Company Reports Record Revenue, Earnings and
Investment Spending
EPR Properties (NYSE:EPR) today announced operating results for
the second quarter and six months ended June 30, 2017.
Three Months Ended June 30, 2017
- Total revenue was $147.8 million for
the second quarter of 2017, representing a 25% increase from $118.0
million for the same quarter in 2016.
- Net income available to common
shareholders was $74.6 million, or $1.02 per diluted common share,
for the second quarter of 2017 compared to $49.2 million, or $0.77
per diluted common share, for the same quarter in 2016.
- Funds From Operations (FFO) (a non-GAAP
financial measure) for the second quarter of 2017 was $85.0
million, or $1.15 per diluted common share, compared to $72.2
million, or $1.13 per diluted common share, for the same quarter in
2016.
- FFO as adjusted (a non-GAAP financial
measure) for the second quarter of 2017 was $94.9 million, or $1.29
per diluted common share, compared to $74.7 million, or $1.17 per
diluted common share, for the same quarter in 2016, representing a
10% increase in per share results.
Six Months Ended June 30, 2017
- Total revenue was $276.9 million for
the six months ended June 30, 2017, representing a 17% increase
from $236.8 million for the same period in 2016.
- Net income available to common
shareholders was $122.5 million, or $1.78 per diluted common share,
for the six months ended June 30, 2017 compared to $97.4 million,
or $1.54 per diluted common share, for the same period in
2016.
- FFO (a non-GAAP financial measure) for
the six months ended June 30, 2017 was $158.9 million, or $2.30 per
diluted common share, compared to $146.0 million, or $2.30 per
diluted common share, for the same period in 2016.
- FFO as adjusted (a non-GAAP financial
measure) for the six months ended June 30, 2017 was $171.4 million,
or $2.48 per diluted common share, compared to $148.4 million, or
$2.33 per diluted common share, for the same period in 2016,
representing a 6% increase in per share results.
"Solid results and investment growth in each of our operating
segments, highlighted by the CNL Lifestyle Properties transaction,
contributed to a quarter of strong revenue and earnings growth,"
commented Company President and CEO Greg Silvers. "We have
continued to extend our portfolio of properties and tenants, and
enhance our capital position, and we believe that we are
well-positioned with our focus on the experience economy. We are
also pleased that the strong momentum we've established allows us
to increase our annual investment spending guidance."
A reconciliation of FFO to FFO as adjusted follows (unaudited,
dollars in thousands, except per share amounts):
Three Months Ended June 30, 2017
2016 Amount FFO/share
Amount FFO/share FFO available to
common shareholders (1) $ 84,979 $ 1.15 $ 72,187 $ 1.13 Costs
associated with loan refinancing or payoff 9 — 339 0.01 Gain on
insurance recovery (included in other income) (606 ) — (1,523 )
(0.02 ) Termination fee included in gain on sale 3,900 0.05 2,270
0.03 Gain on early extinguishment of debt (977 ) (0.01 ) — —
Transaction costs 218 — 1,490 0.02 Deferred income tax expense
(benefit) 50 — (18 ) — Impairment of direct financing lease -
allowance for lease loss portion (2) 7,298 0.10 —
— FFO as adjusted available to common shareholders
(1) $ 94,871 $ 1.29 $ 74,745 $ 1.17
Dividends declared per common share $ 1.02 $ 0.96 FFO as
adjusted available to common shareholders payout ratio 79 % 82 %
Six Months Ended June 30, 2017 2016
Amount FFO/share Amount FFO/share FFO
available to common shareholders (1) $ 158,873 $ 2.30 $ 145,982 $
2.30 Costs associated with loan refinancing or payoff 14 — 891 0.01
Gain on insurance recovery (included in other income) (606 ) —
(2,012 ) (0.03 ) Termination fee included in gain on sale 5,820
0.08 2,270 0.03 Gain on early extinguishment of debt (977 ) (0.01 )
— — Transaction costs 275 — 1,934 0.03 Deferred income tax expense
(benefit) 684 0.01 (620 ) (0.01 ) Impairment of direct financing
lease - allowance for lease loss portion (2) 7,298 0.10
— — FFO as adjusted available to common
shareholders (1) $ 171,381 $ 2.48 $ 148,445 $
2.33 Dividends declared per common share $ 2.04 $
1.92 FFO as adjusted available to common shareholders payout ratio
82 % 82 % (1) Per share results for the three and six months
ended June 30, 2017 and 2016 include the effect of the conversion
of the 5.75% Series C cumulative convertible preferred shares as
the conversion would be dilutive. (2) Impairment charges recognized
during the three and six months ended June 30, 2017 total $10.2
million and related to our investment in a direct financing lease,
net, consisting of $2.9 million related to the residual value
portion and $7.3 million related to the allowance for lease loss
portion.
Portfolio Update
The Company's investment portfolio (excluding property under
development) consisted of the following at June 30, 2017:
- The Entertainment segment included
investments in 144 megaplex theatre properties, seven entertainment
retail centers (which include seven additional megaplex theatre
properties) and eight family entertainment centers. The Company’s
portfolio of owned entertainment properties consisted of 12.4
million square feet and was 99% leased, including megaplex theatres
that were 100% leased.
- The Education segment included
investments in 67 public charter schools, 59 early education
centers and 14 private schools. The Company’s portfolio of owned
education properties consisted of 4.2 million square feet and was
99% leased.
- The Recreation segment included
investments in 26 ski areas, 20 attractions, 27 golf entertainment
complexes and five other recreation facilities. The Company’s
portfolio of owned recreation properties was 100% leased.
- The Other segment consisted primarily
of the land under ground lease, property under development and land
held for development related to the Adelaar casino and resort
project in Sullivan County, New York.
The combined owned portfolio consisted of 19.3 million square
feet and was 99.3% leased. As of June 30, 2017, the Company also
had a total of $271.7 million invested in property under
development.
Investment Update
The Company's investment spending for the three months ended
June 30, 2017 totaled $936.1 million (bringing the year-to-date
investment spending to $1.2 billion), and included investments in
each of its primary operating segments:
- Entertainment investment spending
during the three months ended June 30, 2017 totaled $84.1 million,
including spending on build-to-suit development and redevelopment
of megaplex theatres, entertainment retail centers and family
entertainment centers, as well as $47.9 million in acquisitions of
three megaplex theatres.
- Education investment spending during
the three months ended June 30, 2017 totaled $76.3 million,
including spending on build-to-suit development and redevelopment
of public charter schools, early education centers and private
schools, as well as $19.7 million in acquisitions of three early
education centers and one public charter school and an investment
of $21.4 million in mortgage notes receivable.
- Recreation investment spending during
the three months ended June 30, 2017 totaled $775.6 million,
including the transaction with CNL Lifestyle Properties Inc. ("CNL
Lifestyle") and funds affiliated with Och-Ziff Real Estate ("OZRE")
valued at $730.8 million described below. Additionally, included in
recreation investment spending was build-to-suit development of
golf entertainment complexes and attractions, and redevelopment of
ski areas.
- Other investment spending during the
three months ended June 30, 2017 totaled $0.1 million, and was
related to the Adelaar casino and resort project in Sullivan
County, New York.
As previously announced, on April 6, 2017, the Company completed
the transaction with CNL Lifestyle and OZRE. The Company acquired
the Northstar California Resort, 15 attraction properties
(waterparks and amusement parks), five small family entertainment
centers and certain related working capital for aggregate
consideration valued at $479.8 million, including final purchase
price adjustments. Additionally, the Company provided $251.0
million of five-year, 8.5% secured debt financing to OZRE for its
purchase of 14 CNL Lifestyle ski properties valued at $374.5
million. Subsequent to the transaction, the Company sold the five
family entertainment centers for approximately $6.8 million and one
waterpark for approximately $2.5 million. No gain or loss was
recognized on these sales.
The Company’s aggregate investment in this transaction was
$730.8 million and was funded with $657.5 million of the Company’s
common shares, consisting of 8,851,264 newly issued registered
common shares valued at $74.28 per share, $61.2 million of cash,
and assumed net working capital liabilities of $12.1 million. The
Company's portion of the cash purchase price was funded with
borrowings under its unsecured revolving credit facility.
Capital Recycling
During the second quarter, the Company sold seven properties,
four in the Education segment and three in the Entertainment
segment, for total proceeds of approximately $112.4 million and
recognized a net gain on sale of real estate of $25.5 million.
Dispositions and mortgage note pay-off (excluding principal
amortization) totaled $134.5 million for the six months ended June
30, 2017.
As previously discussed, the Company is committed to increasing
the tenant diversity of its public charter school portfolio and
reducing the concentration with Imagine Schools, Inc. ("Imagine").
As part of this effort, the Company has engaged various brokers to
help in this process and part of their feedback included the need
for additional lease term on these assets. To facilitate this
change, during the three months ended June 30, 2017, the Company
entered into negotiations with Imagine to restructure the leases on
six properties. In exchange for lowering the existing annual cash
payments by approximately $0.5 million and reducing the remaining
lease term to 10 years, Imagine agreed that upon the sale of these
properties, they would enter into new 20 year leases with the
buyer(s). While the Company believes the restructure will aid in
the disposition of these assets, the changes will result in the
lease structure no longer being classified as a direct financing
lease. Accordingly, management evaluated its investments in these
leases and recorded a non-cash impairment charge of $9.6 million
during the three months ended June 30, 2017. In addition, the
Company performed its annual review of the estimated unguaranteed
residual values of its other properties leased to Imagine during
the second quarter and recorded an impairment charge of $0.6
million on one of these properties.
Balance Sheet Update
The Company had a net debt to adjusted EBITDA ratio (a non-GAAP
financial measure) of 5.28x at June 30, 2017. The Company had $70.9
million of unrestricted cash on hand and no balance outstanding
under its $650 million unsecured revolving credit facility at June
30, 2017.
During the second quarter, the Company prepaid in full four
mortgage notes payable totaling $30.2 million, which were secured
by four theatre properties. In addition, the Company prepaid in
full a mortgage note payable of $87.0 million that was secured by
11 theatre properties. In connection with this note payoff, the
Company recorded a gain on early extinguishment of debt of $1.0
million. Subsequent to June 30, 2017, the Company prepaid in full
three mortgage notes payable totaling $24.9 million, which were
secured by three theatre properties.
On May 23, 2017, the Company issued $450.0 million in senior
unsecured notes due on June 1, 2027. The notes bear interest at an
annual rate of 4.50% and are guaranteed by certain of the Company's
subsidiaries. The Company used the net proceeds from the note
offering to pay down its unsecured revolving credit facility and
for general business purposes, including funding the Company's
ongoing pipeline of acquisition and build-to-suit projects.
Dividend Information
The Company declared regular monthly cash dividends during the
second quarter of 2017 totaling $1.02 per common share. This
dividend represents an annualized dividend of $4.08 per common
share, an increase of 6.25% over the prior year, and would be the
Company's seventh consecutive year with an annual dividend
increase.
The Company also declared second quarter cash dividends of
$0.359375 per share on its 5.75% Series C cumulative convertible
preferred shares, $0.5625 per share on its 9.00% Series E
cumulative convertible preferred shares and $0.4140625 per share on
its 6.625% Series F cumulative redeemable preferred shares.
2017 Guidance
The Company is confirming its 2017 guidance for FFO as adjusted
per diluted share of a range of $5.05 to $5.20. The Company is
increasing its 2017 investment spending guidance to a range of
$1.45 billion to $1.50 billion from $1.30 billion to $1.35 billion.
Disposition proceeds are expected to total $175.0 million to $250.0
million for 2017.
FFO as adjusted guidance for 2017 is based on FFO per diluted
share of $4.71 to $4.83 adjusted for estimated costs associated
with loan refinancing or payoff, gain on insurance recovery,
transaction costs, gain on early extinguishment of debt,
termination fees included in gain on sale, deferred income tax
expense and impairment of direct financing lease (allowance for
lease loss portion). FFO per diluted share is based on a net income
per diluted share range of $3.52 to $3.67 less estimated gain on
sale of real estate of a range of $0.63 to $0.66 and the impact of
Series C and Series E dilution of $0.05, plus estimated real estate
depreciation of $1.83 per diluted share and impairment of direct
financing lease (residual value portion) of $0.04 per share (in
accordance with the NAREIT definition of FFO).
Quarterly Supplemental
The Company's supplemental information package for the second
quarter and six months ended June 30, 2017 is available on the
Company's website at
http://eprkc.com/earnings-releases-supplemental.
EPR Properties Consolidated Statements of Income
(Unaudited, dollars in thousands except per share data)
Three Months Ended June 30,
Six Months Ended June 30, 2017
2016 2017 2016 Rental revenue $
119,469 $ 96,055 $ 226,506 $ 189,833 Tenant reimbursements 3,941
3,891 7,690 7,756 Other income 1,304 2,126 1,996 3,336 Mortgage and
other financing income 23,068 15,961 40,702
35,876 Total revenue 147,782 118,033 276,894 236,801
Property operating expense 6,072 5,580 12,422 11,061 Other expense
— — — 5 General and administrative expense 10,660 9,000 21,717
18,218 Costs associated with loan refinancing or payoff 9 339 14
891 Gain on early extinguishment of debt (977 ) — (977 ) — Interest
expense, net 32,967 22,756 63,659 46,045 Transaction costs 218
1,490 275 1,934 Impairment charges 10,195 — 10,195 — Depreciation
and amortization 33,148 25,666 61,225 51,621
Income before equity in income from joint ventures and other
items 55,490 53,202 108,364 107,026 Equity in income from joint
ventures 59 86 51 298 Gain on sale of real estate 25,461
2,270 27,465 2,270 Income before income taxes
81,010 55,558 135,880 109,594 Income tax expense (475 ) (423 )
(1,429 ) (279 ) Net income 80,535 55,135 134,451 109,315 Preferred
dividend requirements (5,952 ) (5,952 ) (11,904 ) (11,904 ) Net
income available to common shareholders of EPR Properties $ 74,583
$ 49,183 $ 122,547 $ 97,411 Per share
data attributable to EPR Properties common shareholders: Basic
earnings per share data: Net income available to common
shareholders $ 1.02 $ 0.77 $ 1.79 $ 1.54
Diluted earnings per share data: Net income available to
common shareholders $ 1.02 $ 0.77 $ 1.78 $
1.54 Shares used for computation (in thousands): Basic
73,159 63,592 68,621 63,128 Diluted 73,225 63,678 68,689 63,213
EPR Properties Condensed Consolidated
Balance Sheets (Unaudited, dollars in thousands)
June 30, 2017
December 31, 2016 Assets Rental properties, net of
accumulated depreciation of $676,364 and $635,535 at June 30, 2017
and December 31, 2016, respectively $ 4,288,885 $ 3,595,762 Land
held for development 33,672 22,530 Property under development
271,692 297,110 Mortgage notes and related accrued interest
receivable 941,599 613,978 Investment in a direct financing lease,
net 93,307 102,698 Investment in joint ventures 5,581 5,972 Cash
and cash equivalents 70,872 19,335 Restricted cash 24,255 9,744
Accounts receivable, net 106,480 98,939 Other assets 102,543
98,954 Total assets $ 5,938,886 $ 4,865,022
Liabilities and Equity Accounts payable and accrued
liabilities $ 142,526 $ 119,758 Dividends payable 30,996 26,318
Unearned rents and interest 71,098 47,420 Debt 2,792,920
2,485,625 Total liabilities 3,037,540 2,679,121 Total equity
$ 2,901,346 $ 2,185,901 Total liabilities and equity $
5,938,886 $ 4,865,022
EPR Properties
Reconciliation of Non-GAAP Financial Measures (Unaudited,
dollars in thousands except per share data)
Three Months Ended June 30, Six
Months Ended June 30, 2017 2016
2017 2016 FFO: (A)
Net income available to common shareholders of EPR Properties $
74,583 $ 49,183 $ 122,547 $ 97,411 Gain on sale of real estate
(25,461 ) (2,270 ) (27,465 ) (2,270 ) Real estate depreciation and
amortization 32,906 25,216 60,786 50,723 Allocated share of joint
venture depreciation 54 58 108 118 Impairment of direct financing
lease - residual value portion (1) 2,897 — 2,897
— FFO available to common shareholders of EPR
Properties $ 84,979 $ 72,187 $ 158,873 $
145,982 FFO available to common shareholders of EPR
Properties $ 84,979 $ 72,187 $ 158,873 $ 145,982 Add: Preferred
dividends for Series C preferred shares 1,941 1,941
3,882 3,882 Diluted FFO available to common
shareholders of EPR Properties $ 86,920 $ 74,128 $
162,755 $ 149,864 FFO per common share: Basic
$ 1.16 $ 1.14 $ 2.32 $ 2.31 Diluted 1.15 1.13 2.30 2.30 Shares used
for computation (in thousands): Basic 73,159 63,592 68,621 63,128
Diluted 73,225 63,678 68,689 63,213 Weighted average shares
outstanding-diluted EPS 73,225 63,678 68,689 63,213 Effect of
dilutive Series C preferred shares 2,063 2,045 2,058
2,042 Adjusted weighted average shares
outstanding-diluted 75,288 65,723 70,747
65,255 Other financial information: Straight-lined rental
revenue $ 4,009 $ 3,264 $ 9,060 $ 6,353 Termination and prepayment
fees $ 3,900 $ 2,270 $ 5,820 $ 2,270 Dividends per common share $
1.02 $ 0.96 $ 2.04 $ 1.92 (1)
Impairment charges recognized during the three and six months ended
June 30, 2017 total $10.2 million and related to our investment in
a direct financing lease, net, consisting of $2.9 million related
to the residual value portion and $7.3 million related to the
allowance for lease loss portion. (A) 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 and management provides FFO herein
because it believes this information is useful to investors in this
regard. FFO is a widely used measure of the operating performance
of real estate companies and is provided here as a supplemental
measure to GAAP net income available to common shareholders and
earnings per share. 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 sales of depreciable operating
properties and impairment losses of depreciable 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. FFO is a non-GAAP
financial measure. FFO does not represent cash flows from
operations as defined by GAAP and is not indicative that cash flows
are adequate to fund all cash needs and is not to be considered an
alternative 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. In addition to FFO, the Company
presents FFO as adjusted. Management believes it is useful to
provide it here as a supplemental measure to GAAP net income
available to common shareholders and earnings per share. FFO as
adjusted is FFO plus provision for loan losses, costs (gain)
associated with loan refinancing or payoff, net, retirement
severance expense, preferred share redemption costs, termination
fees associated with tenants' exercises of education properties
buy-out options, impairment of direct financing lease (allowance
for lease loss portion) and transaction costs, less gain on early
extinguishment of debt, gain (loss) on sale of land, gain on
insurance recovery and deferred tax benefit (expense). FFO as
adjusted is a non-GAAP financial measure. FFO as adjusted does not
represent cash flows from operations as defined by GAAP and is not
indicative that cash flows are adequate to fund all cash needs and
is not to be considered an alternative to net income or any other
GAAP measure as a measurement of the results of the Company's
operations, cash flows or liquidity as defined by GAAP. It should
also be noted that not all REITs calculate FFO or FFO as adjusted
the same way so comparisons of each of these non-GAAP measures with
other REITs may not be meaningful.
The conversion of the 5.75% Series C cumulative convertible
preferred shares would be dilutive to FFO and FFOAA per share for
the three and six months ended June 30, 2017 and 2016. Therefore,
the additional 2.1 million and 2.0 million 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 and diluted FFOAA per share for the
three and six months ended June 30, 2017 and 2016, respectively.
The effect of the conversion of our 9.0% Series E cumulative
convertible preferred shares and the additional 1.6 million
common shares that would result from the conversion do not result
in more dilution to per share results and are therefore not
included in the calculation of diluted per share data for the three
and six months ended June 30, 2017 and 2016.
Net Debt to Adjusted EBITDA Ratio
Net Debt to Adjusted EBITDA Ratio is a supplemental measure
derived from non-GAAP financial measures the Company uses to
evaluate its capital structure and the magnitude of its debt
against its 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 Net Debt to
Adjusted EBITDA Ratio may be different from methods used by other
REITs and, accordingly, may not be comparable to such other REITs.
Reconciliations of debt and net income available to common
shareholders (both reported in accordance with GAAP) to Net Debt,
Adjusted EBITDA, and Net Debt to Adjusted EBITDA Ratio (each of
which is a non-GAAP financial measure) are included in the
following tables (unaudited, in thousands):
June
30, 2017 2016 Net Debt:
(B) Debt $ 2,792,920 $ 2,098,265 Deferred financing
costs, net 34,086 16,829 Cash and cash equivalents (70,872 ) (8,462
) Net Debt $ 2,756,134 $ 2,106,632
Three
Months Ended June 30, 2017 2016 Adjusted
EBITDA: (C) Net income available to common shareholders
of EPR Properties $ 74,583 $ 49,183 Costs associated with loan
refinancing or payoff 9 339 Gain on early extinguishment of debt
(977 ) — Interest expense, net 32,967 22,756 Transaction costs 218
1,490 Impairment charges 10,195 — Depreciation and amortization
33,148 25,666 Equity in income from joint ventures (59 ) (86 ) Gain
on sale of real estate (25,461 ) (2,270 ) Income tax expense 475
423 Preferred dividend requirements 5,952 5,952 Gain on insurance
recovery (1) (606 ) (1,523 ) Adjusted EBITDA (for the quarter) $
130,444 $ 101,930 Adjusted EBITDA (2) $
521,776 $ 407,720 Net Debt/Adjusted EBITDA
Ratio 5.28 5.17 (1) Included in other income in the
accompanying consolidated statements of income. Other income
includes the following:
Three Months Ended June 30,
2017 2016 Income from settlement of foreign currency
swap contracts $ 697 $ 595 Gain on insurance recovery 606 1,523
Miscellaneous income 1 8 Other income $ 1,304
$ 2,126 (2) Adjusted EBITDA for the quarter is
multiplied by four to calculate an annual amount. (B)
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.
(C) Management uses Adjusted EBITDA in its analysis of the
performance of the business and operations of the Company.
Management believes Adjusted EBITDA is useful to investors because
it excludes various items that management believes are not
indicative of operating performance, and that it is an informative
measure to use in computing various financial ratios to evaluate
the Company. The Company defines Adjusted EBITDA as net income
available to common shareholders excluding costs associated with
loan refinancing or payoff, interest expense (net), depreciation
and amortization, equity in (income) loss from joint ventures, gain
(loss) on the sale of real estate, gain on insurance recovery,
income tax expense (benefit), preferred dividend requirements, the
effect of non-cash impairment charges, retirement severance
expense, the provision for loan losses and transaction costs, and
which is then multiplied by four to get an annual amount.
The Company's method of calculating Adjusted EBITDA may be
different from methods used by other REITs and, accordingly, may
not be comparable to such other REITs. Adjusted EBITDA 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 for the purpose of evaluating the Company's performance or
to cash flows as a measure of liquidity.
About EPR Properties
EPR Properties is a specialty real estate investment trust
(REIT) that invests in properties in select market segments which
require unique industry knowledge, while offering the potential for
stable and attractive returns. Our total investments exceed $6.3
billion and our primary investment segments are Entertainment,
Recreation and Education. We adhere to rigorous underwriting and
investing criteria centered on key industry and property level cash
flow standards. We believe our focused niche approach provides a
competitive advantage, and the potential for higher growth and
better yields.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
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
acquisition or disposition of properties, our capital resources,
future expenditures for development projects, expected dividend
payments, and our results of operations and financial condition.
Forward-looking statements involve numerous risks and uncertainties
and you should not rely on them as predictions of actual events.
There is no assurance 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. While references to
commitments for investment spending are based on present
commitments and agreements of the Company, we cannot provide
assurance that these transactions will be completed on satisfactory
terms. In addition, references to our budgeted amounts and guidance
are forward-looking statements. 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: http://www.businesswire.com/news/home/20170803006404/en/
EPR PropertiesBrian Moriarty,
888-EPR-REITwww.eprkc.com
EPR Properties (NYSE:EPR)
Historical Stock Chart
From Aug 2024 to Sep 2024
EPR Properties (NYSE:EPR)
Historical Stock Chart
From Sep 2023 to Sep 2024