EPR Properties reported strong financial results for the first quarter of 2026, beating Wall Street expectations. The real estate investment trust (REIT) reported earnings per share (EPS) of $0.74, beating the consensus forecast of $0.66, a positive surprise of 12.12%. Revenue also beat estimates, coming in at $181.3 million versus the expected $150.34 million, a 20.56% surprise.
Business development of the company
EPR Properties showed a robust business performance in the first quarter of 2026 with year-on-year growth in key financial metrics. The company's Adjusted Funds from Operations (FFO) per share increased by 5.9% to $1.26, while Adjusted Funds from Operations (AFFO) per share increased by 6.6% to $1.29.
Outlook & Forecast
EPR Properties has revised its forecast for 2026 upwards. Adjusted FFO per share is now expected to be in a range of $5.37 to $5.53, up from $5.28 to $5.48 previously. The company also raised its capital expenditure guidance to between $500 million and $600 million, reflecting a strategic focus on acquisitions rather than development.
Portfolio update
The Company's total assets were $5.7 billion (after accumulated depreciation and amortization of approximately $1.8 billion) and total capital expenditures (a non-GAAP financial measure) were $7.1 billion as of March 31, 2026, with capital expenditures in the Experiential Projects segment of $6.7 billion, or 94%, and capital expenditures in the Education segment of $0.4 billion, or 6%.
The company's experiential real estate portfolio (excluding properties under development, undeveloped land and two joint venture properties) comprised the following property types (owned or financed) as at March 31, 2026
148. theater properties;
61. hotels and venues (including seven. theaters in entertainment districts);
26. attractive properties;
11. ski properties;
4. adventure accommodations;
28 fitness and wellness facilities;
one casino;
1 cultural asset.
As of March 31, 2026, the Company's wholly-owned experiential portfolio comprised approximately 19.2 million square feet, was 99% leased or operated and included a total of $23.4 million of real estate under development and $20.2 million of undeveloped land.
The Company's education portfolio included the following property types (owned or financed) as of March 31, 2026:
46 early childhood education center facilities; and
nine private school campuses.
As at March 31, 2026, the Company's wholly owned education portfolio comprised approximately 1.1 million square feet and was 100% leased.
The entire wholly owned portfolio comprised 20.3 million square feet and was 99% leased or self-operated.
