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EPR Properties (NYSE: EPR ) is a REIT with a focus on investing in experiential properties. This stock has been trading flat over the last year, up only 1.61% and down ~6% YTD. They just reported their results for the third quarter, which were mixedHello and welcome to my Seeking Alpha page. My name is Jack Elias, and I am a dedicated business student with a fervent passion for the world of investing. With a solid foundation in both theoretical knowledge and practical experience, I bring a unique perspectiv ...

Core Viewpoint - EPR Properties is positioned as a strong investment opportunity due to its high dividend yield and potential for total returns, particularly in the experiential real estate sector [1][11]. Company Overview - EPR Properties is a real estate investment trust (REIT) that focuses on owning experiential properties, including movie theaters and entertainment venues, with a portfolio of 352 locations leased to over 200 tenants [3][6]. Financial Performance - The REIT expects to generate between $4.80 and $4.92 per share of funds from operations (FFO) this year, with a current monthly dividend of $0.285 per share, resulting in an annual dividend of $3.42 and a payout ratio of around 70% [4][9]. - EPR Properties has a dividend yield of 7.5%, significantly higher than the S&P 500's yield of less than 1.5%, indicating a strong income potential for investors [5]. Investment Strategy - The company has invested over $6.9 billion in its real estate portfolio and sees a market opportunity exceeding $100 billion for acquiring and developing experiential real estate [6][9]. - In 2023, EPR Properties has invested $214.6 million in experiential properties and plans to spend between $225 million and $275 million for the full year [7][9]. Growth Potential - EPR Properties anticipates a 3.2% increase in FFO per share this year and has already raised its dividend by 3.6% [8]. - The REIT aims for a comfortable annual growth rate of 3% to 4% in FFO, which could support similar dividend growth [9][11]. Capital Management - The company has $35.3 million in cash and only $169 million outstanding on its $1 billion credit facility, providing financial flexibility for future investments [9]. - EPR Properties has sold $65.1 million in properties this year, targeting to sell an additional $70 million to $100 million in non-core properties to fund new investments [10].

EPR Properties is an ideal passive income investment.There are lots of ways to make passive income. An easy way for beginners is to invest in high-quality dividend-paying stocks. EPR Properties (EPR -1.17%) stands out among dividend stocks as a great option for those desiring passive income. The real estate investment trust (REIT) pays a monthly dividend, as opposed to the standard quarterly payout, and offers a very attractive dividend yield of more than 7%. For comparison, the S&P 500 yields less than 1.5 ...

Financial Data and Key Metrics Changes - FFO as adjusted for Q3 was $1.30 per share, down from $1.47 in the prior year, while AFFO for the quarter was $1.29 per share compared to $1.47 in the prior year [39] - Total revenue for the quarter was $180.5 million, down from $189.4 million in the prior year, with rental revenue decreasing by $15.3 million [40] - Overall portfolio coverage remains strong at 2.1 times, down slightly from the previous quarter [17][10] Business Line Data and Key Metrics Changes - The Experiential portfolio comprises 283 properties, accounting for 93% of total investments, and was 99% leased at the end of the quarter [15][16] - The Education portfolio consists of 69 properties, which were 100% leased at the end of the quarter [16] - Percentage rents for the quarter increased to $5.9 million from $2.1 million in the prior year, driven by theaters under the Regal master lease [41] Market Data and Key Metrics Changes - North American box office for Q3 totaled $2.7 billion, with a total of $6.2 billion for the first nine months, down 12% year-over-year [21] - Box office gross is expected to recover, with projections for 2024 increased to between $8.3 billion and $8.7 billion [25] - Theaters' trailing 12-month coverage is at 1.5 times, with box office at $8.1 billion for the same period [17] Company Strategy and Development Direction - The company is focused on investing in experiential properties, particularly in fitness and wellness sectors, capitalizing on growing consumer demand [9][10] - A new $1 billion revolving credit facility was established to enhance liquidity and support strategic investments [8] - The company plans to recycle capital from non-core asset sales to fund investments in experiential properties [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of box office revenues and the normalization of film releases post-strikes [18][24] - The impact of recent hurricanes on hotel properties was acknowledged, with plans to work with partners and insurers for recovery [20][19] - Management remains confident in the strategic direction and financial health of the company, expecting continued growth in experiential investments [57] Other Important Information - The company recognized impairment charges of $12.1 million on joint ventures due to hurricane damage [46] - Investment spending for the quarter was $82 million, with year-to-date spending at $214.6 million [31] - The company is narrowing its 2024 FFO guidance to a range of $4.80 to $4.92 per share [50] Q&A Session Summary Question: What is driving the confidence in box office projections? - Management highlighted the normalization of the number of titles released, which is expected to drive box office growth [59][60] Question: What is the strategy regarding exposure to Topgolf post-spin-off? - The company is comfortable with its current exposure and has focused on major markets for its investments [61][62] Question: What are the expectations for the 2025 box office? - Analysts expect a mid-nine billion box office for 2025, with more titles on the slate compared to 2024 [63][64] Question: How is the transaction market looking? - The company has not seen significant changes in pricing but remains disciplined in capital deployment [65][66] Question: What is the outlook for the St. Pete lodging assets? - The decision to exit these assets was influenced by both hurricane damage and rising insurance costs [74][76] Question: Will there be any cash impact from exiting the St. Pete assets? - The company does not expect any significant cash impact from exiting these properties [82] Question: What is the future of investments in fitness and wellness assets? - The company plans to continue investing in curated health and wellness experiences, targeting specific demographic groups [100][101]

Financial Performance - Total revenue for the three months ended September 30, 2024, was $180.5 million, a decrease of 5% compared to $189.4 million in 2023[152]. - For the three months ended September 30, 2024, total rental revenue decreased by $15.3 million to $148.7 million compared to $163.9 million in the same period of 2023[164]. - For the nine months ended September 30, 2024, total revenue decreased by $12.9 million to $520.8 million compared to $533.7 million in the same period of 2023[164]. - Net income available to common shareholders for the three months ended September 30, 2024, was $40.618 million, a decrease from $50.228 million in the same period of 2023, representing a decline of 19.4%[206]. - FFO available to common shareholders for the nine months ended September 30, 2024, was $275.955 million, down from $305.919 million in 2023, reflecting a decrease of 9.8%[206]. - AFFO available to common shareholders for the three months ended September 30, 2024, was $99.309 million, compared to $113.333 million in 2023, indicating a decline of 12.4%[208]. - Diluted FFO per common share for the three months ended September 30, 2024, was $1.31, down from $1.47 in the same period of 2023, a decrease of 10.9%[208]. - Adjusted EBITDAre for the quarter ended September 30, 2024, was $142,647, down 6.5% from $153,216 in the same quarter of 2023[220]. Investment and Asset Management - As of September 30, 2024, total assets were approximately $5.7 billion, with total investments at approximately $6.9 billion[144]. - The Experiential investments comprised $6.4 billion, or 93% of total investments, while Education investments accounted for $0.5 billion, or 7%[144]. - The owned Experiential real estate portfolio consisted of approximately 19.5 million square feet, with a leasing rate of 99%[146]. - The company plans to be more selective in future investments and acquisitions until economic conditions improve[150]. - The company had commitments for 13 development projects totaling approximately $144.1 million, with $31.1 million expected to be funded in the remainder of 2024[194]. - Total investments increased to $6,936,089 as of September 30, 2024, compared to $6,813,175 at the end of 2023, marking a growth of 1.8%[223]. Debt and Financing - As of September 30, 2024, the company had total outstanding debt of $2.9 billion, with 99% being unsecured[182]. - The company had $2.5 billion in unsecured senior notes with interest rates ranging from 3.60% to 4.95%, and various covenants including a debt to adjusted total assets ratio limit of 60%[183]. - The outstanding balance under the unsecured revolving credit facility was $169.0 million out of a total availability of $1.0 billion as of September 30, 2024[185]. - The company entered into an Amended Credit Agreement on September 19, 2024, which extended the maturity date of the revolving credit facility to October 2, 2028, and reduced the interest rate on outstanding loans[186]. - The company plans to fund investments primarily from cash on hand, excess cash flow, and borrowing availability under the unsecured revolving credit facility due to elevated capital costs[201]. - The company reported a non-cash write-off of deferred financing costs totaling $0.3 million related to the Amended Credit Agreement[188]. - The company maintains a conservative capital structure, focusing on a net debt to adjusted EBITDAre ratio to ensure financial stability[202]. - As of September 30, 2024, net debt amounted to $2,838,264, an increase from $2,668,276 in the previous year, reflecting a 6.4% rise[220]. - The debt to total assets ratio increased to 50% from 49% year-over-year, indicating a higher leverage position[220]. Impairments and Gains - The company recognized a net gain on the sale of properties totaling $16.0 million from net proceeds of $65.1 million during the nine months ended September 30, 2024[157]. - Impairment charges recognized for the nine months ended September 30, 2024, totaled $11.8 million due to reassessment of a theatre property[158]. - The company recognized $12.1 million in other-than-temporary impairment charges on joint ventures due to hurricane damage to two experiential lodging properties in St. Pete Beach, Florida[159]. - The company reported a net loss on the sale of real estate of $3.4 million for the three months ended September 30, 2024[176]. - Impairment charges on joint ventures for the three months ended September 30, 2024, amounted to $12.130 million, with no charges reported in the same period of 2023[206]. Cash Flow and Operating Activities - For the nine months ended September 30, 2024, net cash provided by operating activities was $300.2 million, compared to $370.1 million for the same period in 2023[193]. - Cash and cash equivalents were $35.3 million at September 30, 2024, with no uninsured deposits reported[181]. Rental and Lease Agreements - The company renewed ten lease agreements on approximately 295 thousand square feet, experiencing a decrease of approximately 0.5% in rental rates[168]. - The increase in percentage rent for the three and nine months ended September 30, 2024 was primarily due to higher percentage rent recognized from theatre and cultural property tenants[169]. - As of September 30, 2024, the Education portfolio was 100% leased, consisting of approximately 1.3 million square feet[147]. Currency and Foreign Exposure - The company is exposed to foreign currency risk on its six Canadian properties, with rents received in CAD, and has implemented hedging strategies to mitigate this risk[228]. - The company entered into six USD-CAD cross-currency swaps effective October 1, 2024, locking in an exchange rate of $1.35 CAD per USD on approximately $15.3 million annual CAD denominated cash flows[233].

Although the pandemic of 2020 seems like forever ago, it changed the way consumers conduct business, or in short, see the future. Now we buy more items online and pick them up in store and seek experiences Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligence ...

I've always loved a good film, one that is well-crafted and tells a complete story in a logical, unconfusing manner. I've always found that films, shows, or even books that use nonsensical leaps to achieve their outcome because High Dividend Opportunities, #1 On Seeking Alpha High Dividend Opportunities: The Income Method Interested in arowing uour income? HDO is the largest and most exciting community of income investors and retirees with over +8000 members. We are looking for more members to join our live ...

Usually, high yield investing is associated with limited growth potential both at the price appreciation and incremental current income end. In other words, there is usually a reason why the market has assigned relatively low valuation metric, which mathematically Roberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in ...

You won't be charged a penny during the free trial, so you have nothing to lose and everything to gain. If you want full access to our Portfolio and all our current Top Picks, feel free to join us at High Yield Landlord for a 2-week free trial. This means that I am willing to go in and out of investments based on their fundamentals and valuations. He is the leader of the investing group High Yield Landlord , where he shares his real-money REIT portfolio and transactions in real-time. Features of the group i ...