EPR Properties (E2H) Q3 2026 Earnings Report
DE:E2H Q3 2026 EPS Results
- Actual EPS
- EUR 1.09
- Consensus EPS
- EUR 0.74
- Beat/Miss
- Beat by +EUR 0.35
- One Year Ago EPS
- EUR 0.70
DE:E2H Q3 2026 Revenue Results
- Actual Revenue
- EUR 182.14M
- Expected Revenue
- EUR 151.48M
- Beat/Miss
- Beat by +EUR 30.66M
- YoY Revenue Growth
- +11.96%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
EPR Properties's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. EPR reported double-digit revenue growth, solid FFO and AFFO increases, record summer box office performance, higher rent coverage, strong liquidity and credit metrics, expanding diversification, and increased 2026 earnings and investment guidance. The company also cited education-sector headwinds, some consumer and industry moderation, higher interest expense, an upcoming debt maturity, and transitional theme park challenges, but management characterized the overall portfolio as resilient and expressed confidence in its pipeline and capacity to support continued growth.
For 2026, EPR Properties raised FFO as adjusted per share guidance to a range of $5.49-$5.57 from a range of $5.41-$5.57, representing an increase versus the prior year of 8% at the midpoint, and said it expects a slightly higher percentage increase in AFFO per share; investment spending guidance increased to a range of $675 million-$725 million from a range of $600 million-$700 million, an increase of 8% at the midpoint over 2025; disposition proceeds were revised to $86 million for the year from a range of $50 million-$100 million; percentage rent and participating interest income guidance increased to a range of $21.5 million-$24.5 million from a range of $18.5 million-$22.5 million, with the midpoint implying fourth quarter percentage rent and participating interest income of approximately $6 million versus the prior year's fourth quarter amount of nearly $8 million; G&A expense guidance was revised to a range of $57 million-$59 million from a range of $56 million-$59 million; and guidance for other income and other expense was updated to a range of $44 million-$50 million and a range of $43 million-$49 million respectively.
- Strong Third-Quarter Financial PerformanceRevenue increased 12% year over year to $204.1 million from $182.3 million. FFO as adjusted per share rose 8.8% to $1.49 from $1.37, while AFFO per share increased 10.8% to $1.54 from $1.39.
- Nine-Month Earnings GrowthFor the nine months ended September 30, FFO as adjusted per share increased 9.2% to $4.16 from $3.81, and AFFO per share increased 9.8% to $4.26 from $3.88.
- Robust Investment ActivityEPR invested $172.4 million during the quarter at an average initial cash yield of approximately 8.3%, bringing year-to-date investments to $664.5 million. The company also expects to invest another $21 million this year in experiential development and redevelopment projects already underway.
- Expansion into Live Venues and FitnessEPR entered the live venue category through a build-to-suit development in Portland, Oregon, with Live Nation and completed its first fitness facility acquisition through a Life Time property in Irvine, California. The company also invested in an Onelife Fitness property at Tysons Galleria in Virginia.
- Diversification Away from TheatersTheaters now represent roughly one-third of the portfolio, down as experiential investment volume accelerates, and EPR expects that share to continue trending toward its long-term goal of approximately 20%. New and continuing investments span live venues, fitness and wellness, eat and play, attractions, and experiential lodging.
- Record Summer and Strong Box OfficeThe third quarter capped off a record summer, with year-to-date box office up approximately 20% through September and on track for its best year since 2019. Management attributed the performance to a broad mix of genres and compelling titles that continue to bring audiences back to theaters.
- Premium Theater Portfolio PositioningEPR's theater portfolio over-indexes to premium experiences: 71% of theaters have recliners, 84% offer enhanced food and beverage, and 69% have premium large-format screens. These theaters generate roughly 8% of North American box office gross with only 3% of screenings.
- Resilient Portfolio HealthAt quarter end, the portfolio totaled $7.6 billion of gross investment value across 350 properties, which were 99% leased or operated. Core experiential categories represented 96% of ABR across 296 properties operated by 61 clients, also 99% leased or operated, while the education portfolio was 100% leased.
- Improved Rent CoverageUnit-level rent coverage increased to 2.1x during the quarter, with management stating that the increase was helped by theater performance and continued consumer spending on experiential offerings.
- Resilient Operating SegmentsAttractions performed well in the third quarter, with several parks outperforming. Geographic diversification and attractions helped offset isolated summer weather events. The fitness and wellness portfolio continued to perform solidly, with stabilizing trends at several recently renovated and expanded properties.
- Topgolf Portfolio MomentumManagement said Topgolf's positive momentum since the sale continues, with expense reductions and revenue initiatives delivering results and the Topgolf portfolio remaining very healthy.
- Broad and Encouraging Investment PipelineManagement described the pipeline as unparalleled in recent memory, with opportunities across fitness and wellness, golf, eat and play, attractions, live entertainment, acquisitions, and development. Conversations with operators and tenants were described as engaging and encouraging.
- Maintained Investment SpreadsManagement said it remains comfortable maintaining investment spreads. Recent pricing movement was described as approximately 25 basis points, give or take, with opportunities to obtain more attractive lease increases. Development opportunities are targeted at a 50-to-75-basis-point premium to in-place yields, and management stated it would not sacrifice spread for volume.
- Strong Capital and Liquidity PositionEPR entered into a new $1.6 billion credit agreement, including a fully drawn $600 million delayed-draw term loan due in 2032, and had no balance on its $1 billion revolver at quarter end. The company also had $52.4 million of cash and $134.6 million of estimated net proceeds from unsettled forward sale agreements.
- Healthy Credit MetricsFixed-charge coverage was 3.5x, while interest and debt-service coverage ratios were each 4.0x. Pro forma net debt to annualized adjusted EBITDAre was 4.9x, below the targeted range of 5.0x to 5.6x, and pro forma net debt to gross assets was 40% on a book basis. The common dividend was well covered with a 60% AFFO payout ratio.
- Raised 2026 Investment and Earnings GuidanceEPR increased 2026 investment spending guidance to $675 million-$725 million from $600 million-$700 million. FFO as adjusted per share guidance increased to $5.49-$5.57 from $5.41-$5.57, representing an 8% increase versus the prior year at the midpoint.
- Higher Percentage Rent and Operating Income GuidancePercentage rent and participating interest income guidance increased to $21.5 million-$24.5 million from $18.5 million-$22.5 million, primarily due to theater and attraction properties. Other income guidance increased to $44 million-$50 million and other expense guidance to $43 million-$49 million, with the net $1 million increase driven by operating theater performance and anticipated Canadian FX hedge gains.
- Accretive Capital RecyclingEPR sold the British School of Chicago to a public net lease peer at a cap rate in the low 7% range, receiving net proceeds of $68.2 million from the private school property sale. The company also used forward sale agreements under its ATM program and refinanced debt to support growth.
- Positive Outlook for Future Percentage RentManagement said it expects box office to be higher next year than this year and therefore expects Regal percentage rents to increase in 2027.
DE:E2H Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | 0.67- | 0.7 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 0.741.09 | 0.7 | 54.43% (+0.38) | |
| Jul 29, 2026 | 2026 (Q2) | 0.660.70 | 0.81 | -13.19% (-0.11) | |
| May 06, 2026 | 2026 (Q1) | 0.590.66 | 0.7 | -5.13% (-0.04) | |
| Feb 25, 2026 | 2025 (Q4) | 0.630.70 | -0.17 | 515.79% (+0.87) | |
| Oct 29, 2025 | 2025 (Q3) | 0.700.70 | 0.47 | 49.06% (+0.23) | |
| Jul 30, 2025 | 2025 (Q2) | 0.620.81 | 0.46 | 78.43% (+0.36) | |
| May 07, 2025 | 2025 (Q1) | 0.560.70 | 0.67 | 4.00% (+0.03) | |
| Feb 26, 2025 | 2024 (Q4) | 0.57-0.17 | 0.46 | -136.54% (-0.63) | |
| Oct 30, 2024 | 2024 (Q3) | 0.620.47 | 0.59 | -19.70% (-0.12) |
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.