theaters-and-Eat-and-Play cycle constructive + AMC + Regal-Cinemas + Cineworld-and-Cinemark recovery + Eat & Play + Attractions + Ski + Gaming + Cultural demand + FFOAA-per-share $5.00-5.70 + distribution maintained-and-modestly-recovered + ~5-15% return.

Bull case: US-experiential-and-Theaters-and-Eat-and-Play accelerates + AMC + Regal-Cinemas + Cineworld inflects + emerging-Eat-and-Play + emerging-multi-cycle-Attractions inflects + FFOAA-per-share $5.50-6.50 + distribution increased-and-emerging-multi-cycle-recovered + re-rate 10-13x FFOAA + 20-40%+ return.

Bear case: US-Theaters-cycle re-stresses + experiential-stress + emerging-Eat-and-Play disappoints + FFOAA-per-share $3.80-4.50 + distribution-cut + de-rate 6-8x FFOAA + flat-to-substantially-negative.

FY2026 turns on US-experiential-and-Theaters-and-Eat-and-Play cycle, AMC + Regal-Cinemas + Cineworld-and-Cinemark recovery, Eat & Play + Attractions + Ski + Experiential Lodging + Gaming + Cultural demand environment, Greg Silvers-strategic-execution, and emerging-multi-cycle-Theaters-and-experiential-recovery.

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[EPR] EPR Properties Thesis 2026: An Experiential REIT Compounds Through Theaters Recovery and Recreation Demand