Confirms 2024 Guidance
EPR Properties (NYSE:EPR) today announced operating results for
the first quarter ended March 31, 2024 (dollars in thousands,
except per share data):
Three Months Ended March
31,
2024
2023
Total revenue
$
167,232
$
171,396
Net income available to common
shareholders
56,677
51,624
Net income available to common
shareholders per diluted common share
0.75
0.69
Funds From Operations as adjusted
(FFOAA)(1)
85,723
96,006
FFOAA per diluted common share (1)
1.13
1.26
Adjusted Funds From Operations (AFFO)
(1)
85,675
98,734
AFFO per diluted common share (1)
1.12
1.30
Note: Each of the measures above
include deferred rent and interest collections from cash basis
customers that were recognized as revenue of $0.6 million and $6.5
million for the three months ended March 31, 2024 and 2023,
respectively.
(1) A non-GAAP financial
measure.
First Quarter Company Headlines
- Executes on Investment Pipeline - During the first
quarter of 2024, the Company's investment spending totaled $85.7
million, which included $33.4 million for the acquisition of an
attraction property in New York and $14.7 million for the
acquisition and financing of land for two build-to-suit eat &
play developments in Kansas and Illinois, respectively.
- Strong Liquidity Position - As of March 31, 2024, the
Company had cash on hand of $59.5 million, no borrowings on its
$1.0 billion unsecured revolving credit facility and a consolidated
debt profile that is all at fixed interest rates with only $136.6
million maturing in August 2024.
- Increases Monthly Dividend - As previously announced,
the Company increased its monthly dividend by 3.6% to $0.285 per
share starting with the dividend paid on April 15, 2024 to common
shareholders of record as of March 28, 2024.
- Confirms 2024 Guidance - The Company is confirming FFOAA
per diluted common share guidance for 2024 of $4.76 to $4.96,
representing an increase of 3.2% at the midpoint over 2023 after
excluding the impact from both years of out-of-period deferred rent
and interest collections from cash-basis customers included in
income. The Company is also confirming investment spending guidance
for 2024 of $200.0 million to $300.0 million and disposition
proceeds guidance of $50.0 million to $75.0 million.
“During the first quarter, we continued the positive momentum we
experienced last year, as we focus on driving long-term reliable
earnings growth,” stated Company Chairman and CEO Greg Silvers. “We
are pleased to continue to source attractive relationship-based
opportunities to deploy capital into experiential assets across our
target experiential property types. We remain disciplined in an
ongoing uncertain environment and with our progress to date and
supported by our strong liquidity position, we are confirming
investment spending guidance for the year.”
Investment Update
The Company's investment spending during the three months ended
March 31, 2024 totaled $85.7 million and included $33.4 million for
the acquisition of an attraction property in New York and $14.7
million for the acquisition and financing of land for two
build-to-suit eat & play developments in Kansas and Illinois,
respectively. Investment spending for the quarter also included
experiential build-to-suit development and redevelopment
projects.
As of March 31, 2024, the Company has committed an additional
approximately $220.0 million for experiential development and
redevelopment projects, which is expected to be funded over the
next two years. The Company will continue to be more selective in
making investments, utilizing cash on hand, excess cash flow,
disposition proceeds and borrowings under our line of credit, until
such time as the Company's cost of capital improves.
Strong Liquidity Position
The Company remains focused on maintaining strong liquidity and
financial flexibility. The Company had $59.5 million of cash on
hand at quarter-end, no borrowings on its $1.0 billion unsecured
revolving credit facility and a consolidated debt profile that is
all at fixed interest rates with only $136.6 million maturing in
August 2024.
Capital Recycling
During the first quarter of 2024, the Company completed the sale
of two cultural properties and one vacant theatre property for net
proceeds totaling $46.2 million and recognized a gain on sale of
$17.9 million.
Portfolio Update
The Company's total assets were $5.7 billion (after accumulated
depreciation of approximately $1.5 billion) and total investments
(a non-GAAP financial measure) were $6.9 billion at March 31, 2024,
with Experiential investments totaling $6.4 billion, or 93%, and
Education investments totaling $0.5 billion, or 7%.
The Company's Experiential portfolio (excluding property under
development and undeveloped land inventory) consisted of the
following property types (owned or financed) at March 31, 2024:
- 165 theatre properties;
- 58 eat & play properties (including seven theatres located
in entertainment districts);
- 24 attraction properties;
- 11 ski properties;
- seven experiential lodging properties;
- 21 fitness & wellness properties;
- one gaming property; and
- one cultural property.
As of March 31, 2024, the Company's owned Experiential portfolio
consisted of approximately 19.7 million square feet, which includes
0.5 million square feet of properties the Company intends to sell.
The Experiential portfolio, excluding the properties the Company
intends to sell, was 99% leased and included a total of $36.1
million in property under development and $20.2 million in
undeveloped land inventory.
The Company's Education portfolio consisted of the following
property types (owned or financed) at March 31, 2024:
- 61 early childhood education center properties; and
- nine private school properties.
As of March 31, 2024, the Company's owned Education portfolio
consisted of approximately 1.3 million square feet, which includes
39 thousand square feet of properties the Company intends to sell.
The Education portfolio, excluding the properties the Company
intends to sell, was 100% leased.
The combined owned portfolio consisted of 21.0 million square
feet and was 99% leased excluding the 0.5 million square feet of
properties the Company intends to sell.
Dividend Information
The Company's Board of Trustees declared its monthly cash
dividend to common shareholders of $0.285 per share, which was paid
on April 15, 2024 to shareholders of record as of March 28, 2024.
This dividend represents an annualized dividend of $3.42 per common
share, an increase of 3.6% over the prior year's annualized
dividend (based upon the monthly dividend at the end of the prior
year).
Additionally, the Board declared its regular quarterly dividends
to preferred shareholders of $0.359375 per share on both the
Company's 5.75% Series C cumulative convertible preferred shares
and Series G cumulative redeemable preferred shares and $0.5625 per
share on its 9.00% Series E cumulative convertible preferred
shares.
2024 Guidance
(Dollars in millions, except per share
data):
Measure
Net income available to common
shareholders per diluted common share
$
2.68
to
$
2.88
FFOAA per diluted common share
$
4.76
to
$
4.96
Investment spending
$
200.0
to
$
300.0
Disposition proceeds
$
50.0
to
$
75.0
The Company is confirming its 2024 earnings guidance for FFOAA
per diluted common share of $4.76 to $4.96, representing an
increase of 3.2% at the midpoint over 2023 after excluding the
impact from both years of out-of-period deferred rent and interest
collections from cash-basis customers included in income. The 2024
guidance for FFOAA per diluted common share is based on a FFO per
diluted common share range of $4.68 to $4.88 adjusted for
retirement and severance expense, transaction costs, provision
(benefit) for credit losses, net, and deferred income tax expense.
FFO per diluted common share for 2024 is based on a net income
available to common shareholders per diluted common share range of
$2.68 to $2.88 plus estimated real estate depreciation and
amortization of $2.16 and allocated share of joint venture
depreciation of $0.13, less estimated gain on sale of real estate
of $0.24 and the impact of Series C and Series E dilution of $0.05
(in accordance with the NAREIT definition of FFO).
Additional earnings guidance detail can be found in the
Company's supplemental information package available in the
Investor Center of the Company's website located at
https://investors.eprkc.com/earnings-supplementals.
Conference Call Information
Management will host a conference call to discuss the Company's
financial results on May 2, 2024 at 8:30 a.m. Eastern Time. The
call may also include discussion of Company developments and
forward-looking and other material information about business and
financial matters. The conference will be webcast and can be
accessed via the Webcasts page in the Investor Center on the
Company's website located at https://investors.eprkc.com/webcasts.
To access the audio-only call, visit the Webcasts page for the link
to register and receive dial-in information and a PIN providing
access to the live call. It is recommended that you join 10 minutes
prior to the start of the event (although you may register and
dial-in at any time during the call).
You may watch a replay of the webcast by visiting the Webcasts
page at https://investors.eprkc.com/webcasts.
Quarterly Supplemental
The Company's supplemental information package for the first
quarter ended March 31, 2024 is available in the Investor Center on
the Company's website located at
https://investors.eprkc.com/earnings-supplementals.
EPR Properties
Consolidated Statements of
Income
(Unaudited, dollars in
thousands except per share data)
Three Months Ended March
31,
2024
2023
Rental revenue
$
142,281
$
151,591
Other income
12,037
9,333
Mortgage and other financing income
12,914
10,472
Total revenue
167,232
171,396
Property operating expense
14,920
14,155
Other expense
12,976
8,950
General and administrative expense
13,908
13,965
Retirement and severance expense
1,836
—
Transaction costs
1
270
Provision (benefit) for credit losses,
net
2,737
587
Depreciation and amortization
40,469
41,204
Total operating expenses
86,847
79,131
Gain (loss) on sale of real estate
17,949
(560
)
Income from operations
98,334
91,705
Interest expense, net
31,651
31,722
Equity in loss from joint ventures
3,627
1,985
Income before income taxes
63,056
57,998
Income tax expense
347
341
Net income
$
62,709
$
57,657
Preferred dividend requirements
6,032
6,033
Net income available to common
shareholders of EPR Properties
$
56,677
$
51,624
Net income available to common
shareholders of EPR Properties per share:
Basic
$
0.75
$
0.69
Diluted
$
0.75
$
0.69
Shares used for computation (in
thousands):
Basic
75,398
75,084
Diluted
75,705
75,283
EPR Properties
Condensed Consolidated Balance
Sheets
(Unaudited, dollars in
thousands)
March 31, 2024
December 31, 2023
Assets
Real estate investments, net of
accumulated depreciation of $1,470,507 and $1,435,683 at March 31,
2024 and December 31, 2023, respectively
$
4,629,859
$
4,537,359
Land held for development
20,168
20,168
Property under development
36,138
131,265
Operating lease right-of-use assets
183,031
186,628
Mortgage notes and related accrued
interest receivable, net
578,915
569,768
Investment in joint ventures
46,127
49,754
Cash and cash equivalents
59,476
78,079
Restricted cash
2,929
2,902
Accounts receivable
69,414
63,655
Other assets
67,979
61,307
Total assets
$
5,694,036
$
5,700,885
Liabilities and Equity
Accounts payable and accrued
liabilities
$
84,153
$
94,927
Operating lease liabilities
223,077
226,961
Dividends payable
28,950
31,307
Unearned rents and interest
91,829
77,440
Debt
2,817,710
2,816,095
Total liabilities
3,245,719
3,246,730
Total equity
$
2,448,317
$
2,454,155
Total liabilities and equity
$
5,694,036
$
5,700,885
Non-GAAP Financial Measures
Funds From Operations (FFO), Funds From Operations As
Adjusted (FFOAA) and Adjusted Funds From Operations (AFFO)
The National Association of Real Estate Investment Trusts
(NAREIT) developed FFO as a relative non-GAAP financial measure of
performance of an equity REIT in order to recognize that
income-producing real estate historically has not depreciated on
the basis determined under GAAP. Pursuant to the definition of FFO
by the Board of Governors of NAREIT, the Company calculates FFO as
net income available to common shareholders, computed in accordance
with GAAP, excluding gains and losses from disposition of real
estate and impairment losses on real estate, plus real estate
related depreciation and amortization, and after adjustments for
unconsolidated partnerships, joint ventures and other affiliates.
Adjustments for unconsolidated partnerships, joint ventures and
other affiliates are calculated to reflect FFO on the same basis.
The Company has calculated FFO for all periods presented in
accordance with this definition.
In addition to FFO, the Company presents FFOAA and AFFO. FFOAA
is presented by adding to FFO retirement and severance expense,
transaction costs, provision (benefit) for credit losses, net,
costs associated with loan refinancing or payoff, preferred share
redemption costs and impairment of operating lease right-of-use
assets and subtracting sale participation income, gain on insurance
recovery and deferred income tax (benefit) expense. AFFO is
presented by adding to FFOAA non-real estate depreciation and
amortization, deferred financing fees amortization and share-based
compensation expense to management and Trustees; and subtracting
amortization of above and below market leases, net and tenant
allowances, maintenance capital expenditures (including second
generation tenant improvements and leasing commissions),
straight-lined rental revenue (removing the impact of
straight-lined ground sublease expense), and the non-cash portion
of mortgage and other financing income.
FFO, FFOAA and AFFO are widely used measures of the operating
performance of real estate companies and are provided here as
supplemental measures to GAAP net income available to common
shareholders and earnings per share, and management provides FFO,
FFOAA and AFFO herein because it believes this information is
useful to investors in this regard. FFO, FFOAA and AFFO are
non-GAAP financial measures. FFO, FFOAA and AFFO do not represent
cash flows from operations as defined by GAAP and are not
indicative that cash flows are adequate to fund all cash needs and
are not to be considered alternatives to net income or any other
GAAP measure as a measurement of the results of our operations or
our cash flows or liquidity as defined by GAAP. It should also be
noted that not all REITs calculate FFO, FFOAA and AFFO the same way
so comparisons with other REITs may not be meaningful.
The following table summarizes FFO, FFOAA and AFFO for the three
months ended March 31, 2024 and 2023 and reconciles such measures
to net income available to common shareholders, the most directly
comparable GAAP measure:
EPR Properties
Reconciliation of Non-GAAP
Financial Measures
(Unaudited, dollars in
thousands except per share data)
Three Months Ended March
31,
2024
2023
FFO:
Net income available to common
shareholders of EPR Properties
$
56,677
$
51,624
(Gain) loss on sale of real estate
(17,949
)
560
Real estate depreciation and
amortization
40,282
41,000
Allocated share of joint venture
depreciation
2,416
2,055
FFO available to common shareholders of
EPR Properties
$
81,426
$
95,239
FFO available to common shareholders of
EPR Properties
$
81,426
$
95,239
Add: Preferred dividends for Series C
preferred shares
1,938
1,938
Add: Preferred dividends for Series E
preferred shares
1,938
1,938
Diluted FFO available to common
shareholders of EPR Properties
$
85,302
$
99,115
FFOAA:
FFO available to common shareholders of
EPR Properties
$
81,426
$
95,239
Retirement and severance expense
1,836
—
Transaction costs
1
270
Provision (benefit) for credit losses,
net
2,737
587
Deferred income tax benefit
(277
)
(90
)
FFOAA available to common shareholders of
EPR Properties
$
85,723
$
96,006
FFOAA available to common shareholders of
EPR Properties
$
85,723
$
96,006
Add: Preferred dividends for Series C
preferred shares
1,938
1,938
Add: Preferred dividends for Series E
preferred shares
1,938
1,938
Diluted FFOAA available to common
shareholders of EPR Properties
$
89,599
$
99,882
AFFO:
FFOAA available to common shareholders of
EPR Properties
$
85,723
$
96,006
Non-real estate depreciation and
amortization
187
204
Deferred financing fees amortization
2,212
2,129
Share-based compensation expense to
management and trustees
3,692
4,322
Amortization of above and below market
leases, net and tenant allowances
(84
)
(89
)
Maintenance capital expenditures (1)
(1,555
)
(2,176
)
Straight-lined rental revenue
(3,670
)
(2,105
)
Straight-lined ground sublease expense
32
565
Non-cash portion of mortgage and other
financing income
(862
)
(122
)
AFFO available to common shareholders of
EPR Properties
$
85,675
$
98,734
AFFO available to common shareholders of
EPR Properties
$
85,675
$
98,734
Add: Preferred dividends for Series C
preferred shares
1,938
1,938
Add: Preferred dividends for Series E
preferred shares
1,938
1,938
Diluted AFFO available to common
shareholders of EPR Properties
$
89,551
$
102,610
FFO per common share:
Basic
$
1.08
$
1.27
Diluted
1.07
1.25
FFOAA per common share:
Basic
$
1.14
$
1.28
Diluted
1.13
1.26
AFFO per common share:
Basic
$
1.14
$
1.31
Diluted
1.12
1.30
Shares used for computation (in
thousands):
Basic
75,398
75,084
Diluted
75,705
75,283
Weighted average shares
outstanding-diluted EPS
75,705
75,283
Effect of dilutive Series C preferred
shares
2,301
2,272
Effect of dilutive Series E preferred
shares
1,663
1,663
Adjusted weighted average shares
outstanding-diluted Series C and Series E
79,669
79,218
Other financial information:
Dividends per common share
$
0.8350
$
0.8250
(1) Includes maintenance capital expenditures and certain second
generation tenant improvements and leasing commissions.
The conversion of the 5.75% Series C cumulative convertible
preferred shares and the 9.00% Series E cumulative convertible
preferred shares would be dilutive to FFO, FFOAA and AFFO per share
for the three months ended March 31, 2024 and 2023. Therefore, the
additional common shares that would result from the conversion and
the corresponding add-back of the preferred dividends declared on
those shares are included in the calculation of diluted FFO, FFOAA
and AFFO per share for those periods.
Net Debt
Net Debt represents debt (reported in accordance with GAAP)
adjusted to exclude deferred financing costs, net and reduced for
cash and cash equivalents. By excluding deferred financing costs,
net, and reducing debt for cash and cash equivalents on hand, the
result provides an estimate of the contractual amount of borrowed
capital to be repaid, net of cash available to repay it. The
Company believes this calculation constitutes a beneficial
supplemental non-GAAP financial disclosure to investors in
understanding our financial condition. The Company's method of
calculating Net Debt may be different from methods used by other
REITs and, accordingly, may not be comparable to such other
REITs.
Gross Assets
Gross Assets represents total assets (reported in accordance
with GAAP) adjusted to exclude accumulated depreciation and reduced
for cash and cash equivalents. By excluding accumulated
depreciation and reducing cash and cash equivalents, the result
provides an estimate of the investment made by the Company. The
Company believes that investors commonly use versions of this
calculation in a similar manner. The Company's method of
calculating Gross Assets may be different from methods used by
other REITs and, accordingly, may not be comparable to such other
REITs.
Net Debt to Gross Assets Ratio
Net Debt to Gross Assets Ratio is a supplemental measure derived
from non-GAAP financial measures that the Company uses to evaluate
capital structure and the magnitude of debt to gross assets. The
Company believes that investors commonly use versions of this ratio
in a similar manner. The Company's method of calculating the Net
Debt to Gross Assets Ratio may be different from methods used by
other REITs and, accordingly, may not be comparable to such other
REITs.
EBITDAre
NAREIT developed EBITDAre as a relative non-GAAP financial
measure of REITs, independent of a company's capital structure, to
provide a uniform basis to measure the enterprise value of a
company. Pursuant to the definition of EBITDAre by the Board of
Governors of NAREIT, the Company calculates EBITDAre as net income,
computed in accordance with GAAP, excluding interest expense (net),
income tax (benefit) expense, depreciation and amortization, gains
and losses from dispositions of real estate, impairment losses on
real estate, costs associated with loan refinancing or payoff and
adjustments for unconsolidated partnerships, joint ventures and
other affiliates.
Management provides EBITDAre herein because it believes this
information is useful to investors as a supplemental performance
measure because it can help facilitate comparisons of operating
performance between periods and with other REITs. The Company's
method of calculating EBITDAre may be different from methods used
by other REITs and, accordingly, may not be comparable to such
other REITs. EBITDAre is not a measure of performance under GAAP,
does not represent cash generated from operations as defined by
GAAP and is not indicative of cash available to fund all cash
needs, including distributions. This measure should not be
considered an alternative to net income or any other GAAP measure
as a measurement of the results of the Company's operations or cash
flows or liquidity as defined by GAAP.
Adjusted EBITDAre
Management uses Adjusted EBITDAre in its analysis of the
performance of the business and operations of the Company.
Management believes Adjusted EBITDAre is useful to investors
because it excludes various items that management believes are not
indicative of operating performance, and because it is an
informative measure to use in computing various financial ratios to
evaluate the Company. The Company defines Adjusted EBITDAre as
EBITDAre (defined above) for the quarter excluding sale
participation income, gain on insurance recovery, retirement and
severance expense, transaction costs, provision (benefit) for
credit losses, net, impairment losses on operating lease
right-of-use assets and prepayment fees.
The Company's method of calculating Adjusted EBITDAre may be
different from methods used by other REITs and, accordingly, may
not be comparable to such other REITs. Adjusted EBITDAre is not a
measure of performance under GAAP, does not represent cash
generated from operations as defined by GAAP and is not indicative
of cash available to fund all cash needs, including distributions.
This measure should not be considered as an alternative to net
income or any other GAAP measure as a measurement of the results of
the Company's operations or cash flows or liquidity as defined by
GAAP.
Net Debt to Adjusted EBITDAre Ratio
Net Debt to Adjusted EBITDAre Ratio is a supplemental measure
derived from non-GAAP financial measures that the Company uses to
evaluate our capital structure and the magnitude of our debt
against our operating performance. The Company believes that
investors commonly use versions of this ratio in a similar manner.
In addition, financial institutions use versions of this ratio in
connection with debt agreements to set pricing and covenant
limitations. The Company's method of calculating the Net Debt to
Adjusted EBITDAre Ratio may be different from methods used by other
REITs and, accordingly, may not be comparable to such other
REITs.
Reconciliations of debt, total assets and net income (all
reported in accordance with GAAP) to Net Debt, Gross Assets, Net
Debt to Gross Assets Ratio, EBITDAre, Adjusted EBITDAre and Net
Debt to Adjusted EBITDAre Ratio (each of which is a non-GAAP
financial measure), as applicable, are included in the following
tables (unaudited, in thousands except ratios):
March 31,
2024
2023
Net
Debt:
Debt
$
2,817,710
$
2,811,653
Deferred financing costs, net
23,519
29,576
Cash and cash equivalents
(59,476
)
(96,438
)
Net Debt
$
2,781,753
$
2,744,791
Gross
Assets:
Total Assets
$
5,694,036
$
5,756,615
Accumulated depreciation
1,470,507
1,341,527
Cash and cash equivalents
(59,476
)
(96,438
)
Gross Assets
$
7,105,067
$
7,001,704
Debt to Total Assets Ratio
49
%
49
%
Net Debt to Gross Assets Ratio
39
%
39
%
Three Months Ended March
31,
2024
2023
EBITDAre and
Adjusted EBITDAre:
Net income
$
62,709
$
57,657
Interest expense, net
31,651
31,722
Income tax expense
347
341
Depreciation and amortization
40,469
41,204
(Gain) loss on sale of real estate
(17,949
)
560
Allocated share of joint venture
depreciation
2,416
2,055
Allocated share of joint venture interest
expense
2,131
2,083
EBITDAre
$
121,774
$
135,622
Retirement and severance expense
1,836
—
Transaction costs
1
270
Provision (benefit) for credit losses,
net
2,737
587
Adjusted EBITDAre
$
126,348
$
136,479
Adjusted EBITDAre (annualized) (1)
$
505,392
$
545,916
Net Debt/Adjusted EBITDAre Ratio
5.5
5.0
(1) Adjusted EBITDA for the quarter is
multiplied by four to calculate an annualized amount but does not
include the annualization of investments put in service, acquired
or disposed of during the quarter, as well as the potential
earnings on property under development, the annualization of
percentage rent and participating interest and adjustments for
other items. See detailed calculation and reconciliation of
Annualized Adjusted EBITDAre and Net Debt/Annualized EBITDAre ratio
that includes these adjustments in the Company's Supplemental
Operating and Financial Data for the quarter ended March 31,
2024.
Total Investments
Total investments is a non-GAAP financial measure defined as the
sum of the carrying values of real estate investments (before
accumulated depreciation), land held for development, property
under development, mortgage notes receivable and related accrued
interest receivable, net, investment in joint ventures, intangible
assets, gross (before accumulated amortization and included in
other assets) and notes receivable and related accrued interest
receivable, net (included in other assets). Total investments is a
useful measure for management and investors as it illustrates
across which asset categories the Company's funds have been
invested. Our method of calculating total investments may be
different from methods used by other REITs and, accordingly, may
not be comparable to such other REITs. A reconciliation of total
assets (computed in accordance with GAAP) to total investments is
included in the following table (unaudited, in thousands):
March 31, 2024
December 31, 2023
Total assets
$
5,694,036
$
5,700,885
Operating lease right-of-use assets
(183,031
)
(186,628
)
Cash and cash equivalents
(59,476
)
(78,079
)
Restricted cash
(2,929
)
(2,902
)
Accounts receivable
(69,414
)
(63,655
)
Add: accumulated depreciation on real
estate investments
1,470,507
1,435,683
Add: accumulated amortization on
intangible assets (1)
30,934
30,589
Prepaid expenses and other current assets
(1)
(30,093
)
(22,718
)
Total investments
$
6,850,534
$
6,813,175
Total Investments:
Real estate investments, net of
accumulated depreciation
$
4,629,859
$
4,537,359
Add back accumulated depreciation on real
estate investments
1,470,507
1,435,683
Land held for development
20,168
20,168
Property under development
36,138
131,265
Mortgage notes and related accrued
interest receivable, net
578,915
569,768
Investment in joint ventures
46,127
49,754
Intangible assets, gross (1)
65,073
65,299
Notes receivable and related accrued
interest receivable, net (1)
3,747
3,879
Total investments
$
6,850,534
$
6,813,175
(1) Included in other assets in the
accompanying consolidated balance sheet. Other assets include the
following:
March 31, 2024
December 31, 2023
Intangible assets, gross
$
65,073
$
65,299
Less: accumulated amortization on
intangible assets
(30,934
)
(30,589
)
Notes receivable and related accrued
interest receivable, net
3,747
3,879
Prepaid expenses and other current
assets
30,093
22,718
Total other assets
$
67,979
$
61,307
About EPR Properties
EPR Properties (NYSE:EPR) is the leading diversified
experiential net lease real estate investment trust (REIT),
specializing in select enduring experiential properties in the real
estate industry. We focus on real estate venues that create value
by facilitating out of home leisure and recreation experiences
where consumers choose to spend their discretionary time and money.
We have total assets of approximately $5.7 billion (after
accumulated depreciation of approximately $1.5 billion) across 44
states. We adhere to rigorous underwriting and investing criteria
centered on key industry, property and tenant level cash flow
standards. We believe our focused approach provides a competitive
advantage and the potential for stable and attractive returns.
Further information is available at www.eprkc.com.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
The financial results in this press release reflect preliminary,
unaudited results, which are not final until the Company’s
Quarterly Report on Form 10-Q is filed. With the exception of
historical information, certain statements contained or
incorporated by reference herein may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
such as those pertaining to our guidance, our capital resources and
liquidity, our pursuit of growth opportunities, the timing of
transaction closings and investment spending, our expected cash
flows, the performance of our customers, our expected cash
collections and our results of operations and financial condition.
The forward-looking statements presented herein are based on the
Company's current expectations. Forward-looking statements involve
numerous risks and uncertainties, and you should not rely on them
as predictions of actual events. There is no assurance that the
events or circumstances reflected in the forward-looking statements
will occur. You can identify forward-looking statements by use of
words such as “will be,” “intend,” “continue,” “believe,” “may,”
“expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,”
“estimates,” “offers,” “plans,” “would” or other similar
expressions or other comparable terms or discussions of strategy,
plans or intentions contained or incorporated by reference herein.
Forward-looking statements necessarily are dependent on
assumptions, data or methods that may be incorrect or imprecise.
These forward-looking statements represent our intentions, plans,
expectations and beliefs and are subject to numerous assumptions,
risks and uncertainties. Many of the factors that will determine
these items are beyond our ability to control or predict. For
further discussion of these factors see “Item 1A. Risk Factors” in
our most recent Annual Report on Form 10-K and, to the extent
applicable, our Quarterly Reports on Form 10-Q.
For these statements, we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of
the date hereof or the date of any document incorporated by
reference herein. All subsequent written and oral forward-looking
statements attributable to us or any person acting on our behalf
are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. Except as
required by law, we do not undertake any obligation to release
publicly any revisions to our forward-looking statements to reflect
events or circumstances after the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501831702/en/
EPR Properties Brian Moriarty, 816-472-1700 www.eprkc.com
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