EPR Properties
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.73%.
Did EPR Beat Earnings? Q1 2026 Results
EPR Properties posted a solid first quarter for 2026, with funds from operations as adjusted per diluted share climbing 5.9% year-over-year to $1.26 and total revenue rising 3.6% to $181.25 million, as rental income growth to $155.19 million carried much of the momentum. The experiential real estate investment trust's $51.30 million in Q1 investment activity, anchored by the $34.50 million acquisition of the VITAL Lower East Side fitness and wellness property in New York, underscored the company's accelerating deal pace, which carried into the subsequent weeks with the completion of six U.S. attraction properties from Six Flags Entertainment Corporation as part of a $315.00 million portfolio transaction. GAAP net income available to common shareholders dipped 5.3% to $56.58 million, primarily reflecting a smaller gain on real estate transactions compared to a year ago. Management responded to the momentum by lifting full-year FFOAA guidance to $5.37 to $5.53 per diluted share, representing 6.5% growth at the midpoint, while raising investment spending guidance to $500.00 million to $600.00 million and increasing the monthly dividend 5.1% to $0.31 per share.
- Rental revenue growth of 6.0% year-over-year to $155.2M
- FFOAA per diluted share increased 5.9% YoY; AFFO per diluted share increased 6.6% YoY
- Theatre NABOG increased 25% in Q1, benefiting from increased attendance and number of films released
- Portfolio coverage ratio of 2.0x demonstrates portfolio diversification resilience
- 99% leased or operated across combined portfolio of 335 properties
- Benefit for credit losses of $5.6M vs. $0.7M in prior year
- Ski portfolio geographic diversification produced incremental gains
- Operating cash flow increased to $113.4M from $99.4M in Q1 2025
- EBITDAre grew to $143.4M from $132.1M year-over-year
“We are pleased with our first quarter results, including strong earnings growth and the momentum we have established in executing our growth strategy. We deployed over $50 million during the quarter, and subsequent to quarter-end completed the acquisition of six high-quality regional parks with strong fundamentals and compelling long-term value creation potential. We have visibility to attractive opportunities across our target property types, and a balance sheet which provides the capacity to execute on our growth objectives. We are increasing both our earnings and investment spending guidance for the year, which reflects our confidence in the quality of our portfolio, the strength of our pipeline and our ability to continue creating long-term shareholder value.”
EPR Properties CEO, on the earnings call
Forward Guidance & Outlook
EPR Properties increased its 2026 FFOAA per diluted share guidance to $5.37–$5.53 (from $5.28–$5.48), representing 6.5% growth at the midpoint over 2025. Full-year net income per diluted common share is guided at $3.03–$3.19. Investment spending guidance was raised to $500M–$600M (from $400M–$500M), and disposition proceeds guidance increased to $50M–$100M (from $25M–$75M). Other guidance items remain unchanged: percentage rent and participating interest of $18.5M–$22.5M, G&A expense of $56M–$59M, other income of $41M–$51M, and other expense of $41M–$51M. The company expects approximately $71M in additional investment spending for existing development and redevelopment projects, substantially all to be funded in 2026. The monthly common share dividend was increased 5.1% to $0.31 per share ($3.72 annualized).
EPR YoY Financials
Figures from SEC filings and company reports. Not investment advice.