EPR Properties Q3 2026 Earnings Recap

EPR’s 12% revenue growth and 8.8% increase in adjusted FFO per share were accompanied by a higher 2026 investment-spending outlook, and the stock rose 5.1% after earnings. The call also highlighted improving portfolio coverage and continued diversification beyond theaters, though theaters still account for roughly one-third of the portfolio.

Key Takeaways

• Revenue increased 12% and adjusted FFO per share rose 8.8% year over year in Q3.
• EPR invested $172.4 million during the quarter at an average initial cash yield of approximately 8.3%; year-to-date investment reached $664.5 million.
• The company raised 2026 investment-spending guidance to $675 million–$725 million, from a midpoint increase of 8% over 2025.
• Portfolio coverage increased to 2.1x; the $7.6 billion portfolio included 350 properties and was 99% leased or operated.
• Theaters remain roughly one-third of the portfolio, with EPR targeting about 20% over time; year-to-date box office was up approximately 20% through September.