EPR Properties Provides COVID-19 Impact Update
September 11 2020 - 4:10PM
Business Wire
Company Sees Continued Progress
EPR Properties (NYSE:EPR) today provided key business updates
and announced that it is seeing continued progress as customers
work toward stabilizing their businesses within the confines of
local health mandates.
Property Openings
As of September 11, 2020, approximately 81% of the Company’s
properties are open, including 92% of non-theatre properties and
71% of theatres, as studios begin releasing new titles. The
much-anticipated release of “Tenet” has been well received
worldwide, highlighting the desire of moviegoers to see content in
the theatre environment.
Deferral Agreements and Collections
As of September 11, 2020, customers representing approximately
90% of annualized pre-COVID contractual cash revenue have either
executed a deferral agreement or do not require one. In addition,
for July and August, the Company has collected approximately 30%
and 35% of contractual cash revenue, respectively. These cash
collection levels are consistent with the Company’s estimated cash
collection range previously provided.
“Our customers are making consistent progress in safely
reopening our properties,” stated Greg Silvers, Company President
and CEO. “We are also pleased to see positive consumer response as
our theatre properties reopen. This reflects the enduring and
unique experience that movie theatres provide.”
About EPR Properties
EPR Properties is a leading 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 which create value by facilitating out of home
leisure and recreation experiences where consumers choose to spend
their discretionary time and money. We have nearly $6.7 billion in
total investments 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200911005477/en/
EPR Properties Brian Moriarty, (816) 472-1700 Vice President -
Corporate Communications brianm@eprkc.com
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