EPR Properties (EPR) investor relations material

Executive summary

• Q3 revenue rose 12.0% YoY to $204.1M; adjusted FFO/share increased 8.8% to $1.49, and AFFO/share rose 10.8% to $1.54.

• 2026 adjusted FFO/share and investment spending guidance increased; portfolio coverage was 2.1x across $7.6B of gross investment value, with 99% of properties leased or operated.

Financial highlights

• Q3 revenue was $204.1M versus $182.3M YoY; net income available to common shareholders was $94.1M, up 55.5%, and diluted EPS was $1.22 versus $0.79.

• Q3 adjusted FFO was $117.4M, or $1.49 per diluted share, up 8.8%; AFFO was $121.1M, or $1.54 per diluted share, up 10.8%.

• Nine-month revenue was $581.4M, up 8.6%; adjusted FFO/share was $4.16, up 9.2%, and AFFO/share was $4.26, up 9.8%.

• Percentage rents and participating interest were $9.8M, versus $7.0M YoY, primarily from attractions and theaters; interest expense increased $7.1M YoY.

• Q3 included a $30.5M real estate transaction gain; it and $605,000 of refinancing and payoff costs were excluded from adjusted FFO and AFFO.

Outlook and guidance

• 2026 adjusted FFO/share guidance rose to $5.49–$5.57 from $5.41–$5.57, implying 8.0% midpoint growth over 2025.

• 2026 investment spending guidance increased to $675M–$725M from $600M–$700M; another $21M is expected for existing experiential development and redevelopment projects.

• Disposition proceeds guidance was $86M; percentage rent and participating interest guidance rose to $21.5M–$24.5M.

• G&A guidance increased to $57M–$59M, mainly due to non-cash share-based compensation; other income and expense guidance rose by a net $1M.

• A $450M debt maturity is due in December 2026; cash, operating cash flow, revolver capacity, ATM proceeds and dispositions were identified as liquidity sources.