EPR Properties (NYSE: EPR) has entered into a new credit agreement totaling $1.6 billion, replacing its existing $1.0 billion senior unsecured revolving credit facility, according to a press release from the company.

The agreement consists of an amended $1.0 billion senior unsecured revolving credit facility and a new $600 million senior unsecured delayed draw term loan facility. An "accordion" feature allows the company to increase total borrowing capacity by an additional $1.0 billion, bringing the potential maximum to $2.6 billion, subject to lender consent and customary conditions.

The revolving credit facility's maturity date has been extended from October 2, 2028 to July 17, 2030, with two six-month extension options available. The amended facility also reduces the interest rate on outstanding loans and modifies asset value calculations under certain financial covenants to include expected cash proceeds from the sale of common shares under qualified forward equity contracts.

The delayed draw term loan facility provides an initial committed amount of $600 million, available to be drawn prior to January 17, 2027, and matures on January 17, 2032.

Mark Peterson, Executive Vice President and CFO, stated: "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."

EPR Properties is a real estate investment trust with approximately $5.7 billion in total assets across 42 states and Canada.