EPR Raises Capital Spending Outlook to $725 Million and Lifts Funds-from-Operations Guidance
Key Facts
EPR Properties raised its adjusted funds from operations per share forecast for fiscal 2026 to a range of $5.49 to $5.57, from a previous range of $5.41 to $5.57, according to its results statement published on October 28. The company said the midpoint of the new range is 8.0% above the 2025 level. The update also raised its 2026 capital spending forecast to $675–725 million, compared with the previous range of $600–700 million. The decision combines a higher estimate for adjusted earnings with greater capital spending in the same year. Chairman and CEO Greg Silvers said the quarter reflected continued momentum and strong growth in earnings and investment.
In outlining the portfolio’s direction, Silvers said the company continued to expand its experiential portfolio and add new relationships. He noted that EPR entered the live event venue category through a partnership with Live Nation, which he described as an industry leader. The company also added a Life Time health and fitness property, according to its statement. These additions represent specific elements of the expansion the CEO discussed, alongside the increase in expected capital spending. The statement did not provide a numerical breakdown of spending among these additions in the disclosed quote.
EPR expects to spend an additional approximately $183.2 million on existing development and redevelopment projects after September 30, 2026. Of that amount, approximately $21 million is expected to be funded during the remainder of 2026. The estimate places part of the upcoming spending within projects already underway, while the rest extends beyond year-end. On the earnings call, the CFO said the company raised its 2026 forecast for percentage rent and participating interest revenue to $21.5–24.5 million, from $18.5–22.5 million. He attributed the increase to expectations for higher amounts from theater and attraction properties.
The company faces $450 million in debt maturities in December 2026, according to the CFO, who said the next maturity is due in June 2027. On distributions, EPR declared a monthly cash dividend of $0.31 per common share. The dividend is payable on November 16, 2026, to shareholders of record on October 30. The company’s shares closed at $58.34 on October 29, according to EL7 data. Investing.com reported that the stock rose 3.49% to $57.45 in trading after the results announcement; that reading of post-announcement trading differs from the daily closing price.