EPR Properties Q1 Revenue Rises 3.6% to $181M, Guidance Raised to $500–$600M
EPR Properties posted Q1 revenue of $181 million, a 3.6% increase, while net income declined 5.3% to $56.6 million and EPS missed estimates at $0.74. FFOAA climbed 5.9% to $1.26 per share, the monthly dividend rose 5.1% to $0.31, and investment spending guidance was lifted to $500–$600 million.
1. Q1 Financial Results
EPR reported Q1 2026 revenue of over $181 million, up 3.6% year-over-year, while net income for common shareholders fell 5.3% to $56.6 million. The REIT delivered earnings per share of $0.74, below analyst expectations of $0.76.
2. Cash Flow and Valuation
Funds From Operations as adjusted rose 5.9% to $1.26 per share, showcasing improved cash flow generation. The company maintained a trailing price-to-earnings ratio of 15.84, reflecting its current valuation level.
3. Investment Activity and Guidance
During the quarter, EPR invested $51.3 million in new properties, including a fitness facility and six attraction assets acquired from Six Flags. Management raised 2026 investment spending guidance to a range of $500 million–$600 million, signaling robust capital deployment plans.
4. Dividend Increase and Liquidity
The monthly dividend was increased by 5.1% to $0.31 per share, yielding 6.31% based on recent earnings. EPR ended the quarter with $68.5 million in cash and an unused $1 billion credit line, preserving financial flexibility.