Epr Properties Stock Earnings Reports

EPR reported solid Q1 2026 results with FFO as adjusted per share of $1.26, up 5.9% year-over-year, and AFFO of $1.29, up 6.6%. The company closed (or is in the process of closing) a transformative $315 million Seven Park regional portfolio acquired from Six Flags — its largest post-COVID acquisition — which broadens and diversifies the experiential portfolio across attractions and parks. Management raised full-year 2026 guidance: FFO as adjusted per share now $5.37–$5.53 (midpoint ~6.5% growth vs. prior year), investment spending to $500–$600 million (up from $400–$500 million), and disposition proceeds to $50–$100 million. The portfolio remains highly leased/operated (~99%) and concentrated in experiential assets (~94% of investment value). Key balance-sheet highlights: consolidated debt of $2.9 billion (all fixed or hedged) at a blended coupon of ~4.4%, strong coverage ratios (fixed charge coverage 3.3x, debt service coverage 3.9x), pro forma net debt/EBITDAre ~4.8x (below target range), $68.5 million cash, and an unused $1 billion revolver. The company initiated an ATM program (forward sale ~797k shares for ~$47.5M initial gross proceeds) and raised its common dividend by 5.1% to an annualized $3.72 per share. Management emphasized stable cap-rate environment for targeted assets, resilient consumer demand for experiential categories (theaters, fitness, eat & play, attractions), an expanding proprietary deal pipeline, selective use of convertible/convertible-mortgage structures as a path to ownership, and modestly higher disposition targets to recycle capital into higher-return experiential investments.