EPR Properties (NYSE:EPR) today announced operating results for
the first quarter ended March 31, 2021 (dollars in thousands,
except per share data):
Three Months Ended March
31,
2021
2020
Total revenue
$
111,765
$
151,012
Net (loss) income available to common
shareholders
(2,654
)
31,084
Net (loss) income available to common
shareholders per diluted common share
(0.04
)
0.40
Funds From Operations as adjusted (FFOAA)
(1)
35,605
75,926
FFOAA per diluted common share (1)
0.48
0.97
Adjusted Funds From Operations (AFFO)
(1)
38,926
90,067
AFFO per diluted common share (1)
0.52
1.14
(1) a non-GAAP financial measure
First Quarter Company Headlines
- Quarterly Collections Continue to Increase - Cash
collections from customers continue to improve and were
approximately 72% and 77% of contractual cash revenue for the first
quarter of 2021 and April 2021, respectively. In addition,
year-to-date through April 30, 2021, the Company collected $40.0
million of deferred rent and interest from accrual basis tenants
and borrowers that reduced receivables.
- Strong Increase in Theatre Reopenings Expected -
Approximately 71% of the Company's theatre properties were open as
of April 30, 2021. Additionally, with Regal's announced reopening
schedule, it is expected that by May 21, 2021, approximately 98% of
the Company's theatres will be open.
- Continued Capital Recycling - During the first quarter,
the Company received $13.7 million in net proceeds and recognized a
net gain of $0.2 million from property dispositions. During the
past year, the Company has sold three theatre properties and has an
additional six theatres under contract to sell with closings
anticipated through the remainder of 2021 and into 2022.
- Strong Liquidity Position - The Company had cash on hand
of $538.1 million at quarter-end. Subsequent to quarter-end, due to
stronger collections, proceeds from dispositions and significant
liquidity, the Company used $90.0 million of its cash on hand to
pay off the remaining borrowings under its $1.0 billion unsecured
revolving credit facility.
CEO Comments
“Our first quarter results reflect the acceleration of cash
collections from tenants and borrowers,” stated Greg Silvers,
Company President and CEO. “We are increasingly optimistic about
our outlook as vaccination deployment expands, and consumers are
exhibiting their desire to re-engage in the experiences that our
customers offer them. We are pleased that most markets are largely
open, capacity restrictions are easing, and particularly that the
much anticipated reopening of theatres across the country is
underway. Having managed our business through the pandemic to
preserve liquidity, we believe we are at an inflection point, and
with increased visibility look forward to further stabilization and
a return to growth.”
COVID-19 Response and Update
Collections and Property Openings
Approximately 96% of the Company's non-theatre and 71% of the
Company's theatre locations were open for business as of April 30,
2021. It is expected that by May 21, 2021 approximately 98% of the
Company's theatres will be open based on Regal's announced
reopening schedule. Cash collections from tenants and borrowers
continued to improve and were approximately $98.1 million or 72% of
contractual cash revenue for the first quarter (including
approximately $1.5 million in deferred rent from cash basis tenants
and from tenants for which the deferred payments were not
previously recognized as revenue). Such cash collections further
increased to 77% for April of 2021. Contractual cash revenue is an
operational measure and represents aggregate cash payments for
which the Company is entitled under existing contracts, excluding
the impact of any temporary abatements or deferrals, percentage
rent (rents received over base amounts), non-cash revenue and
revenue from taxable REIT subsidiaries (TRSs).
In addition, year-to-date through April 30, 2021, collections of
deferred rent and interest from accrual basis tenants and borrowers
that reduced receivables totaled approximately $40.0 million. These
collections are in addition to the collection amounts discussed
above.
Theatre Update
During March of 2021, multiple states, most importantly New York
and California, began allowing theatres to reopen with capacity
limitations that vary from location to location. As vaccinations
increase and theatres reopen, studios are releasing more films.
With the increased supply and demand, box office increased in March
and again in April. Local capacity restrictions and limited film
content continue to create a challenging environment for theatre
operators, but with increasing vaccinations, recent box office
performance, the current major title release schedule, and expected
continuing easing of capacity limitations, the Company anticipates
that the US box office will continue to improve throughout the
remainder of 2021.
Capital Recycling
During the first quarter of 2021, the Company completed the sale
of one theatre property and one outparcel for net proceeds totaling
$13.7 million and recognized a combined gain on sale of $0.2
million. During the past year, the Company has sold three theatre
properties and has an additional six theatres under contract to
sell with closings anticipated through the remainder of 2021 and
into 2022.
On March 22, 2021, the Company received $5.1 million in proceeds
representing prepayment in full on a mortgage note receivable that
was secured by a private school property. No prepayment fee was
received in connection with this note payoff.
Strong Liquidity Position
The Company remains focused on maintaining strong liquidity and
financial flexibility through the pandemic. The Company had $538.1
million of cash on hand at quarter-end. On April 9, 2021, due to
stronger collections, proceeds from dispositions and significant
liquidity, the Company used $90.0 million of its cash on hand to
pay off the remaining borrowings under its $1.0 billion unsecured
revolving credit facility.
Portfolio Update
The Company's total investments (a non-GAAP financial measure)
were approximately $6.5 billion at March 31, 2021 with Experiential
totaling $5.9 billion, or 91%, and Education totaling $0.6 billion,
or 9%.
The Company's Experiential portfolio (excluding property under
development) consisted of the following property types (owned or
financed) at March 31, 2021:
- 177 theatre properties;
- 55 eat & play properties (including seven theatres located
in entertainment districts);
- 18 attraction properties;
- 13 ski properties;
- six experiential lodging properties;
- one gaming property;
- three cultural properties; and
- seven fitness & wellness properties.
As of March 31, 2021, the Company's owned Experiential portfolio
consisted of approximately 19.3 million square feet, which was
92.8% leased and included $94.8 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, 2021:
- 65 early childhood education center properties; and
- 9 private school properties.
As of March 31, 2021, the Company's owned Education portfolio
consisted of approximately 1.4 million square feet, which was 100%
leased and included $3.0 million in undeveloped land inventory.
The combined owned portfolio consisted of 20.7 million square
feet and was 93.3% leased.
Investment Update
The Company's investment spending during the three months ended
March 31, 2021 totaled $52.1 million, and included the acquisition
of a Topgolf property in San Jose, California for $26.7 million as
well as spending on build-to-suit development and redevelopment
projects.
Dividend Information
The monthly cash dividend to common shareholders was suspended
following the common share dividend paid on May 15, 2020 to
shareholders of record as of April 30, 2020. The Company is
restricted from paying dividends on its common shares during the
previously disclosed covenant relief period under certain of its
debt agreements, subject to certain limited exceptions, and there
can be no assurances as to the Company's ability to reinstitute
cash dividend payments to common shareholders or the timing
thereof.
The Board declared its regular quarterly dividends to preferred
shareholders 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
$0.359375 per share on its 5.75% Series G cumulative redeemable
preferred shares.
Conference Call Information
Management will host a conference call to discuss the Company's
financial results on May 6, 2021 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 call, audio only, dial (866) 587-2930 and when
prompted, provide the passcode 9155913.
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, 2021 is available in the Investor Center on
the Company's website located at
https://investors.eprkc.com/earnings-supplementals.
EPR Properties
Consolidated Statements of
(Loss) Income
(Unaudited, dollars in
thousands except per share data)
Three Months Ended March
31,
2021
2020
Rental revenue
$
102,614
$
135,043
Other income
678
7,573
Mortgage and other financing income
8,473
8,396
Total revenue
111,765
151,012
Property operating expense
15,313
13,093
Other expense
2,552
9,534
General and administrative expense
11,336
10,988
Costs associated with loan refinancing or
payoff
241
—
Interest expense, net
39,194
34,753
Transaction costs
548
1,075
Credit loss (benefit) expense
(2,762
)
1,192
Depreciation and amortization
40,326
43,810
Income before equity in loss from joint
ventures and other items
5,017
36,567
Equity in loss from joint ventures
(1,431
)
(420
)
Gain on sale of real estate
201
220
Income before income taxes
3,787
36,367
Income tax (expense) benefit
(407
)
751
Net income
3,380
37,118
Preferred dividend requirements
(6,034
)
(6,034
)
Net (loss) income available to common
shareholders of EPR Properties
$
(2,654
)
$
31,084
Net (loss) income available to common
shareholders of EPR Properties per share:
Basic
$
(0.04
)
$
0.40
Diluted
$
(0.04
)
$
0.40
Shares used for computation (in
thousands):
Basic
74,627
78,467
Diluted
74,627
78,476
EPR Properties
Condensed Consolidated Balance
Sheets
(Unaudited, dollars in
thousands)
March 31, 2021
December 31, 2020
Assets
Real estate investments, net of
accumulated depreciation of $1,101,727 and $1,062,087 at March 31,
2021 and December 31, 2020, respectively
$
4,801,106
$
4,851,302
Land held for development
23,225
23,225
Property under development
94,822
57,630
Operating lease right-of-use assets
179,113
163,766
Mortgage notes and related accrued
interest receivable
364,969
365,628
Investment in joint ventures
28,313
28,208
Cash and cash equivalents
538,077
1,025,577
Restricted cash
5,928
2,433
Accounts receivable
97,517
116,193
Other assets
75,032
70,223
Total assets
$
6,208,102
$
6,704,185
Liabilities and Equity
Accounts payable and accrued
liabilities
$
95,085
$
105,379
Operating lease liabilities
217,448
202,223
Dividends payable
6,078
6,070
Unearned rents and interest
83,565
65,485
Debt
3,171,193
3,694,443
Total liabilities
3,573,369
4,073,600
Total equity
$
2,634,733
$
2,630,585
Total liabilities and equity
$
6,208,102
$
6,704,185
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 (loss) 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 costs associated with loan
refinancing or payoff, transaction costs, severance expense,
preferred share redemption costs, impairment of operating lease
right-of-use assets and credit loss (benefit) expense and
subtracting 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, share-based compensation expense to management and
Trustees and amortization of above and below market leases, net and
tenant allowances; and subtracting 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 (loss) 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, 2021 and 2020 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,
2021
2020
FFO:
Net (loss) income available to common
shareholders of EPR Properties
$
(2,654
)
$
31,084
Gain on sale of real estate
(201
)
(220
)
Real estate depreciation and
amortization
40,109
43,525
Allocated share of joint venture
depreciation
354
383
FFO available to common shareholders of
EPR Properties
$
37,608
$
74,772
FFO available to common shareholders of
EPR Properties
$
37,608
$
74,772
Add: Preferred dividends for Series C
preferred shares
—
1,939
Add: Preferred dividends for Series E
preferred shares
—
1,939
Diluted FFO available to common
shareholders of EPR Properties
$
37,608
$
78,650
FFOAA:
FFO available to common shareholders of
EPR Properties
$
37,608
$
74,772
Costs associated with loan refinancing or
payoff
241
—
Transaction costs
548
1,075
Credit loss (benefit) expense
(2,762
)
1,192
Gain on insurance recovery (included in
other income)
(30
)
—
Deferred income tax benefit
—
(1,113
)
FFOAA available to common shareholders of
EPR Properties
$
35,605
$
75,926
FFOAA available to common shareholders of
EPR Properties
$
35,605
$
75,926
Add: Preferred dividends for Series C
preferred shares
—
1,939
Add: Preferred dividends for Series E
preferred shares
—
1,939
Diluted FFOAA available to common
shareholders of EPR Properties
$
35,605
$
79,804
AFFO:
FFOAA available to common shareholders of
EPR Properties
$
35,605
$
75,926
Non-real estate depreciation and
amortization
217
285
Deferred financing fees amortization
1,547
1,634
Share-based compensation expense to
management and trustees
3,784
3,509
Amortization of above and below market
leases, net and tenant allowances
(96
)
(152
)
Maintenance capital expenditures (1)
(756
)
(928
)
Straight-lined rental revenue
(1,288
)
9,708
Straight-lined ground sublease expense
84
176
Non-cash portion of mortgage and other
financing income
(171
)
(91
)
AFFO available to common shareholders of
EPR Properties
$
38,926
$
90,067
AFFO available to common shareholders of
EPR Properties
$
38,926
$
90,067
Add: Preferred dividends for Series C
preferred shares
—
1,939
Add: Preferred dividends for Series E
preferred shares
—
1,939
Diluted AFFO available to common
shareholders of EPR Properties
$
38,926
$
93,945
FFO per common share:
Basic
$
0.50
$
0.95
Diluted
0.50
0.95
FFOAA per common share:
Basic
$
0.48
$
0.97
Diluted
0.48
0.97
AFFO per common share:
Basic
$
0.52
$
1.15
Diluted
0.52
1.14
Shares used for computation (in
thousands):
Basic
74,627
78,467
Diluted
74,669
78,476
Weighted average shares
outstanding-diluted EPS
74,669
78,476
Effect of dilutive Series C preferred
shares
—
2,232
Effect of dilutive Series E preferred
shares
—
1,664
Adjusted weighted average shares
outstanding-diluted Series C and Series E
74,669
82,372
Other financial information:
Dividends per common share
$
—
$
1.1325
(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, 2020. 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 this period.
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
Net Debt to Gross Assets 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 Net Debt
to Gross Assets 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 (loss)
income, computed in accordance with GAAP, excluding interest
expense (net), income tax (benefit) expense, depreciation and
amortization, gains and losses from disposition 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 as 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 that 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 gain on insurance
recovery, severance expense, credit loss (benefit) expense,
transaction costs, impairment losses on operating lease
right-of-use assets and prepayment fees. For the three months ended
March 31, 2020, Adjusted EBITDAre was further adjusted to reflect
the write-offs of straight-line rent receivables against rental
revenue of $12.5 million related to the COVID-19 disruption.
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.
Reconciliations of debt, total assets and net income (all
reported in accordance with GAAP) to Net Debt, Gross Assets, Net
Debt to Gross Assets, EBITDAre and Adjusted EBITDA (each of which
is a non-GAAP financial measure), as applicable, are included in
the following tables (unaudited, in thousands):
March 31,
2021
2020
Net Debt:
Debt
$
3,171,193
$
3,854,062
Deferred financing costs, net
35,036
35,933
Cash and cash equivalents
(538,077
)
(1,225,122
)
Net Debt
$
2,668,152
$
2,664,873
Gross Assets:
Total Assets
$
6,208,102
$
7,255,340
Accumulated depreciation
1,101,727
1,023,993
Cash and cash equivalents
(538,077
)
(1,225,122
)
Gross Assets
$
6,771,752
$
7,054,211
Net Debt to Gross Assets
39
%
38
%
Three Months Ended March
31,
2021
2020
EBITDAre and Adjusted EBITDAre:
Net income
$
3,380
$
37,118
Interest expense, net
39,194
34,753
Income tax expense (benefit)
407
(751
)
Depreciation and amortization
40,326
43,810
Gain on sale of real estate
(201
)
(220
)
Costs associated with loan refinancing or
payoff
241
—
Allocated share of joint venture
depreciation
354
383
Allocated share of joint venture interest
expense
789
735
EBITDAre
$
84,490
$
115,828
Gain on insurance recovery (1)
(30
)
—
Transaction costs
548
1,075
Credit loss (benefit) expense
(2,762
)
1,192
Straight-line receivable write-offs from
prior periods (2)
—
12,532
Adjusted EBITDAre
$
82,246
$
130,627
(1) Included in other income in the
accompanying consolidated statements of (loss) income. Other income
includes the following:
Three Months Ended March
31,
2021
2020
Income from settlement of foreign currency
swap contracts
$
52
$
368
Gain on insurance recovery
30
—
Operating income from operated
properties
295
7,201
Miscellaneous income
301
4
Other income
$
678
$
7,573
(2) Included in rental revenue in the
accompanying consolidated statements of (loss) income. Rental
revenue includes the following:
Three Months Ended March
31,
2021
2020
Minimum rent
$
94,190
$
138,219
Tenant reimbursements
4,822
3,698
Percentage rent
2,030
2,757
Straight-line rental revenue
1,289
2,824
Straight-line receivable write-offs from
prior periods
—
(12,532
)
Other rental revenue
283
77
Rental revenue
$
102,614
$
135,043
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 (including related
accrued interest receivable), 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
investments to total assets (computed in accordance with GAAP) is
included in the following table (unaudited, in thousands):
March 31, 2021
December 31, 2020
Total Investments:
Real estate investments, net of
accumulated depreciation
$
4,801,106
$
4,851,302
Add back accumulated depreciation on real
estate investments
1,101,727
1,062,087
Land held for development
23,225
23,225
Property under development
94,822
57,630
Mortgage notes and related accrued
interest receivable
364,969
365,628
Investment in joint ventures
28,313
28,208
Intangible assets, gross (1)
57,962
57,962
Notes receivable and related accrued
interest receivable, net (1)
7,284
7,300
Total investments
$
6,479,408
$
6,453,342
Total investments
$
6,479,408
$
6,453,342
Operating lease right-of-use assets
179,113
163,766
Cash and cash equivalents
538,077
1,025,577
Restricted cash
5,928
2,433
Accounts receivable
97,517
116,193
Less: accumulated depreciation on real
estate investments
(1,101,727
)
(1,062,087
)
Less: accumulated amortization on
intangible assets
(17,379
)
(16,330
)
Prepaid expenses and other current
assets
27,165
21,291
Total assets
$
6,208,102
$
6,704,185
(1) Included in other assets in the
accompanying consolidated balance sheet. Other assets include the
following:
March 31, 2021
December 31, 2020
Intangible assets, gross
$
57,962
$
57,962
Less: accumulated amortization on
intangible assets
(17,379
)
(16,330
)
Notes receivable and related accrued
interest receivable, net
7,284
7,300
Prepaid expenses and other current
assets
27,165
21,291
Total other assets
$
75,032
$
70,223
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 $6.5 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.
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 the uncertain financial impact of the
COVID-19 pandemic, our capital resources and liquidity, our
expected cash flows and liquidity, continuing waivers of financial
covenants related to our bank credit facilities and private
placement notes, the performance of our customers, including AMC
and Regal, our expected cash collections, expected use of proceeds
from dispositions and our results of operations and financial
condition. The estimates presented herein are based on the
Company's current expectations and, given the current economic
uncertainty, there can be no assurances that the Company will be
able to continue to comply with other applicable covenants under
its debt agreements, which could materially impact actual
performance. 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. 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/20210505006050/en/
EPR Properties Brian Moriarty, 888-EPR-REIT
www.eprkc.com
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