EarningsQ2 2026 Earnings Report

EPR Properties (E2H) Q2 2026 Earnings Report

3 Followers

Previous Report: Q1 2026

DE:E2H Q2 2026 EPS Results

Actual EPS€0.70

Consensus EPS€0.66

Beat/MissBeat by +€0.04

One Year Ago EPS€0.81

DE:E2H Q2 2026 Revenue Results

Actual Revenue€174.87M

Expected Revenue€141.02M

Beat/MissBeat by +€33.85M

YoY Revenue Growth+10.11%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

DE:E2H Upcoming Earnings

EPR Properties's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:E2H Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed a clear growth trajectory: strong top-line and FFO/AFFO growth, record investment activity, strengthened liquidity/credit facilities, and raised 2026 guidance. Portfolio fundamentals appear resilient (box office +10% YTD, 99% leased), and the company is actively diversifying experiential exposure (Six Flags parks, Netflix House). Headwinds were modest and largely idiosyncratic—higher interest expense, a decline in joint-venture income, weather-related softness at a ski asset, and timing variability in percentage rent recognition. Overall, positives (revenue/FFO gains, robust investment pipeline, improved bad-debt outcomes, solid coverage ratios and liquidity) substantially outweigh the contained negatives.

Company Guidance

EPR raised 2026 FFO as adjusted per share guidance to $5.41–$5.57 (midpoint +7.2% vs. 2025) with a similar percentage increase expected in AFFO, and increased 2026 investment spending guidance to $600–$700 million (up from $500–$600M) after investing $440.8M in Q2 and $492.2M year‑to‑date (with ~$92M more in the development pipeline, ~ $65M expected to fund in H2); the company reiterated disposition guidance of $50–$100M, set percentage rent and participating interest guidance at $18.5–$22.5M, G&A at $56–$59M, and provided ranges for other income and other expense of $40–$50M (no change to the net difference). Supporting these targets, EPR ended the quarter with pro forma net debt/annualized adjusted EBITDAre of 5.1x (target 5–5.6x), pro forma net debt to gross assets of 41% (book), consolidated debt of $3.3B (about $3.0B fixed or swapped; blended coupon ~4.4%), liquidity of $16.2M in cash and $640M available on the revolver, and estimated net proceeds of $69.5M from unsettled forward sales.

Revenue and FFO Growth

Total revenue for Q2 was $196.1M, up 10.1% year-over-year. FFO as adjusted per share for the quarter was $1.42, a 12.7% increase versus Q2 2025. AFFO per share for the quarter was $1.43, up 15.3% year-over-year. Six-month FFO as adjusted was $2.67 (+9.0% YoY) and six-month AFFO was $2.71 (+11.1% YoY).

Record Investment Activity and Increased Investment Guidance

Set a post-COVID single-quarter investment high of $440.8M in Q2 and YTD investments of $492.2M. Initial cash yield on investments ~8.5%. Company raised 2026 investment spending guidance to $600M–$700M (from $500M–$600M), reflecting notable acceleration in acquisition activity.

Upward Revision to Earnings Guidance

Raised 2026 FFO as adjusted per share guidance to $5.41–$5.57, with the midpoint representing a 7.2% increase versus 2025. Management attributed the bump (~$0.04 per share) to investment activity and better-than-expected portfolio performance.

Portfolio Scale, Leasing and Diversification

Portfolio gross investment value of $7.5B across 346 properties, 99% leased/operated. Experiential assets represent ~95% of the portfolio; theater concentration decreased from 36% to roughly one-third. Education segment (55 properties) remains 100% leased.

Strong Credit Metrics and Liquidity

Fixed charge coverage 3.4x; interest and debt service coverage 4.0x. Pro forma net debt to annualized adjusted EBITDAre 5.1x (at low end of 5.0–5.6x target range). Consolidated debt $3.3B with ~$3.0B either fixed-rate or swapped and a blended coupon ~4.4%. New $1.6B amended credit agreement and a $600M delayed draw term loan (2032, SOFR+115bps). Liquidity included $16.2M cash and $640M availability on revolver.

Operational Momentum: Box Office and Tenants

Box office is approximately +10% year-to-date, driven by tentpoles and breakout films; younger demographics (Gen Z and millennials) showing strong theater participation. Tenant-level rent coverage steady at ~2x; Eat & Play and Fitness & Wellness show resilient trends. Topgolf operational improvements noted.

Strategic Acquisitions and New Partnerships

Closed acquisition of seven former Six Flags parks and additional attractions, golf and Hot Springs investments. Added Netflix House (King of Prussia) as a new A-rated partner, demonstrating ability to attract marquee experiential partners and diversify revenue sources.

Improved Credit Loss / Bad Debt Outcomes

Portfolio-related reserves (bad debt) have come in better than modeled; management cited bad-debt impacts lower than planned (roughly ~40 bps versus planned 50–75 bps), supporting stronger-than-expected earnings.

DE:E2H Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	0.74 / -	0.705	―
Jul 29, 2026	2026 (Q2)	0.66 / 0.70	0.812	-13.19% (-0.11)
May 06, 2026	2026 (Q1)	0.59 / 0.66	0.696	-5.13% (-0.04)
Feb 25, 2026	2025 (Q4)	0.63 / 0.70	-0.169	515.79% (+0.87)
Oct 29, 2025	2025 (Q3)	0.70 / 0.70	0.473	49.06% (+0.23)
Jul 30, 2025	2025 (Q2)	0.62 / 0.81	0.455	78.43% (+0.36)
May 07, 2025	2025 (Q1)	0.55 / 0.70	0.669	4.00% (+0.03)
Feb 26, 2025	2024 (Q4)	0.57 / -0.17	0.464	-136.54% (-0.63)
Oct 30, 2024	2024 (Q3)	0.62 / 0.47	0.589	-19.70% (-0.12)
Jul 31, 2024	2024 (Q2)	0.58 / 0.45	0.089	410.00% (+0.37)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed