EPR Properties Tops Q3 FFOAA Estimates, Lifts 2026 Earnings and Investment Guidance
EPR sits 17% above its 52-week low of $48.105.
Summary
EPR posted Q3 FFOAA of $1.49 per share (+8.8%) on 12% revenue growth and raised 2026 earnings and investment spending guidance, funding a larger pipeline with a new $600M term loan and $134.6M of forward equity.
Key Events · Earnings and Guidance · EPR
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Q3 FFOAA Beats, Up 8.8%
FFOAA per diluted share was $1.49 versus $1.37 a year ago, on total revenue of $204.1M, up 12.0% from $182.3M.
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2026 Guidance Raised Again
FFOAA guidance lifted to $5.49-$5.57 from $5.41-$5.57, an 8.0% midpoint increase over 2025; investment spending guidance raised to $675M-$725M from $600M-$700M.
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Investment Pace Accelerates
Q3 investment spending totaled $172.4M at an average initial cash yield of ~8.3%, bringing the nine-month total to $664.5M, including entry into live venues with Live Nation and a Life Time fitness acquisition.
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Funded With Term Loan and Forward Equity
The new $600M delayed draw term loan was fully drawn at September 30, and $134.6M of unsettled ATM forward sales (2,285,835 shares) remain available; proforma net debt to adjusted EBITDAre is 4.8x versus 4.7x a year ago.
Analysis · EPR · Real Estate & Construction
Third-quarter FFOAA came in at $1.49 per share, up 8.8% year over year, on revenue of $204.1M that rose 12%. Management lifted the full-year FFOAA range to $5.49-$5.57 from $5.41-$5.57, an 8.0% increase at the midpoint over 2025. The more consequential shift is on the spending side: investment guidance moves up to $675M-$725M from $600M-$700M, after $664.5M was already deployed through nine months at roughly 8.3% initial cash yields. Funding that growth is a fully drawn $600M term loan and $134.6M of unsettled forward equity, which lifts proforma net debt to 4.8x adjusted EBITDAre from 4.7x a year ago — leverage is creeping up even as coverage holds at 2.1x.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31.1% of the 1661 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, EPR was trading at $56.25 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $48.11 to $64.97. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.