EPR Properties (NYSE:EPR) today announced operating results for
the first quarter ended March 31, 2023 (dollars in thousands,
except per share data):
Three Months Ended March
31,
2023
2022
Total revenue
$
171,396
$
157,472
Net income available to common
shareholders
51,624
36,159
Net income available to common
shareholders per diluted common share
0.69
0.48
Funds From Operations as adjusted (FFOAA)
(1)
96,006
83,213
FFOAA per diluted common share (1)
1.26
1.10
Adjusted Funds From Operations (AFFO)
(1)
98,734
87,845
AFFO per diluted common share (1)
1.30
1.16
(1) A non-GAAP financial measure
First Quarter Company Headlines
- Strong First Quarter Results - The Company's net income
per diluted common share and FFOAA per diluted common share for the
quarter ended March 31, 2023 grew by approximately 44% and 15%,
respectively, versus the prior year, demonstrating the Company's
continued strong recovery from the impact of the COVID-19
pandemic.
- Executes on Investment Pipeline - The Company's
investment spending for the first quarter of 2023 totaled $66.5
million and consisted of experiential acquisitions and development
and redevelopment projects. As of March 31, 2023, the Company has
also committed an additional approximately $245.0 million for
experiential development and redevelopment projects, which is
expected to be funded over the next two years without the need to
raise additional capital.
- Solid Deferral Collections - During the first quarter of
2023, the Company collected $6.5 million of deferred rent from cash
basis customers that was booked as additional revenue and $0.6
million of deferred rent from accrual basis customers that reduced
receivables. Through March 31, 2023, the Company has collected
approximately $127.0 million of rent and interest that had been
deferred as a result of the pandemic.
- Strong Liquidity Position - As of March 31, 2023, the
Company had cash on hand of $96.4 million, no borrowings on its
$1.0 billion unsecured revolving credit facility and a consolidated
debt profile, all at fixed interest rates with no maturities until
2024.
“Our strong momentum from last year continued into the start of
2023,” stated Greg Silvers, Chairman and CEO of EPR Properties. “We
are pleased with the strong recovery and the resilience of our
experiential investments, as consumers continue to allocate
post-pandemic discretionary spend on the drive-to, value-oriented
leisure and entertainment options that our customers offer.
Additionally, we have collected all scheduled rent and deferral
payments through April from Regal as we continue working with them
through the bankruptcy process toward a resolution. Our strong
liquidity position allows us to deploy capital in a disciplined
manner across a variety of experiential properties, including
having a committed pipeline that we will fund in the coming
quarters. With a durable income stream, an ongoing recovery, and
additional growth from our investment pipeline, we are encouraged
by our outlook for the year.”
Investment Update
The Company's investment spending during the three months ended
March 31, 2023 totaled $66.5 million and included the acquisition
of a fitness and wellness property for approximately $46.7 million.
Investment spending for the quarter also included experiential
build-to-suit development and redevelopment projects.
As of March 31, 2023, the Company has also committed an
additional approximately $245.0 million for experiential
development and redevelopment projects, which is expected to be
funded over the next two years without the need to raise additional
capital. During the remainder of 2023, we intend to continue to be
more selective in making investments, utilizing excess cash flow
and borrowings under our line of credit, until such time as our
cost of capital returns to acceptable levels.
Solid Deferral Collections
In addition to regular quarterly collections, during the first
quarter of 2023, the Company collected $6.5 million of deferred
rent from cash basis customers that was booked as additional
revenue and $0.6 million of deferred rent from accrual basis
customers that reduced receivables, leaving only $1.5 million of
deferred rent receivable remaining on the balance sheet at March
31, 2023. Through March 31, 2023, the Company has collected
approximately $127.0 million of rent and interest that had been
deferred as a result of the pandemic.
Regal Update
On September 7, 2022, Cineworld Group, plc, Regal Entertainment
Group and the Company's other Regal theatre tenants (collectively,
“Regal”) filed for protection under Chapter 11 of the U.S.
Bankruptcy Code (the “Code”). Regal leases 57 theatres from the
Company pursuant to two master leases and 28 single property leases
(the “Regal Leases”). Revenue for Regal continues to be recognized
on a cash basis. As a result of the filing, Regal did not pay its
rent or monthly deferral payment for September 2022 but
subsequently paid portions of this amount pursuant to an order of
the bankruptcy court. Regal resumed payment of rent and deferral
payments for all Regal Leases commencing in October 2022 and has
continued making these payments through April 2023. However, there
can be no assurance that subsequent payments will be made in a
timely and complete manner.
In December of 2022, Regal filed a motion to reject leases for
three of our properties, but thus far has not elected to proceed
with these rejections. On April 2, 2023, Regal reported that it had
entered into a restructuring support agreement with secured lenders
holding most of Regal's outstanding secured indebtedness. On April
11, 2023, Regal filed a plan of reorganization and an accompanying
disclosure statement. Based on this progress, Regal has announced
its expectation to emerge from the bankruptcy case by mid-year.
Given the complexity of this matter, there can be no assurance that
Regal will not experience delays in concluding the bankruptcy
case.
The Company is currently in negotiations with Regal regarding
the properties Regal will continue to operate and the terms and
conditions of leases for those properties. Regal is entitled to
certain rights under the Code regarding the assumption or rejection
of the Regal Leases. There can be no assurance that these
negotiations will be successful and which Regal Leases, if any,
will be assumed under the Code. Additionally, Regal owes the
Company a significant amount of rent deferred during the COVID-19
pandemic pursuant to a Promissory Note. This amount is not in the
accompanying consolidated balance sheet and there can be no
assurance how much of the amount, if any, the Company will recover
under the Promissory Note.
Strong Liquidity Position
The Company remains focused on maintaining strong liquidity and
financial flexibility. The Company had $96.4 million of cash on
hand at quarter-end, no borrowings on its $1.0 billion unsecured
revolving credit facility and a consolidated debt profile all at
fixed interest rates with no maturities until 2024.
Portfolio Update
The Company's total assets were $5.8 billion (after accumulated
depreciation of approximately $1.3 billion) and total investments
(a non-GAAP financial measure) were approximately $6.7 billion at
March 31, 2023, with Experiential investments totaling $6.2
billion, or 92%, and Education investments totaling $0.5 billion,
or 8%.
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, 2023:
- 172 theatre properties;
- 56 eat & play properties (including seven theatres located
in entertainment districts);
- 23 attraction properties;
- 11 ski properties;
- seven experiential lodging properties;
- 16 fitness & wellness properties;
- one gaming property; and
- three cultural properties.
As of March 31, 2023, the Company's owned Experiential portfolio
consisted of approximately 20.0 million square feet, which was 98%
leased and included a total of $85.8 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, 2023:
- 65 early childhood education center properties; and
- nine private school properties.
As of March 31, 2023, the Company's owned Education portfolio
consisted of approximately 1.4 million square feet, which was 100%
leased.
The combined owned portfolio consisted of 21.4 million square
feet and was 98% leased.
Guidance
Due to the continuing uncertainties related to Regal's
bankruptcy proceedings, the Company is not providing 2023 earnings
guidance at this time. Earnings guidance is expected to be provided
subsequent to the resolution of such proceedings.
The Company is confirming 2023 investment spending guidance of a
range of $200.0 million to $300.0 million.
Dividend Information
The Company declared regular monthly cash dividends during the
first quarter of 2023 totaling $0.825 per common share.
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.
Conference Call Information
Management will host a conference call to discuss the Company's
financial results on April 27, 2023 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, 2023 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,
2023
2022
Rental revenue
$
151,591
$
139,603
Other income
9,333
9,305
Mortgage and other financing income
10,472
8,564
Total revenue
171,396
157,472
Property operating expense
14,155
13,939
Other expense
8,950
8,097
General and administrative expense
13,965
13,224
Transaction costs
270
2,247
Credit loss expense (benefit)
587
(306
)
Impairment charges
—
4,351
Depreciation and amortization
41,204
40,044
Total operating expenses
79,131
81,596
Loss on sale of real estate
(560
)
—
Income from operations
91,705
75,876
Interest expense, net
31,722
33,260
Equity in loss from joint ventures
1,985
106
Income before income taxes
57,998
42,510
Income tax expense
341
318
Net income
$
57,657
$
42,192
Preferred dividend requirements
6,033
6,033
Net income available to common
shareholders of EPR Properties
$
51,624
$
36,159
Net income available to common
shareholders of EPR Properties per share:
Basic
$
0.69
$
0.48
Diluted
$
0.69
$
0.48
Shares used for computation (in
thousands):
Basic
75,084
74,843
Diluted
75,283
75,047
EPR Properties
Condensed Consolidated Balance
Sheets
(Unaudited, dollars in
thousands)
March 31, 2023
December 31, 2022
Assets
Real estate investments, net of
accumulated depreciation of $1,341,527 and $1,302,640 at March 31,
2023 and December 31, 2022, respectively
$
4,708,342
$
4,714,136
Land held for development
20,168
20,168
Property under development
85,829
76,029
Operating lease right-of-use assets
197,357
200,985
Mortgage notes and related accrued
interest receivable, net
461,263
457,268
Investment in joint ventures
50,978
52,964
Cash and cash equivalents
96,438
107,934
Restricted cash
2,599
2,577
Accounts receivable
50,591
53,587
Other assets
83,050
73,053
Total assets
$
5,756,615
$
5,758,701
Liabilities and Equity
Accounts payable and accrued
liabilities
$
76,244
$
80,087
Operating lease liabilities
238,096
241,407
Dividends payable
27,859
27,438
Unearned rents and interest
71,601
63,939
Debt
2,811,653
2,810,111
Total liabilities
3,225,453
3,222,982
Total equity
$
2,531,162
$
2,535,719
Total liabilities and equity
$
5,756,615
$
5,758,701
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 transaction costs, credit loss
expense (benefit), costs associated with loan refinancing or
payoff, severance expense, 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, 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 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, 2023 and 2022 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,
2023
2022
FFO:
Net income available to common
shareholders of EPR Properties
$
51,624
$
36,159
Loss on sale of real estate
560
—
Impairment of real estate investments,
net
—
4,351
Real estate depreciation and
amortization
41,000
39,827
Allocated share of joint venture
depreciation
2,055
1,487
FFO available to common shareholders of
EPR Properties
$
95,239
$
81,824
FFO available to common shareholders of
EPR Properties
$
95,239
$
81,824
Add: Preferred dividends for Series C
preferred shares
1,938
1,938
Add: Preferred dividends for Series E
preferred shares
1,938
1,939
Diluted FFO available to common
shareholders of EPR Properties
$
99,115
$
85,701
FFOAA:
FFO available to common shareholders of
EPR Properties
$
95,239
$
81,824
Transaction costs
270
2,247
Credit loss expense (benefit)
587
(306
)
Gain on insurance recovery (included in
other income)
—
(552
)
Deferred income tax benefit
(90
)
—
FFOAA available to common shareholders of
EPR Properties
$
96,006
$
83,213
FFOAA available to common shareholders of
EPR Properties
$
96,006
$
83,213
Add: Preferred dividends for Series C
preferred shares
1,938
1,938
Add: Preferred dividends for Series E
preferred shares
1,938
1,939
Diluted FFOAA available to common
shareholders of EPR Properties
$
99,882
$
87,090
AFFO:
FFOAA available to common shareholders of
EPR Properties
$
96,006
$
83,213
Non-real estate depreciation and
amortization
204
217
Deferred financing fees amortization
2,129
2,071
Share-based compensation expense to
management and trustees
4,322
4,245
Amortization of above and below market
leases, net and tenant allowances
(89
)
(87
)
Maintenance capital expenditures (1)
(2,176
)
(1,351
)
Straight-lined rental revenue
(2,105
)
(595
)
Straight-lined ground sublease expense
565
248
Non-cash portion of mortgage and other
financing income
(122
)
(116
)
AFFO available to common shareholders of
EPR Properties
$
98,734
$
87,845
AFFO available to common shareholders of
EPR Properties
$
98,734
$
87,845
Add: Preferred dividends for Series C
preferred shares
1,938
1,938
Add: Preferred dividends for Series E
preferred shares
1,938
1,939
Diluted AFFO available to common
shareholders of EPR Properties
$
102,610
$
91,722
FFO per common share:
Basic
$
1.27
$
1.09
Diluted
1.25
1.09
FFOAA per common share:
Basic
$
1.28
$
1.11
Diluted
1.26
1.10
AFFO per common share:
Basic
$
1.31
$
1.17
Diluted
1.30
1.16
Shares used for computation (in
thousands):
Basic
75,084
74,843
Diluted
75,283
75,047
Weighted average shares
outstanding-diluted EPS
75,283
75,047
Effect of dilutive Series C preferred
shares
2,272
2,241
Effect of dilutive Series E preferred
shares
1,663
1,664
Adjusted weighted average shares
outstanding-diluted Series C and Series E
79,218
78,952
Other financial information:
Dividends per common share
$
0.8250
$
0.7750
(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, 2023 and March 31, 2022.
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 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 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, severance
expense, credit loss (benefit) expense, transaction costs,
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,
2023
2022
Net Debt:
Debt
$
2,811,653
$
2,805,853
Deferred financing costs, net
29,576
35,376
Cash and cash equivalents
(96,438
)
(323,761
)
Net Debt
$
2,744,791
$
2,517,468
Gross Assets:
Total Assets
$
5,756,615
$
5,818,070
Accumulated depreciation
1,341,527
1,206,317
Cash and cash equivalents
(96,438
)
(323,761
)
Gross Assets
$
7,001,704
$
6,700,626
Debt to Total Assets Ratio
49
%
48
%
Net Debt to Gross Assets Ratio
39
%
38
%
Three Months Ended March
31,
2023
2022
EBITDAre and Adjusted EBITDAre:
Net income
$
57,657
$
42,192
Interest expense, net
31,722
33,260
Income tax expense
341
318
Depreciation and amortization
41,204
40,044
Loss on sale of real estate
560
—
Impairment of real estate investments,
net
—
4,351
Allocated share of joint venture
depreciation
2,055
1,487
Allocated share of joint venture interest
expense
2,083
1,121
EBITDAre
$
135,622
$
122,773
Gain on insurance recovery (1)
—
(552
)
Transaction costs
270
2,247
Credit loss expense (benefit)
587
(306
)
Adjusted EBITDAre
$
136,479
$
124,162
Adjusted EBITDAre (annualized) (2)
$
545,916
$
496,648
Net Debt/Adjusted EBITDA Ratio
5.0
5.1
(1) Included in other income in the
accompanying consolidated statements of income (loss) and
comprehensive income for the quarter. Other income includes the
following:
Three Months Ended March
31,
2023
2022
Income from settlement of foreign currency
swap contracts
$
224
$
45
Gain on insurance recovery
—
552
Operating income from operated
properties
9,101
8,648
Miscellaneous income
8
60
Other income
$
9,333
$
9,305
(2) Adjusted EBITDA for the quarter is
multiplied by four to calculate an annualized amount.
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, 2023
December 31, 2022
Total assets
$
5,756,615
$
5,758,701
Operating lease right-of-use assets
(197,357
)
(200,985
)
Cash and cash equivalents
(96,438
)
(107,934
)
Restricted cash
(2,599
)
(2,577
)
Accounts receivable
(50,591
)
(53,587
)
Add: accumulated depreciation on real
estate investments
1,341,527
1,302,640
Add: accumulated amortization on
intangible assets (1)
24,344
23,487
Prepaid expenses and other current assets
(1)
(38,791
)
(33,559
)
Total investments
$
6,736,710
$
6,686,186
Total Investments:
Real estate investments, net of
accumulated depreciation
$
4,708,342
$
4,714,136
Add back accumulated depreciation on real
estate investments
1,341,527
1,302,640
Land held for development
20,168
20,168
Property under development
85,829
76,029
Mortgage notes and related accrued
interest receivable, net
461,263
457,268
Investment in joint ventures
50,978
52,964
Intangible assets, gross (1)
64,156
60,109
Notes receivable and related accrued
interest receivable, net (1)
4,447
2,872
Total investments
$
6,736,710
$
6,686,186
(1) Included in other assets in the
accompanying consolidated balance sheet. Other assets include the
following:
March 31, 2023
December 31, 2022
Intangible assets, gross
$
64,156
$
60,109
Less: accumulated amortization on
intangible assets
(24,344
)
(23,487
)
Notes receivable and related accrued
interest receivable, net
4,447
2,872
Prepaid expenses and other current
assets
38,791
33,559
Total other assets
$
83,050
$
73,053
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 $5.8 billion (after
accumulated depreciation of approximately $1.3 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, the uncertain financial
impact of the COVID-19 pandemic, uncertainties regarding the
ultimate impact of a customer's pending bankruptcy proceeding on
our existing leases with Regal theatre tenants, 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/20230426005786/en/
EPR Properties Brian Moriarty, 816-472-1700 www.eprkc.com
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