EPR Properties Raises 2026 Spending Plan To $675 Million-$725 Million As Live Venue Debuts
The experiential landlord also lifted the low end of its 2026 profit range after third-quarter revenue grew 12.0%.
EPR Properties, a real estate investment trust that owns and finances leisure venues such as movie theatres and Topgolf sites, raised its 2026 investment spending guidance to $675.0 million to $725.0 million from $600.0 million to $700.0 million. It also lifted the low end of its profit range, the company said Wednesday in an 8-K with third-quarter results.
Revenue up 12.0%, profit range narrowed upward
Third-quarter revenue reached $204.1 million, up 12.0% from $182.3 million a year earlier. Net income available to common shareholders rose 55.5% to $94.1 million, or $1.22 per diluted share. The quarter included a $30.5 million gain on the sale of a private school property, which brought in $68.2 million in net proceeds.
Funds from operations as adjusted, a standard real estate earnings measure, rose 8.8% to $1.49 per share. For 2026 the company now guides that measure to $5.49 to $5.57, from $5.41 to $5.57, which it said is an 8.0% increase at the midpoint over 2025.
Chairman and CEO Greg Silvers said the quarter showed "continued momentum across the business."
First live venue, first Life Time
EPR spent $172.4 million on investments in the quarter, bringing the nine-month total to $664.5 million. The spending included initial funding of a build-to-suit live performance venue in Portland, Oregon, operated by Live Nation, and the purchase of an existing Life Time fitness property in Irvine, California. The company's presentation calls both firsts for EPR.
Theatres still make up roughly one-third of the portfolio, against a goal of about 20%, according to the presentation. As of December 31, 2025, the company's annual report put Experiential investments at 94% of the total, with early childhood education centers and private schools making up the rest.
The company said the quarter's investments carried an average initial cash yield of about 8.3%.
Funding the pipeline
EPR entered two forward sale agreements under its at-the-market stock program, for gross proceeds of $66.6 million at an average price of $60.79 a share. Unsettled forward agreements covering 2,285,835 shares carry estimated net proceeds of $134.6 million.
A new $1.6 billion credit agreement added a $600.0 million term loan, fully drawn at quarter end, and the $1.0 billion revolver had no borrowings. Cash stood at $52.4 million, and total debt was $3.35 billion. The company repaid $179.6 million of notes in August.
Management hosts its earnings call Thursday at 8:30 a.m. Eastern.
The monthly dividend stays at $0.31 a share, an annualized $3.72, which the company says is 5.1% above the level at the end of last year.
Sources
- 8-K Filing — EPR PROPERTIES (EPR) — SEC EDGAR
- Exhibit ex991-eprx9302026earningsr.htm — EPR PROPERTIES 8-K exhibit — SEC EDGAR
- Exhibit q32026earningscallpresen.htm — EPR PROPERTIES 8-K exhibit — SEC EDGAR
- Exhibit ex993-eprx9302026supplemen.htm — EPR PROPERTIES 8-K exhibit — SEC EDGAR
- EPR Properties trades higher on beat-and-raise Q3, investment spending guidance raised (EPR:NYSE) | Seeking Alpha — seekingalpha.com
- EPR Properties: Q3 Earnings Snapshot | 9news.com — Associated Press
