Key Highlights

  • Consensus EPS of 0.83 compares with second-quarter diluted EPS of 0.79, against 0.91 a year earlier.
  • Consensus revenue of USD 169.74 million compares with second-quarter rental revenue of USD 169,033 thousand, up from USD 150,351 thousand.
  • Management raised 2026 investment spending guidance to USD 600 million to USD 700 million for the year.
  • Second-quarter FFOAA per diluted share was 1.42 and AFFO per diluted share was 1.43, against 1.26 and 1.24.

EPR Properties (NYSE:EPR) reports third-quarter results on Wednesday, Oct. 28, after the market closes. Consensus stands at EPS of 0.83 on revenue of USD 169.74 million, and the company has a market capitalization of USD 4.32 billion.

EPR Properties owns experiential real estate such as theaters, attractions, ski and education properties, and reports 346 properties with a total investment value of USD 7.5 billion. Second-quarter total revenue was USD 196,079 thousand against USD 178,068 thousand, and net income was USD 67,166 thousand against USD 75,643 thousand.

Estimates Against Second-Quarter Results

The EPS estimate of 0.83 is above the second-quarter diluted EPS of 0.79, which compared with 0.91 a year earlier, and below FFOAA per diluted share of 1.42. The estimates table does not state its EPS basis.

The revenue estimate of USD 169.74 million is above second-quarter rental revenue of USD 169,033 thousand and below total revenue of USD 196,079 thousand, which compared with USD 178,068 thousand. The estimates table does not state its revenue basis, and management gave no third-quarter range.

What Management Guided and What It Left Open

Management raised 2026 investment spending guidance to USD 600 million to USD 700 million from USD 500 million to USD 600 million and guided FFOAA per diluted share of 5.41 to 5.57. It confirmed percentage rent and participating interest of USD 18.5 million to USD 22.5 million and general and administrative expense of USD 56 million to USD 59 million.

Management guided dispositions of USD 50 million to USD 100 million and a range of USD 40 million to USD 50 million for both other income and other expense from consolidated operating properties. It left open the Northern California ski property, where percentage rent was affected by unfavorable weather, and about USD 65 million of experiential development funding over the rest of 2026.

Investment Spending and the Six Flags Acquisition

Investment spending was USD 440.8 million, bringing the year-to-date total to USD 492.2 million, at an initial cash yield of 8.5%. The Six Flags acquisition cost USD 304.4 million for seven attraction properties, with USD 11.0 million of improvements planned over two years.

Total investment value was USD 7.5 billion across 346 properties that are 99% leased or operated. Theater concentration was 33.3% against 36% in the previous quarter, and portfolio rent coverage was 2 times.

Income Statement Lines, Leverage and Dividend

Operating income was USD 107,042 thousand against USD 111,251 thousand, and interest expense was USD 38,275 thousand against USD 33,246 thousand. Income before income taxes was USD 67,783 thousand against USD 76,324 thousand.

Pro forma net debt to EBITDAre was 5.1 times against a targeted range of 5 to 5.6 times, and fixed charge coverage was 3.4 times. The AFFO payout ratio was 65%, and the dividend declared was 0.930 per share. The estimates table lists a market capitalization of USD 4.32 billion.

Figures to Follow in the Release

Reported EPS against 0.83 and revenue against USD 169.74 million are the headline comparisons. Other markers are FFOAA per share, investment spending and the raised 2026 guidance.