EPR Properties Announces $1.6B Amended Credit Agreement with KeyBank

What Happened
EPR Properties (EPR) announced on July 17, 2026 that it entered into a Fifth Amended, Restated and Consolidated Credit Agreement with KeyBank National Association and other lenders, establishing an initial $1.6 billion commitment: a $1.0 billion senior unsecured revolving credit facility and a $600.0 million senior unsecured delayed‑draw term loan facility. The full amounts were available at closing (about $360.0 million of the revolver was used to repay the prior revolver), and the term loan has a delayed‑draw availability period through January 17, 2027.

Key Details

• Total initial capacity: $1.6 billion (Revolver $1.0B, Term Loan $600M) with a $1.0B accordion to increase total to $2.6B with lender consent.
• Revolver specifics: matures July 17, 2030 (two six‑month extension options subject to conditions); includes a $300M stand‑alone foreign currency revolver and a shared $100M U.S./foreign letter‑of‑credit subfacility.
• Term loan specifics: matures January 17, 2032; delayed draw period ends January 17, 2027; up to five drawings (minimum each drawing: lesser of $20M and remaining commitment); undrawn amounts cannot be reborrowed.
• Pricing and fees: interest based on Base Rate or SOFR (daily or term) plus rating‑based margins; facility fee on total facility amount (rating‑based); no unused line fee on revolver; term loan has a 0.25% p.a. ticking fee on undrawn commitments starting October 16, 2026.
• Covenants & defaults: contains customary credit facility covenants and financial tests (e.g., limits on total debt/asset value, secured debt, interest coverage and fixed charge coverage) and standard events of default.

Why It Matters
This amended credit agreement secures EPR’s committed liquidity with a $1.0B revolver and $600M delayed term loan, providing flexibility for general corporate needs including property acquisitions and permitted investments. The accordion feature and multi‑year maturities extend funding capacity and tenor compared with the prior facility, while pricing and covenants tie cost and availability to EPR’s credit ratings and financial performance—factors investors should watch when assessing liquidity risk and refinancing flexibility.