EPR · CIK 1045450
What EPR Properties told the SEC could break it.
EPR Properties' rental income leans heavily on one experiential category: 148 movie-theatre properties generated $244.5 million, or 40.2% of total rental revenue, in 2025, tying the REIT to the credit health of theatre operators and to box-office performance. That concentration gives an unusual policy risk a direct line into its results — the U.S. government's 2025 indication that it may impose a tariff on foreign-made films could crimp its tenants' content pipeline and box office. A smaller, related thread is construction cost: tariff increases on building materials could raise its development and renovation expenses.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- tariff on foreign-made filmsmedium
A potential U.S. tariff on foreign-made films, plus broader 2025 trade restrictions, could harm EPR's theatre tenants' content pipeline and box office — a direct channel risk given theatres are 40% of rental revenue.
“During 2025, the U.S. government imposed, and is continuing to consider imposing, tariffs and trade restrictions on certain goods produced outside of the U.S., including an indication that a tariff on foreign-made films may be imposed.”
SEC filing →As of 2026 - tariffs on construction materialslow
Tariff increases may raise the cost of construction materials, increasing EPR's development and renovation expenses.
“For example, tariff increases may impact our business by increasing the cost of construction materials, which in turn may lead to higher development and renovation expenses.”
Customer concentration
- theatre tenant sectormedium
EPR's rental revenue is concentrated in movie theatre properties — 148 theatres generated $244.5M, or 40.2% of total rental revenue, in 2025, exposing the REIT to exhibitor-industry credit and box-office risk.
“Experiential Theatres (1) 148 10,310,839 99.2 % $ 244,523 40.2 %”
SEC filing →As of 2026
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