EPR Properties (EPR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and EPR Properties published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. EPR Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and FFOAA per diluted common share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• EPR Properties is a REIT. Revenue here is the line EPR calls total revenue: rental revenue, other income, and mortgage and other financing income. EPR reports in thousands; figures here are in millions.
• GAAP EPS is net income available to common shareholders per diluted share. Q3 2026 includes a $30.5 million gain on the sale of a private school property, which FFO and FFOAA exclude.
• In Q3 2026 EPR stopped deducting maintenance capital expenditures from AFFO and recast AFFO for all prior periods. FFOAA is unchanged.

Source: EPR Properties Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How EPR Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• EPR Properties's Experiential revenue was $195 million in Q3 2026, up 12% from $174 million in Q3 2025, 96% of total revenue.
• EPR Properties's Education revenue was $8.6 million in Q3 2026, down 2% from $8.7 million in Q3 2025, 4% of total revenue.
• EPR Properties's Corporate/Unallocated revenue was $0.4 million in Q3 2026, up 521% from $0.1 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, EPR Properties said:

“The Company is increasing FFOAA per diluted common share guidance for 2026 to a range of $5.49 to $5.57 from a range of $5.41 to $5.57, representing an increase of 8.0% at the midpoint over 2025.”

“The Company is also increasing investment spending guidance for 2026 to a range of $675.0 million to $725.0 million from a range of $600.0 million to $700.0 million.”

“The 2026 guidance for FFOAA per diluted common share is based on an FFO per diluted common share range of $5.50 to $5.58 adjusted for retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff and deferred income tax expense.”

Source: EPR Properties Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the EPR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and net income available to common shareholders per diluted share, each as first reported in that quarter's release.

We do not hold a confirmed date for EPR Properties's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

EPR Properties' total revenue was $204.1 million in Q3 2026, up 12.0% from $182.3 million. Rental revenue was $175.3 million of that, other income $14.2 million and mortgage and other financing income $14.6 million. By segment, Experiential properties produced $195.1 million and Education properties $8.6 million. (EPR Properties Q3 2026 release, Oct 28, 2026; EPR Properties Form 10-Q, Q3 2026, Oct 29, 2026)

EPR's rental revenue rose $20.5 million. Minimum rent grew $15.9 million, and the 10-Q attributes $16.5 million of increase to properties acquired or developed in 2025 and 2026, against $0.3 million lost to dispositions and a $0.7 million write-off of lease receivables from one tenant. Percentage rent, paid when a tenant's gross revenue passes a set threshold, rose to $9.8 million from $7.0 million, mainly from attraction and theatre properties. (EPR Properties Form 10-Q, Q3 2026, Oct 29, 2026)

Theatres are still EPR's largest property type at 34% of annualized base revenue (ABR), followed by eat & play at 25%, attractions 16%, fitness & wellness 10% and ski 7%. The portfolio had 350 properties with 65 operators, and the wholly-owned portfolio of 20.7 million square feet was 99% leased or operated. (EPR Properties Q3 2026 supplemental information, Oct 28, 2026; EPR Properties Q3 2026 release, Oct 28, 2026)

EPR's tenant base is concentrated. The ten largest customers make up 68.0% of ABR, led by Topgolf at 14.5%, American Multi-Cinema at 14.2% and Regal at 10.2%. Over the first nine months of 2026, Topgolf, AMC and Regal supplied 13.3%, 13.1% and 11.3% of total revenue. (EPR Properties Q3 2026 supplemental information, Oct 28, 2026; EPR Properties Form 10-Q, Q3 2026, Oct 29, 2026)

EPR Properties' GAAP EPS of $1.22 was lifted by a $30.5 million gain on real estate transactions, mostly from selling a private school property for net proceeds of $68.2 million. EPR's preferred measure, FFOAA per diluted share, excludes gains on sales and adds back real estate depreciation; it was $1.49, up 8.8% from $1.37. NAREIT-defined FFO per diluted share was $1.47. (EPR Properties Q3 2026 release, Oct 28, 2026; EPR Properties Q3 2026 supplemental information, Oct 28, 2026)

EPR's provision for credit losses fell to $0.8 million from $9.1 million, because the year-ago quarter carried $6.4 million of credit loss expense to fully reserve one mortgage note. Interest expense rose to $40.3 million from $33.2 million, and depreciation and amortization to $51.1 million from $42.4 million as acquisitions added properties. (EPR Properties Form 10-Q, Q3 2026, Oct 29, 2026)

EPR's diluted share count was 77.2 million, against 76.7 million a year earlier. In the quarter it entered two forward sale agreements under its ATM program for 1,095,951 shares at an average forward price of $60.79, and at September 30, 2026 had unsettled forward sales of 2,285,835 shares with estimated net proceeds of $134.6 million. (EPR Properties Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

EPR Properties gives full-year guidance in its release. It raised 2026 FFOAA per diluted share guidance to $5.49 to $5.57 from $5.41 to $5.57, an 8.0% increase at the midpoint over 2025, and GAAP EPS guidance to $3.41 to $3.49 from $3.03 to $3.19. Investment spending guidance went to $675.0 million to $725.0 million from $600.0 million to $700.0 million, with disposition proceeds of $86.0 million. (EPR Properties Q3 2026 release, Oct 28, 2026)

The supplemental package puts 2026 percentage rent and participating interest at $21.5 to $24.5 million and general and administrative expense at $57.0 to $59.0 million. (EPR Properties Q3 2026 supplemental information, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover EPR Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones EPR Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning EPR is on is EPR a buy or a sell?, what analysts expect next is on the EPR forecast, and what the company does is on the EPR Properties (EPR) stock page.

Every number on this page can be traced to a document EPR Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.