EPR Properties (EPR) Q3 2026 Earnings
GAAP net income included a $30.5 million gain on sale of a private school property ($30,457 thousand gain on real estate transactions) and a $0.6 million non-cash write-off of deferred financing costs ($605 thousand costs associated with loan refinancing or payoff); FFOAA excludes these items.
How Did EPR Stock React to Q3 2026 Earnings?
Did EPR Beat Earnings? Q3 2026 Results
Yes. EPR Properties reported Q3 2026 earnings of $1.49 a share on Oct 28, 2026, beating the $0.83 consensus estimate by 79.5%. Revenue was $204.1M against a $203.0M estimate.
EPR Properties delivered a blowout third quarter of 2026, with adjusted funds from operations of $1.49 per diluted share clearing the $0.83 consensus estimate by 79.52%, extending the experiential REIT's streak of beating consensus EPS expectations to six consecutive quarters. Revenue of $204.10 million edged past the $203.03 million estimate and surged 19.9% year over year, powered by expanding rental income across a growing experiential portfolio that now spans eat-and-play, fitness, attractions, and entertainment venues. The headline results were bolstered by a $30.50 million gain on the sale of the British School of Chicago, which generated net proceeds of $68.20 million; GAAP net income reached $94.14 million, or $1.22 per diluted share, versus $60.55 million a year earlier. Investment spending of $172.40 million in the quarter, highlighted by EPR's first Life Time fitness center, anchored year-to-date deployments of $664.50 million. Looking ahead, management raised its 2026 FFOAA guidance to $5.49 to $5.57 per share and lifted its investment spending target to $675 million to $725 million, citing a broad acquisition pipeline and ample liquidity from its freshly amended $1.60 billion credit facility.
- Total revenue up 12% year over year; rental revenue of $175.3M vs $154.8M
- FFOAA per diluted share up 8.8% to $1.49; AFFO per diluted share up 10.8% to $1.54
- Adjusted EBITDAre of $165.0M vs $147.1M in Q3 2025
- Gain on real estate transactions of $30.5M from sale of a private school property
- Percentage rent and participating interest of $9.8M vs $7.0M
- Theatre box office up ~20% year to date; Attractions and Fitness & Wellness performed well in Q3
- Portfolio coverage incrementally increased to 2.1x
- Provision for credit losses fell to $0.8M from $9.1M a year ago
- Net cash provided by operating activities of $169.0M vs $136.5M
“Our third quarter reflects continued momentum across the business, with both strong earnings growth and a robust pace of investment activity.”
EPR Properties CEO, on the earnings call
What Is EPR Properties's Outlook?
EPR raised its 2026 guidance: - FFOAA per diluted share: $5.49–$5.57 (prior $5.41–$5.57), an 8.0% increase at the midpoint over 2025. - FFO per diluted share: $5.50–$5.58 (prior $5.43–$5.59). - Net income available to common shareholders per diluted share: $3.41–$3.49 (prior $3.03–$3.19). - Investment spending: $675M–$725M (prior $600M–$700M). - Disposition proceeds: $86M (prior $50M–$100M). - Percentage rent and participating interest: $21.5M–$24.5M (prior $18.5M–$22.5M). - G&A expense: $57M–$59M. - Other income: $44M–$50M. - Other expense: $43M–$49M. About $183.2M of additional spending is expected on existing development and redevelopment projects, with about $21.0M of it in the rest of 2026. Management cited a strong, broad pipeline of new investments. It said its credit facilities and unsettled forward equity give it capacity to fund that pipeline.
EPR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $204.1M | $170.2M | +19.9% |
| Operating Income | $139.3M | $97.6M | +42.7% |
| Net Income | $100.1M | $66.6M | +50.4% |
Figures from SEC filings and company reports. Not investment advice.