EPR Properties (EPR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 10.1% year-over-year to $196.1 million, with FFOAA per share up 12.7% and AFFO per share up 15.3%.

• Investment activity reached a post-COVID high, totaling $440.8 million in Q2 and $492.2 million year-to-date, including major acquisitions such as Seven Six Flags properties and Netflix House.

• Portfolio remains resilient with 99% leased or operated properties and strong tenant performance, especially in theaters, fitness, and wellness.

• Strengthened balance sheet with a new $1.6 billion credit agreement, extending maturities and reducing interest rates.

• Increased 2026 investment and earnings guidance, reflecting confidence in growth trajectory.

Financial highlights

• Q2 2026 total revenue was $196.1 million, up 10.1% year-over-year; six-month revenue was $377.3 million, up 6.9%.

• FFOAA per diluted share for Q2 was $1.42 (up 12.7%); AFFO per share was $1.43 (up 15.3%).

• Net income for Q2 was $61.1 million, down 12.2% year-over-year.

• Dividends per common share for the six months totaled $1.83, up from $1.75 in 2025.

• Percentage rents and participating interest for Q2 were $4.8 million, slightly up from $4.6 million.

Outlook and guidance

• 2026 FFOAA per share guidance raised to $5.41–$5.57, a 7.2% increase at midpoint over 2025.

• 2026 investment spending guidance increased to $600–$700 million.

• Disposition guidance maintained at $50–$100 million.

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

• G&A expense guidance confirmed at $56 million–$59 million.