EPR Properties

Latest Results (19.05.2026):

EPR Properties first quarter 2026 results: total revenue was $181.3 million (up 3.6% vs. Q1 2025), net income available to common shareholders was $56.6 million (down 5.3%) and diluted net income per common share was $0.74. The company reported FFOAA of $97.6 million (+6.4%) and AFFO of $100.1 million (+7.7%), with FFOAA per diluted share of $1.26 (+5.9%) and AFFO per diluted share of $1.29 (+6.6%).

Key Financials

Total revenue $181.3M (+3.6% YoY); net income available to common shareholders $56.6M (-5.3% YoY); diluted net income per common share $0.74. FFOAA $97.6M and AFFO $100.1M with per-share increases of 5.9% and 6.6%, respectively.

FFO / AFFO Details

FFO available to common shareholders was $101.3M; diluted FFOAA per share $1.26; diluted AFFO per share $1.29. Company emphasizes these non‑GAAP measures as main earnings metrics for 2026 guidance.

Investment Activity & Acquisitions

Q1 investment spending totaled $51.3M (including a $34.5M fitness & wellness property in NY and experiential development/redevelopment). Subsequent to quarter-end, completed acquisition of six U.S. attraction properties (majority of a $315.0M portfolio) from Six Flags; remaining La Ronde expected to close in Q2 2026.

Guidance Raised

EPR increased 2026 guidance: FFOAA per diluted share to $5.37–$5.53 (up from $5.28–$5.48), investment spending to $500M–$600M (from $400M–$500M) and disposition proceeds to $50M–$100M (from $25M–$75M).

Capital Markets & Liquidity

Entered a forward sales agreement under ATM to sell 797,422 shares for initial gross proceeds of $47.5M (avg. $59.52/share). As of March 31, 2026, cash on hand $68.5M and no outstanding balance on $1.0B unsecured revolver; ~352.5M remaining ATM capacity.

Balance Sheet & Leverage

Total assets ~$5.7B; total investments ~$7.1B; debt $2.931B. Net Debt reported $2.886B and Proforma Net Debt $2.839B. Net Debt to Gross Assets ratio ~39%; Net Debt/Adjusted EBITDAre ~5.2x (Q1 annualized basis).

Portfolio Snapshot

Experiential investments $6.7B (94% of total investments) and Education $0.4B (6%). Wholly‑owned experiential portfolio ~19.2M sq ft, ~99% leased/operated; combined wholly‑owned portfolio ~20.3M sq ft and 99% leased/operated.

Dividends & Other Corporate Actions

Monthly common dividend increased 5.1% to $0.31 per share (first paid April 15, 2026), annualized $3.72 per share. Also converted a $70.0M mortgage note receivable into an owned experiential lodging property (recognized ~$1.0M gain and ~$1.3M credit loss benefit).