The raised guidance and strong investment pipeline signal accelerating growth. Watch for further ATM equity issuance to fund the $675M-$725M investment plan and monitor theatre exposure reduction toward the ~20% goal. The new $600M term loan adds leverage but extends maturities favorably.
Price Chart
Executive Summary
EPR Properties reported Q3 2026 results with total revenue of $204.1M (up 12.0% YoY) and FFOAA per diluted share of $1.49 (up 8.8% YoY), beating the consensus estimate of $1.43. The company raised its 2026 FFOAA guidance to $5.49-$5.57 per share and increased investment spending guidance to $675M-$725M, reflecting strong portfolio execution and capital deployment.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue of $204.1M, up 12.0% YoY from $182.3M
- FFOAA per diluted share of $1.49, up 8.8% YoY and above the $1.43 consensus estimate
- AFFO per diluted share of $1.54, up 10.8% YoY
- Raised 2026 FFOAA guidance to $5.49-$5.57 per share from $5.41-$5.57
- Raised 2026 investment spending guidance to $675M-$725M from $600M-$700M
- Q3 investment spending totaled $172.4M, YTD $664.5M
- Entered into forward sale agreements for $66.6M at avg $60.79/share
- New $1.6B credit agreement with $600M term loan fully drawn
- Repaid $179.6M of Series B senior unsecured notes in full
- Portfolio 99% leased/operated with 2.1x coverage
- AFFO payout ratio improved to 60% from 64% a year ago
- Annualized dividend increased 5.1% to $3.72 per share
Financial Impact
FFOAA per share grew 8.8% YoY to $1.49, beating consensus of $1.43 by 4.2%. Revenue grew 12.0% YoY to $204.1M vs consensus of $203.0M. Guidance midpoint raised to $5.53 from $5.49, representing 8.0% YoY growth.
Risk Factors
- Theatre portfolio still represents ~34% of ABR, with goal to reduce to ~20%
- Debt to total assets ratio increased to 54% from 50% a year ago due to new term loan
- Net debt to gross assets ratio rose to 42% from 38%
- Forward equity of 2.3M shares (2.9% dilution) not yet settled
- Interest expense increased 21.3% YoY to $40.3M due to higher debt balances
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001045450-26-000050 |
| Exhibit: ex991-eprx9302026earningsr.htm | 0001045450-26-000050 |
| Document: epr-20261028.htm | 0001045450-26-000050 |
| Document: q32026earningscallpresen.htm | 0001045450-26-000050 |
| Document: 0001045450-26-000050-index-headers.html | 0001045450-26-000050 |
| Document: 0001045450-26-000050-index.html | 0001045450-26-000050 |
| Document: 0001045450-26-000050.txt | 0001045450-26-000050 |
| 8-K Data (Synthetic) | 0001045450-26-000050 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $58.34 $57.71 | ▼ −1.08% | ▲ +0.69% | $57.71 (−1.08%) |
Oct 27, 2026 3d ago | Institutional Cluster | $55.51 $58.34 | ▲ +5.10% | ▲ +5.48% | $57.71 (+3.96%) |
Oct 20, 2026 10d ago | Institutional Cluster | $54.54 $56.36 | ▲ +3.34% | ▲ +4.52% | $57.71 (+5.81%) |
Aug 7, 2026 12w ago | Insider Cluster | $62.20 $60.40 | ▼ −2.89% | ▼ −2.86% | $57.71 (−7.22%) |
Aug 5, 2026 12w ago | 144 | $61.13 $61.34 | ▲ +0.34% | ▲ +0.50% | $57.71 (−5.59%) |
Jul 20, 2026 14w ago | 8-K | $62.17 $62.10 | ▼ −0.11% | ▼ −0.95% | $57.71 (−7.17%) |
Jun 24, 2026 18w ago | Insider Cluster | $58.94 $59.04 | ▲ +0.17% | ▲ +0.03% | $57.71 (−2.09%) |
Apr 28, 2026 26w ago | Court Ruling | $56.15 $56.40 | ▲ +0.45% | ▲ +0.46% | $57.71 (+2.78%) |
Mar 26, 2026 31w ago | DEFA14A | $49.03 $48.40 | ▼ −1.27% | ▲ +0.41% | $57.71 (+17.71%) |
Feb 25, 2026 35w ago | 8-K | $60.81 $59.41 | ▼ −2.30% | ▼ −1.82% | $57.71 (−5.10%) |
US Market Status
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