EPR Properties Announces New $1.6 Billion Credit Agreement

Key Terms

senior unsecured revolving credit facility financial

A senior unsecured revolving credit facility is a bank loan line that a company can draw, repay and redraw up to an agreed limit, similar to a company credit card. It is “senior” because lenders are paid before other creditors if the company fails, and “unsecured” because it isn’t backed by specific assets; investors watch it for signals about a company’s short-term cash flexibility, borrowing cost and financial risk.

delayed draw term loan facility financial

A delayed draw term loan facility is a committed loan that a borrower can tap in one or more installments at specified future times after meeting agreed conditions, rather than receiving the full amount upfront. For investors it matters because it provides a ready source of cash that can change a company’s financial strength, leverage and interest costs when drawn—similar to having a reserved credit line you can use later, which affects liquidity and the risk profile of the business.

accordion financial

An accordion is a built‑in option in a financing agreement or corporate charter that lets a company expand or shrink the size of a loan, credit line, or authorized securities without starting a whole new approval process. Investors care because using the accordion can change how much debt a company carries or dilute existing shareholders when more shares are issued — think of it like expandable luggage that makes room when needed but can alter how your belongings are arranged.

financial covenants financial

Financial covenants are rules written into loan or bond agreements that require a company to keep certain financial measures within agreed limits—examples include minimum cash, maximum debt levels, or minimum profit margins. They act like guardrails for lenders: breaking a covenant can force renegotiation, trigger penalties or default, and quickly affect a company’s available cash and stock value, so investors watch them as early warning signs of financial stress.

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New Agreement Extends Maturities and Enhances Financial Flexibility

KANSAS CITY, Mo.--(BUSINESS WIRE)--

EPR Properties (NYSE: EPR) today announced that it has entered into a Fifth Amended, Restated and Consolidated Credit Agreement, governing an amended and restated $1.0 billion senior unsecured revolving credit facility and a new $600.0 million senior unsecured delayed draw term loan facility. The new facilities replace the Company’s existing $1.0 billion senior unsecured revolving credit facility. The new facilities provide for an initial maximum principal amount of borrowing availability of $1.6 billion with an "accordion" feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.6 billion, subject to lender consent and customary conditions.

The amendments to the revolving credit facility (i) extend the maturity date from October 2, 2028 to July 17, 2030, with two six-month extension options, subject to paying additional fees and the satisfaction of customary conditions, (ii) generally reduce the interest rate payable on outstanding loans, and (iii) modify the asset value calculations under certain financial covenants to include the Company’s expected cash proceeds from the sale of its common shares under qualified forward equity contracts. The new delayed draw term loan facility provides for an initial committed amount of $600.0 million that may be drawn upon prior to January 17, 2027, subject to earlier termination, and matures on January 17, 2032. The new facilities include customary covenants and events of default.

“We are pleased to announce the completion of these new credit facilities, which provide us with more favorable terms and enhanced borrowing flexibility with a delayed term loan that addresses our upcoming debt maturities in August and December of this year,” stated Company Executive Vice President and CFO Mark Peterson. “These new facilities strengthen our financial foundation as we invest in experiential properties and demonstrate the confidence of our bank group in our long-term strategy.”

About EPR Properties

EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.7 billion (after accumulated depreciation of approximately $1.8 billion) across 42 states and Canada. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements contained herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our capital resources and liquidity, our borrowing availability, our pursuit of growth opportunities, and our financial condition. The forward-looking statements presented herein are based on the Company's current expectations. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260720117261/en/

EPR Properties
Brian Moriarty
Senior Vice President - Corporate Communications
brianm@eprkc.com | 816-472-1700

Source: EPR Properties