Increases Earnings Guidance for 2018
EPR Properties (NYSE:EPR) today announced operating results for
the third quarter and nine months ended September 30, 2018.
Three Months Ended September 30,
2018
- Total revenue was $176.4 million for
the third quarter of 2018, including a $20.0 million prepayment fee
received from Och-Ziff Real Estate ("OZRE") as further discussed
below, and represents a 17% increase from $151.4 million for the
same quarter in 2017.
- Net income available to common
shareholders was $85.8 million, or $1.15 per diluted common share,
for the third quarter of 2018 compared to $57.0 million, or $0.77
per diluted common share, for the same quarter in 2017.
- Funds From Operations (FFO) (a non-GAAP
financial measure) for the third quarter of 2018 was $116.5
million, or $1.54 per diluted common share, compared to $90.5
million, or $1.22 per diluted common share, for the same quarter in
2017.
- FFO as adjusted (a non-GAAP financial
measure) for the third quarter of 2018 was $119.6 million, or $1.58
per diluted common share, compared to $93.3 million, or $1.26 per
diluted common share, for the same quarter in 2017, representing a
25% increase in per share results.
Nine Months Ended September 30, 2018
- Total revenue was $534.2 million for
the nine months ended September 30, 2018, including $65.9 million
in prepayment fees received from OZRE, representing a 25% increase
from $428.3 million for the same period in 2017.
- Net income available to common
shareholders was $194.8 million, or $2.62 per diluted common share,
for the nine months ended September 30, 2018 compared to $179.6
million, or $2.55 per diluted common share, for the same period in
2017.
- FFO (a non-GAAP financial measure) for
the nine months ended September 30, 2018 was $316.6 million, or
$4.21 per diluted common share, compared to $249.4 million, or
$3.52 per diluted common share, for the same period in 2017.
- FFO as adjusted (a non-GAAP financial
measure) for the nine months ended September 30, 2018 was $355.4
million, or $4.70 per diluted common share, compared to $264.7
million, or $3.73 per diluted common share, for the same period in
2017, representing a 26% increase in per share results.
“We delivered robust revenue and earnings growth once again
during the third quarter,” stated Company President and CEO Greg
Silvers. “Contributing to our record earnings were the additional
prepayment fees received from OZRE, which were an important part of
the transaction structure and resulted in very attractive returns
on that investment. Our positive results to date, combined
with our constructive outlook, allows us to increase our annual
earnings guidance for 2018. We have a healthy pipeline of
opportunities supported by our unique expertise in experiential
assets, which we believe positions us well to continue to deliver
excellent results.”
A reconciliation of FFO to FFO as adjusted follows (unaudited,
dollars in thousands, except per share amounts):
Three Months Ended September 30,
2018 2017 Amount
FFO/share Amount FFO/share FFO
available to common shareholders $ 116,510 $ 1.54 $ 90,518 $ 1.22
Costs associated with loan refinancing or payoff — — 1,477 0.02
Transaction costs 1,101 0.02 113 — Termination fee included in gain
on sale 1,864 0.03 954 0.02 Deferred income tax expense 92 — 227 —
Impact of Series C and Series E Dilution — (0.01 ) —
— FFO as adjusted available to common shareholders $ 119,567
$ 1.58 $ 93,289 $ 1.26 Dividends
declared per common share $ 1.08 $ 1.02 FFO as adjusted available
to common shareholders payout ratio 68 % 81 %
Nine
Months Ended September 30, 2018 2017
Amount FFO/share Amount FFO/share FFO
available to common shareholders $ 316,571 $ 4.21 $ 249,391 $ 3.52
Costs associated with loan refinancing or payoff 31,958 0.43 1,491
0.02 Transaction costs 2,115 0.03 388 0.01 Litigation settlement
expense 2,090 0.03 — — Termination fee included in gain on sale
1,864 0.03 6,774 0.09 Impairment of direct financing leases -
allowance for lease loss portion (1) — — 7,298 0.10 Gain on early
extinguishment of debt — — (977 ) (0.01 ) Gain on insurance
recovery (included in other income) — — (606 ) (0.01 ) Deferred
income tax expense 755 0.01 911 0.01 Impact of Series C and Series
E Dilution — (0.04 ) — — FFO as adjusted
available to common shareholders $ 355,353 $ 4.70 $
264,670 $ 3.73 Dividends declared per common
share $ 3.24 $ 3.06 FFO as adjusted available to common
shareholders payout ratio 69 % 82 %
(1)
Impairment charges recognized during the nine months ended
September 30, 2017 total $10.2 million and related to our
investment in direct financing leases, 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 September 30, 2018:
- The Entertainment segment included
investments in 151 megaplex theatre properties, seven entertainment
retail centers (which include seven additional megaplex theatre
properties) and 11 family entertainment centers. The Company’s
portfolio of owned entertainment properties consisted of 13.2
million square feet and was 99% leased, including megaplex theatres
that were 100% leased.
- The Recreation segment included
investments in 12 ski areas, 21 attractions, 32 golf entertainment
complexes and ten other recreation facilities. The Company’s
portfolio of owned recreation properties was 100% leased.
- The Education segment included
investments in 63 public charter schools, 69 early education
centers and 14 private schools. The Company’s portfolio of owned
education properties consisted of 4.7 million square feet and was
98% leased.
- The Other segment consisted primarily
of the land under ground lease, property under development and land
held for development related to the Resorts World Catskills casino
and resort project in Sullivan County, New York.
The combined owned portfolio consisted of 21.2 million square
feet and was 99% leased. As of September 30, 2018, the Company also
had a total of $289.2 million invested in property under
development.
Investment Update
The Company's investment spending for the three months ended
September 30, 2018 totaled $116.5 million (bringing the
year-to-date investment spending to $355.0 million), and included
investments in each of its primary operating segments:
- Entertainment investment spending
during the three months ended September 30, 2018 totaled $10.7
million, including spending on build-to-suit development and
redevelopment of megaplex theatres, entertainment retail centers
and family entertainment centers.
- Recreation investment spending during
the three months ended September 30, 2018 totaled $73.8 million,
including spending on build-to-suit development of golf
entertainment complexes and attractions.
- Education investment spending during
the three months ended September 30, 2018 totaled $32.0 million,
including spending on build-to-suit development and redevelopment
of public charter schools, early education centers and private
schools as well as the acquisition of two early education
centers.
Early Childhood Education Tenant Update
In July 2018, the Company entered into a new lease agreement
with Children’s Learning Adventure USA ("CLA") related to 21 open
schools which replaced the prior lease arrangements. The lease
agreement provided for a one-month term for rent of $1.0 million
that expired on August 31, 2018. The Company agreed to extend this
lease for the months of September and October 2018 and the monthly
rent of $1.0 million has been paid for each of these months. If the
new month-to-month lease is not further extended, CLA will be
required to expeditiously vacate these properties, in which case
the Company intends to lease some or all of the 21 schools to other
operators.
CLA continues to negotiate with third parties regarding a
restructuring that would permit CLA to continue operation of the
CLA properties. In addition, the Company is actively pursuing other
alternatives for these properties, including replacement tenants
and operators.
Capital Recycling
During the third quarter of 2018, the Company received $94.9
million in proceeds from OZRE representing payment in full on the
remaining mortgage note receivable of $74.9 million that was
secured by six ski properties plus prepayment fees totaling $20.0
million that are included in mortgage and other financing income.
Prior to the third quarter, the Company received a partial
prepayment on this note of approximately $175.4 million and
recognized a prepayment fee totaling $45.9 million.
During the third quarter of 2018, the Company completed the sale
of four public charter schools leased to Imagine Schools Inc. for
net proceeds of $43.4 million and recognized a gain on sale of
investment in direct financing leases of $5.5 million. Accordingly,
the Company reduced its investment in direct financing leases, net,
by $37.9 million, which included $31.6 million in original
acquisition costs.
During the third quarter of 2018, pursuant to a tenant purchase
option, the Company completed the sale of one public charter school
property for total net proceeds of $12.0 million and recognized a
gain on sale of $1.9 million. Additionally, the Company completed
the sale of one entertainment parcel located in West Virginia for
net proceeds of $1.7 million and recognized a gain on sale of $0.4
million.
Disposition proceeds and mortgage note pay-offs (excluding
principal amortization and including prepayment fees) totaled
$152.0 million and $399.4 million for the three and nine months
ended September 30, 2018, respectively.
Balance Sheet Update
Excluding prepayment penalties from earnings, the Company had a
net debt to adjusted EBITDA ratio (a non-GAAP financial measure) of
5.3x at September 30, 2018. The Company had $74.2 million of
unrestricted cash on hand and no outstanding balance under its $1.0
billion unsecured revolving credit facility at September 30,
2018.
Dividend Information
The Company declared regular monthly cash dividends during the
third quarter of 2018 totaling $1.08 per common share. This
dividend represents an annualized dividend of $4.32 per common
share, an increase of almost 6% over the prior year, and would be
the Company's eighth consecutive year with a significant annual
dividend increase.
The Company also declared third 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 $0.359375 per share on
its 5.75% Series G cumulative redeemable preferred shares.
2018 Guidance
The Company is increasing its 2018 guidance for FFO as adjusted
per diluted share to a range of $6.03 to $6.09 from a range of
$5.97 to $6.07. In addition, the Company is narrowing its 2018
investment spending guidance to a range of $500.0 million to $600.0
million from a range of $450.0 million to $650.0 million and
confirming its 2018 disposition proceeds guidance of $450.0 million
to $500.0 million.
FFO as adjusted guidance for 2018 is based on FFO per diluted
share of $5.47 to $5.50 adjusted for estimated costs associated
with loan refinancing or payoff, transaction costs, litigation
settlement expense, termination fees related to public charter
schools and deferred income tax expense. FFO per diluted share is
based on a net income per diluted share range of $3.47 to $3.53
less estimated gain on sale of real estate of a range of $0.13 to
$0.16, gain on sale of investment in direct financing leases of
$0.07 and the impact of Series C and Series E dilution of $0.06,
plus estimated real estate depreciation of $2.04 and impairment of
rental properties of $0.22 (in accordance with the NAREIT
definition of FFO).
Quarterly Supplemental
The Company's supplemental information package for the third
quarter and nine months ended September 30, 2018 is available on
the Company's website at
http://investors.eprkc.com/earnings-supplementals.
EPR Properties
Consolidated Statements of
Income
(Unaudited, dollars in thousands except
per share data)
Three Months Ended September 30, Nine Months Ended
September 30, 2018 2017 2018
2017 Rental revenue $ 140,905 $ 126,561 $
410,848 $ 360,757 Other income 365 522 1,641 2,518 Mortgage and
other financing income 35,139 24,314 121,755
65,016 Total revenue 176,409 151,397 534,244 428,291
Property operating expense 6,968 6,340 21,866 18,762 Other expense
118 — 118 — General and administrative expense 11,424 12,070 36,724
33,787 Litigation settlement expense — — 2,090 — Costs associated
with loan refinancing or payoff — 1,477 31,958 1,491 Gain on early
extinguishment of debt — — — (977 ) Interest expense, net 33,576
34,194 101,992 97,853 Transaction costs 1,101 113 2,115 388
Impairment charges — — 16,548 10,195 Depreciation and amortization
38,623 34,694 113,889 95,919 Income
before equity in income from joint ventures and other items 84,599
62,509 206,944 170,873 Equity in income (loss) from joint ventures
20 35 (17 ) 86 Gain on sale of real estate 2,215 997 2,688 28,462
Gain on sale of investment in direct financing leases 5,514
— 5,514 — Income before income taxes 92,348
63,541 215,129 199,421 Income tax expense (515 ) (587 ) (2,177 )
(2,016 ) Net income 91,833 62,954 212,952 197,405 Preferred
dividend requirements (6,036 ) (5,951 ) (18,108 ) (17,855 ) Net
income available to common shareholders of EPR Properties $ 85,797
$ 57,003 $ 194,844 $ 179,550 Per share
data attributable to EPR Properties common shareholders: Basic
earnings per share data: Net income available to common
shareholders $ 1.15 $ 0.77 $ 2.62 $ 2.55
Diluted earnings per share data: Net income available to
common shareholders $ 1.15 $ 0.77 $ 2.62 $
2.55 Shares used for computation (in thousands): Basic
74,345 73,663 74,274 70,320 Diluted 74,404 73,724 74,316 70,385
EPR Properties
Condensed Consolidated Balance
Sheets
(Unaudited, dollars in
thousands)
September 30, 2018 December 31, 2017
Assets Rental properties, net of accumulated depreciation of
$848,280 and $741,334 at September 30, 2018 and December 31, 2017,
respectively $ 4,891,955 $ 4,604,231 Land held for development
31,076 33,692 Property under development 289,228 257,629 Mortgage
notes and related accrued interest receivable 572,700 970,749
Investment in direct financing leases, net 20,495 57,903 Investment
in joint ventures 5,018 5,602 Cash and cash equivalents 74,153
41,917 Restricted cash 22,031 17,069 Accounts receivable, net
104,757 93,693 Other assets 102,657 109,008 Total assets $
6,114,070 $ 6,191,493
Liabilities and Equity Accounts
payable and accrued liabilities $ 138,829 $ 136,929 Dividends
payable 32,797 30,185 Unearned rents and interest 90,287 68,227
Debt 2,954,962 3,028,827 Total liabilities 3,216,875
3,264,168 Total equity $ 2,897,195 $ 2,927,325 Total
liabilities and equity $ 6,114,070 $ 6,191,493
EPR Properties
Reconciliation of Non-GAAP Financial
Measures
(Unaudited, dollars in thousands except
per share data)
Three Months Ended September 30, Nine Months Ended
September 30, 2018 2017 2018
2017 FFO: (A) Net income
available to common shareholders of EPR Properties $ 85,797 $
57,003 $ 194,844 $ 179,550 Gain on sale of real estate (2,215 )
(997 ) (2,688 ) (28,462 ) Gain on sale of investment in direct
financing leases (5,514 ) — (5,514 ) — Impairment of rental
properties — — 16,548 — Impairment of direct financing
leases-residual value portion (1) — — — 2,897 Real estate
depreciation and amortization 38,388 34,457 113,211 95,243
Allocated share of joint venture depreciation 54 55
170 163 FFO available to common shareholders of EPR
Properties $ 116,510 $ 90,518 $ 316,571 $
249,391 FFO available to common shareholders of EPR
Properties $ 116,510 $ 90,518 $ 316,571 $ 249,391 Add: Preferred
dividends for Series C preferred shares 1,940 1,941 5,820 5,823
Add: Preferred dividends for Series E preferred shares 1,939
— 5,817 — Diluted FFO available to common
shareholders of EPR Properties $ 120,389 $ 92,459 $
328,208 $ 255,214 FFO per common share: Basic
$ 1.57 $ 1.23 $ 4.26 $ 3.55 Diluted 1.54 1.22 4.21 3.52 Shares used
for computation (in thousands): Basic 74,345 73,663 74,274 70,320
Diluted 74,404 73,724 74,316 70,385 Weighted average shares
outstanding-diluted EPS 74,404 73,724 74,316 70,385 Effect of
dilutive Series C preferred shares 2,122 2,072 2,110
2,063 Adjusted weighted average shares
outstanding-diluted Series C 76,526 75,796 76,426 72,448 Effect of
dilutive Series E preferred shares 1,610 — 1,604
— Adjusted weighted average shares
outstanding-diluted Series C and Series E 78,136 75,796
78,030 72,448 Other financial
information: Straight-lined rental revenue $ 3,079 $ 2,357 $ 7,013
$ 11,417 Dividends per common share $ 1.08 $ 1.02 $ 3.24 $ 3.06 (1)
Impairment charges recognized during the nine months ended
September 30, 2017 total $10.2 million and related to our
investment in direct financing leases, 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. In addition to FFO,
the Company presents FFO as adjusted. Management believes it is
useful to provide FFO as adjusted as a supplemental measure to GAAP
net income available to common shareholders and earnings per share.
FFO as adjusted is FFO plus costs (gain) associated with loan
refinancing or payoff, transaction costs, retirement severance
expense, litigation settlement 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 provision
for loan losses, and by subtracting gain on early extinguishment of
debt, gain (loss) on sale of land, gain on insurance recovery and
deferred tax benefit (expense). FFO and FFO as adjusted are
non-GAAP financial measures. FFO and FFO as adjusted 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 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 and the 9.00% Series E cumulative convertible
preferred shares would be dilutive to FFO and FFOAA per share for
the three and nine months ended September 30, 2018. Therefore, the
additional 2.1 million common shares and 1.6 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 per share and diluted
FFOAA per share for the three and nine months ended September 30,
2018.
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 nine months ended September 30, 2017. Therefore, the
additional 2.1 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 nine
months ended September 30, 2017. 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 FFO
and FFOAA per share data for the three and nine months ended
September 30, 2017.
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 (both reported in accordance
with GAAP) to Net Debt, EBITDAre, 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):
September 30, 2018 2017
Net Debt: (B) Debt $ 2,954,962 $ 2,987,925
Deferred financing costs, net 35,033 33,951 Cash and cash
equivalents (74,153 ) (11,412 ) Net Debt $ 2,915,842 $
3,010,464
Three Months Ended September 30,
2018 2017
EBITDAre and Adjusted
EBITDA:
Net income $ 91,833 $ 62,954 Interest expense, net 33,576 34,194
Income tax expense 515 587 Depreciation and amortization 38,623
34,694 Gain on sale of real estate (2,215 ) (997 ) Gain on sale of
investment in direct financing leases (5,514 ) — Costs associated
with loan refinancing or payoff — 1,477 Equity in income from joint
ventures (20 ) (35 ) EBITDAre (for the quarter)
(C) $
156,798 $ 132,874 Transaction costs 1,101 113
Prepayment fees (20,026 ) — Adjusted EBITDA (for the
quarter) $ 137,873 $ 132,987 Adjusted EBITDA
(1)
(D) $ 551,492 $ 531,948 Net
Debt/Adjusted EBITDA Ratio 5.3 5.7
(1) 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) 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 expense
(benefit), depreciation and amortization, gains and losses from
sales of depreciable operating properties, impairment losses of
depreciable real estate, costs (gain) 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. EBITDAre does not
represent cash flow 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 or cash flows or liquidity as defined by GAAP.
(D) 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 EBITDAre
(defined above) excluding gain on insurance recovery, retirement
severance expense, litigation settlement expense, impairment of
direct financing lease (allowance for lease loss portion), the
provision for loan losses, transaction costs and prepayment fees,
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 $6.7
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: https://www.businesswire.com/news/home/20181029005741/en/
EPR PropertiesBrian Moriarty,
888-EPR-REITwww.eprkc.com
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