EPR Stock: EPR Properties Monthly Dividend vs FFOAA, Topgolf, AMC and Regal (2026)

Six quarters of the monthly dividend against FFO, FFOAA and AFFO

EPR pays common dividends monthly and reports them by quarter. It also reports three per-share earnings measures. FFO is the NAREIT definition. FFOAA adds back items such as transaction costs, severance and the provision for credit losses and subtracts deferred income tax; AFFO then adjusts for straight-line rent, maintenance capital spending, share-based pay and non-cash financing income. The convertible Series C and Series E preferred shares are counted as if converted in all three per-share figures, so the per-share base is 81.1 million shares, not the 77.0 million used for GAAP earnings.

Two quarters in the table are noisier than they look. FFOAA of $1.37 in Q3 2025 added back a $9.1 million provision for credit losses; Q1 2026 subtracted a $5.6 million benefit (FFOAA $1.26 against FFO of $1.31). The supplemental’s own line for the provision runs from a $5.6 million benefit to a $9.1 million charge across the six quarters, which is why FFO and FFOAA swing in opposite directions in those two quarters.

The monthly rate moved twice in the period. The company put the end-of-2025 annualized dividend at $3.54 ($0.885 a quarter) and on February 25, 2026 announced a 5.1% increase to $0.31 a month, $3.72 annualized. The $0.90 declared in Q1 2026 is two months at $0.295 and one at $0.31 (our arithmetic), and $0.93 in Q2 2026 is the first full quarter at the new rate. Against the June 30, 2026 closing price of $58.01 in the supplemental, $3.72 is a 6.41% yield (our arithmetic); it is the only market price on this page.

Cash, not just adjusted earnings, covers it. Net cash from operating activities was $206.5 million in the first half of 2026 against $186.7 million a year earlier. Common dividends declared were $140.0 million and preferred dividends $12.1 million, so operating cash flow was 1.36 times the total (our arithmetic). Investing used $480.3 million and financing provided $196.4 million.

From FFOAA to AFFO in Q2 2026

AFFO was higher than FFOAA in Q2 ($111.75 million against $110.85 million) because the add-backs outweighed the deductions. The deductions are small for a net-lease REIT: $0.5 million of maintenance capital spending, against $1.9 million a year earlier, and $5.0 million of straight-line rent.

The dividend since 2018, as filed, and the 2020 suspension

The per-share figures below are the “Dividends per common share” lines in each 10-K’s selected data, which are dividends declared in the year. Sources are the 10-Ks for 2020 (2018 to 2020), 2021, 2022 and 2025 (2023 to 2025).

The 2020 10-K puts it plainly: “We temporarily suspended our monthly cash dividend to common shareholders after the common share dividend payable May 15, 2020.” The first-quarter 2020 10-Q had said the company would also suspend its share repurchase plan and was seeking covenant suspensions or modifications from lenders and private-placement holders. The 2021 10-K records the return: “On July 13, 2021, following termination of the Covenant Relief Period, we resumed regular monthly cash dividends to common shareholders.” It also states the reinstituted rate, $0.25 per common share a month. For a reader counting the income stream, 2020 and 2021 together paid $3.015 a share, against $9.00 for the two years at the 2019 rate (our arithmetic).

The annualized $3.72 is 82.7% of the 2019 level (our arithmetic), and 2025 FFOAA of $5.12 is 5.9% below 2019’s $5.44 (our arithmetic). The company’s 2025 10-K says that if its three largest customers failed to perform “we could be required to reduce or suspend our shareholder dividends.” For the sibling case of a net-lease REIT whose dividend history is cleaner, see our page on Realty Income and W. P. Carey.

Guidance: introduced in February, raised in May and July

2025 FFOAA was $5.12 a share and AFFO $5.14. The July range is 5.7% to 8.8% above 2025 (our arithmetic). The company’s FFO guidance is $5.43 to $5.59, and it expects $18.5 to $22.5 million of percentage rent and participating interest, of which $7.4 million was in by June 30. With $2.67 of FFOAA reported for the first half, the second half has to deliver $2.74 to $2.90 (our arithmetic). Q3 plus Q4 2025 delivered $2.67 ($1.37 and $1.30), and the Six Flags properties, acquired after March 31, 2026, will be in both quarters of the second half.

Topgolf, AMC and Regal

The 10-K and 10-Q name three customers as significant concentrations. Revenue is rent plus mortgage interest from each, as a share of EPR’s total revenue.

What the filings say about rent coverage: nothing tenant-specific. The 10-K lists “Location Rent Coverage” as one of EPR’s underwriting principles for a property, alongside “Cash Flow Durability” and “Solid Credit Quality” for a tenant. We found no coverage ratio, no tenant EBITDAR and no watch list for Topgolf, AMC, Regal, Vail or any other named customer in the 10-K, the two 2026 10-Qs we searched or the supplementals. What the filings do give is the share of revenue each customer represents, and what happened with Regal: it filed for Chapter 11 in 2022, and the 2025 10-K says EPR has “experienced material customer bankruptcies in the past.”

The supplemental also ranks the top ten customers each quarter, on three-month revenue:

Enchanted Parks, the operator of the six U.S. Six Flags properties under a long-term triple-net master lease, enters at 4.5% of Q2 revenue (2.6% over six months, since the properties closed during the quarter). Theatre customers in the Q2 top ten (AMC, Regal, Cinemark and Santikos) total 32.5% (our arithmetic). Regal moved from 10.3% to 11.7% between Q1 and Q2 2026; the supplemental does not say why.

Ski, attractions, education and the rest

The Q2 2026 supplemental changed the denominator of its portfolio table. Through Q1 2026 it showed each property type’s share of annualized adjusted EBITDAre; in Q2 it shows share of annualized base revenue (ABR), which counts leases that have commenced and cash interest on mortgage notes. The shares are therefore close but not strictly comparable.

Ski is 7% on 11 properties and three operators. Vail Resorts (3.7% of Q2 revenue) and Camelback Resort (2.9%) are in the top-ten table; the supplemental does not say which property type each one leases. Education is 5% of ABR (55 properties, five operators) and is labelled “Reduce” in the supplemental, as are theatres. Education segment revenue was $8.39 million in Q2 against $8.68 million a year earlier, down 3.3% (our arithmetic), while experiential rental revenue rose 13.4% (our arithmetic). The experiential portfolio was 99% leased or operated and education 100% leased.

Lease expirations are back-loaded. The schedule covers 310 properties and $596.8 million of trailing twelve-month rental revenue, 80% of total revenue.

Five years, 2034 to 2038, hold 61.7% of the scheduled rent (our arithmetic). The schedule is by property, not by customer, and EPR does not say in these documents which customers sit in which year.

Investment spending against dispositions

EPR also expects to spend about $92.0 million more on existing development and redevelopment projects, about $65.0 million of it in the rest of 2026. Mortgage notes receivable were $622.8 million of principal across 21 notes at a weighted average rate of about 9.11% at June 30, 2026 (our arithmetic for the count). The allowance for credit losses on mortgage notes fell to $10.9 million from $15.9 million at year-end, and one $6.0 million note receivable is fully reserved and accrues on a cash basis. In the first quarter EPR used its purchase option to turn a $70.0 million Tennessee lodging mortgage into an owned, triple-net-leased property, and in the second quarter an Oregon eat & play loan of $10.8 million was repaid in full. Two St. Pete Beach lodging joint ventures hit by hurricanes in 2024 are carried at zero; one property was sold in 2026 and the proceeds went into the receivership.

Debt: $629.6 million due in 2026 and a new delayed-draw loan

On July 17, 2026 EPR signed a Fifth Amended, Restated and Consolidated Credit Agreement. The $1.0 billion revolver now matures July 17, 2030 (from October 2, 2028) with two six-month extensions, and a new $600.0 million senior unsecured delayed-draw term loan can be drawn before January 17, 2027, matures January 17, 2032 and priced at SOFR plus 115 basis points at closing, with a 0.25% ticking fee on the undrawn amount from October 16, 2026. An accordion can raise the combined $1.6 billion to $2.6 billion. The credit-agreement release quotes the CFO: the term loan “addresses our upcoming debt maturities in August and December of this year.” At June 30 the revolver had $640.0 million undrawn (our arithmetic) and cash was $16.2 million. As of October 17, 2026 no filing we read shows how the August 22 notes were repaid; the Q3 10-Q is where that will appear.

Net interest expense was $38.3 million in Q2 against $33.2 million a year earlier (up 15.1%, our arithmetic). Ratings were Baa3 (Moody’s), BBB- (Fitch) and BBB- (S&P), all stable. Under the public notes’ covenants, total debt to total assets was 43% against a 60% limit, debt service coverage 4.2 times against 1.5, and unencumbered assets 232% of unsecured debt against 150% (it was 247% at March 31). The company says it was in compliance with all covenants at June 30.

Preferred shares and forward equity

The common shares closed at $58.01 on June 30, above both conversion prices (our reading of the supplemental’s own table), and the diluted per-share measures already include 2.38 million Series C and 1.67 million Series E conversion shares. Common shares outstanding were 76,549,643 at June 30, 2026 and 76,608,922 at July 29, against 76.1 million a year earlier (up 0.6%, our arithmetic).

Under its at-the-market program EPR has sold 1,189,884 shares on a forward basis that had not settled at June 30, for estimated net proceeds of $69.5 million: 797,422 shares at $59.52 in Q1 and 392,462 at $59.70 in Q2, with maturities between March 1 and June 30, 2027. That is 1.55% of the shares outstanding (our arithmetic), $329.1 million of program capacity remained, and the July credit agreement lets expected forward proceeds count toward asset value in certain covenants.

Mortgage notes and credit: what the allowance covers

Mortgage notes receivable had a carrying amount of $616.9 million, 10.2% of total assets (our arithmetic: 616,881 over 6,052,113). The June 30 supplemental lists 21 notes with balances from $4.6 million to $82.0 million of principal, with the largest being Alaska ($82.0 million at 8.80%, due 2032), Massachusetts and New York ($77.0 million at 8.59%, due 2044), Colorado ($75.6 million at 8.37%, due 2034) and Michigan ($69.1 million at 8.25%, due 2042). Two build-to-suit mortgage projects total $209.9 million of expected costs, carried at $153.7 million at June 30. We do not name collateral operators: the filings list the notes by state and do not say who the borrowers are.

What has been filed since the last 10-Q, and when the Q3 numbers come

The last periodic report is the Form 10-Q filed on July 30, 2026, a day after the earnings 8-K, which is also the pattern in 2025 (8-K October 29, 10-Q October 30) and for Q1 2026 (May 6 and May 7). After the July 30 10-Q EDGAR shows only Form 144 and Schedule 13G filings. EPR’s September 28, 2026 press release, which is not an SEC filing, says it will release third-quarter results after the market close on Wednesday, October 28, 2026 at about 4:15 p.m. Eastern, with a call at 8:30 a.m. on Thursday, October 29, 2026. As of October 17, 2026 the 10-Q for the quarter ended September 30, 2026 is not filed.

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. Things the filings let you check yourself:

• Pick the denominator and say which. The Q2 dividend was 65% of FFOAA, 65% of AFFO and 66% of FFO (company-reported). Net income of $0.79 a share is the GAAP cover. All of them are shown above.
• Treat the dividend path as a fact of this company. It was $4.50 in 2019, $1.515 in 2020 and $1.50 in 2021; the 10-K for 2020 says the suspension followed covenant relief, and the later 10-Ks say it was resumed once that period ended. The same three customers and the same debt structure are in the 2026 filings.
• Read concentration as a share, not a rating. Topgolf, AMC and Regal are 38.1% of first-half revenue. The filings give no coverage ratio for them, so any coverage figure on a quote page or a research note comes from somewhere other than EPR’s filings.
• Follow the 2026 maturities. $179.6 million due August 22 and $450.0 million due December 15, against $16.2 million of cash at June 30 and the term loan the company says is meant for them.
• Check the source of growth. Spending of $492.2 million against $11.4 million of dispositions grew FFOAA 13.9% in dollars in Q2 and interest 15.1%; the per-share gain of 12.7% includes a 0.6% rise in the diluted count.
• Compare with other income vehicles. If you hold EPR for monthly income and are weighing it against a non-traded REIT or a net-lease peer, see our comparison of non-traded and publicly traded REITs and how triple-net lease clauses work. For the history of how EPR acquired its ski and attraction assets from CNL Lifestyle in 2017, see what happened to CNL Financial’s REITs.

FAQ

All figures are from EPR Properties (SEC CIK 1045450) filings read on EDGAR on October 17, 2026: Form 10-K for 2025 (accession 0001045450-26-000007), 2021 (0001045450-22-000038), 2022 (0001045450-23-000033) and 2020 (0001045450-21-000020); Form 10-Q for the quarter ended June 30, 2026 (0001045450-26-000042) and March 31, 2020 (0001045450-20-000038); earnings releases and supplemental data attached to Forms 8-K for Q3 2025 (0001045450-25-000132), Q4 2025 (0001045450-26-000003), Q1 2026 (0001045450-26-000022) and Q2 2026 (0001045450-26-000040); the Form 8-K of July 20, 2026 on the credit agreement (0001045450-26-000033); and EPR’s September 28, 2026 press release on its third-quarter calendar (investors.eprkc.com), which is not an SEC filing. Dividend yield uses the June 30, 2026 closing price in the Q2 supplemental. Our arithmetic is marked. The file epr-properties-epr-stock-dividend-ffo-2026.csv carries the form and accession number on every row. This is analysis of public documents, not investment, legal or tax advice.