EPR Properties: FFOAA Beat And Guidance Raise; Investment Activity Is Strong And Capital Costs Have Come Down

Research evidence excerpt

EPR Properties: FFOAA Beat And Guidance Raise; Investment Activity Is Strong And Capital Costs Have Come Down

J P M O R G A N North America Equity Research

29 July 2026

EPR Properties Overweight

EPR, EPR US

FFOAA Beat And Guidance Raise; Investment Activity Price (29 Jul 26):$63.93

Is Strong And Capital Costs Have Come Down

REITs & Real Estate Services

EPR reported 2Q26 FFOAA/share of $1.42 (+12.7% y/y), notably ahead of JPMe Anthony Paolone, CFA AC

at $1.37 and of Bloomberg consensus at $1.35. NOI drove the beat relative to our (1-212) 622-6682

model, with more transaction activity in the quarter than we expected and with anthony.paolone@jpmorgan.com

seemingly higher yields/contributions. EPR’s investment activity totaled $440.8 Michael W. Mueller, CFA

million, which included the already known $304.4 million Six Flags deal as well (1-212) 622-6689

as four other acquisitions (including a Netflix concept in Philadelphia) and some michael.w.mueller@jpmorgan.com

other spending; we did not have much speculative investment activity in our Nahom Tesfazghi

model. It raised its investment volume guidance by $100 million for the year, to (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

$600-700 million.

Daniella De Armas Rosales

(1-212) 622-0050

On the portfolio performance side, it noted EBITDAR coverage steady at 2.0x and daniella.dearmasrosales@jpmchase.com

that theaters are outperforming. It also noted that most other areas of the portfolio J.P. Morgan Securities LLC

are seeing stable fundamentals, and there are some emerging positive trends from

TopGolf. With regards to capital, the company sold some forward equity off its

ATM, giving it total unsettled forward equity of about $69.5 million, and it

previously announced a recast credit agreement with term loan to address bond