EPR Properties (EPR) Q1 2026 earnings summary

Executive summary

• Achieved 5.9% year-over-year growth in FFO as adjusted per share for Q1 2026, reflecting strong investment momentum and portfolio expansion, including a $315 million acquisition of Six Flags attraction properties.

• Total assets reached $5.7 billion, with 94% invested in experiential and 6% in education properties, and 99% of the portfolio leased or operated.

• Consumer spending in the experience economy increased 7% year-over-year, supporting portfolio stability and growth outlook.

• Investment spending and earnings guidance for 2026 were raised, with a 6.5% midpoint growth in FFO as adjusted per share.

• Executive Vice President and Chief Investment Officer retired, with a $1.4 million severance expense recorded.

Financial highlights

• Q1 2026 total revenue was $181.3 million, up 3.6% year-over-year; net income available to common shareholders was $56.6 million, or $0.74 per diluted share, down from $0.78 in Q1 2025.

• FFO as adjusted per share was $1.26, up 5.9%; AFFO per share was $1.29, up 6.6% year-over-year.

• FFO as adjusted totaled $97.6 million, up 6.4%; AFFO was $100.1 million, up 7.7% year-over-year.

• Dividends declared were $0.90 per common share for the quarter; monthly dividend increased by 5.1% to $0.31 per share effective April 2026.

• Total assets stood at $5.68 billion, with total investments of $7.09 billion as of March 31, 2026.

Outlook and guidance

• 2026 FFO as adjusted per share guidance raised to $5.37–$5.53, a 6.5% increase at midpoint; AFFO guidance similarly increased.

• 2026 investment spending guidance increased to $500–$600 million, the highest since COVID; disposition proceeds guidance raised to $50–$100 million.

• Percentage rent and participating interest income guidance confirmed at $18.5–$22.5 million.

• Net income per diluted share guidance for 2026 is $3.03–$3.19.

• Management expects adequate liquidity from cash, operations, credit facility, and asset dispositions to meet commitments and fund growth.