EPR Properties (EPR) Earnings
EPR Properties is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.76. EPR has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +9.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.76 | $1.26 | +65.8% | $155M | +3.4% |
| Feb 26, 2026 | $1.29 | $0.87 | -32.3% | $219M | +21.6% |
| Oct 29, 2025 | $1.32 | $1.39 | +5.3% | $170M | -6.4% |
| Jul 30, 2025 | $1.25 | $1.24 | -0.8% | $166M | -10.2% |
| Feb 26, 2025 | $0.66 | $1.22 | +84.8% | $164M | +1.7% |
| Jul 31, 2024 | $1.21 | $1.20 | -0.8% | $173M | +10.6% |
| May 1, 2024 | $1.14 | $1.12 | -1.8% | $167M | +9.1% |
| Feb 28, 2024 | $1.18 | $1.16 | -1.7% | $172M | +14.0% |
| Oct 25, 2023 | $1.44 | $1.47 | +2.1% | $175M | +4.0% |
| Aug 2, 2023 | $1.32 | $1.31 | -0.8% | $173M | +25.2% |
| Feb 22, 2023 | $1.25 | $1.27 | +1.6% | $162M | +13.2% |
| Nov 2, 2022 | $1.21 | $1.22 | +0.8% | $150M | +7.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Delivered 5.9% increase in FFO as adjusted per share vs prior year and established strong momentum with increased investment spending. - Announced acquisition of a $315 million seven-part regional portfolio of Six Flags, a large post-COVID acquisition. - Ben Fox discussed completion of $51.3 million in investments including acquisition of Six Flags properties and expected $71 million in additional development and redevelopment projects, increasing investment guidance to $500 million to $600 million. - Mark Peterson reviewed financial performance with FFO adjusted per share at $1.26 vs $1.19 prior year, AFO per share at $1.29 vs $1.21 prior year, and discussed key variances and credit ratios.
Guidance
- Increased FFO as adjusted per share guidance midpoint to 6.5% growth. - Increased investment spending guidance to $500 million to $600 million from $400 million to $500 million. - Increased disposition proceeds guidance to $50 million to $100 million from $25 million to $75 million. - Improved percentage rate and participating interest rate income guide to $18.5 million to $22.5 million. - Confirmed G&A expense guide and consolidated operating properties guide. - Increased monthly income and dividend by 5.1%.
Segment performance
FFO as adjusted per share increased by 5.9% compared to the prior year. The centerpiece of investments was the $315 million acquisition of a seven-part regional portfolio of Six Flags. The portfolio includes more than 1,600 acres across six states and Canada with 418 natural attractions. North American box office gross saw a 25% increase in the first quarter. Fitness and wellness continue to demonstrate resilience. Education segment had 100% leased properties. Total revenue for the quarter was $101.3 million, with increases due to investment spending and rent-to-interest response, partially offset by dispositions and a decrease in rents and participant interest percentage.
Analyst Q&A
Q: Mark, for the increasing AFO guidance, how much came from a slightly better first quarter and then how much from acceleration investment activity or better yields on investment activity?
A: About a hundred or two from core, increased due to raised investment spending, benefit from conservative 6-5 transaction at end of year, remaining investments coming in sooner than planned at better cap rate, and Margaritaville conversion from note to lease giving incremental straight line rent.
Q: Is the first quarter purchase option exercised a key example of convertible or other structures?
A: Yes, conversion of mortgages is representative of the types of structures entered into.
Q: Could you talk a little bit about how many convertible mortgage opportunities you have and what that could look like in the next couple of years?
A: Majority of mortgages in mortgage book are conforming, with the transaction being an example of opportunities in existing portfolio and types of structures in upcoming years.
Q: Do you guys see potential partners going forward to shed more assets?
A: Definitely will take a look, our team has demonstrated ability to be market leader in real estate solutions in interaction space.
Q: Are you seeing any cap rate compression or increased competition in top three active sectors?
A: There is always competition, but as a leading market participant, will get calls for assets.
Q: Does strong box office performance change exposure and any private interest?
A: There continues to be beginning and improving movements in the space with studios embracing theatrical forward.
Q: Greg, talk about current macro uncertainty and impact on experience space, and calls from potential sellers?
A: Underlying support and resiliency of activity gives confidence, some on capital side looking to lock in transactions, and opportunities on other side to capitalize on interesting opportunities.