molchanovdmitry Overview In my previous analysis of EPR Properties (NYSE:EPR), I discussed how I believed some dividend raises were to come. While I still believe that to be true, I would like to revisit EPR and discuss the updated financials. I still like EPR at these levels and the monthly dividend is a great bonus. I think the REIT has plenty of growth in the future as the experience economy continues to show steady growth year after year. The main update here are the improvements in financials due t ...

EPR Properties. (NYSE:EPR) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET Company Participants Brian Moriarty - Vice President, Corporate Communications Gregory Silvers - Chairman and Chief Executive Officer Gregory Zimmerman - Executive Vice President and Chief Investment Officer Mark Peterson - Executive Vice President and Chief Financial Officer Conference Call Participants Joshua Dennerlein - Bank of America Eric Wolfe - Citi Robert Stevenson - Janney Montgomery Scott Mitch Germain - JMP S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 EPR PROPERTIES (Exact name of registrant as specified in its charter) Maryland 43-1790877 (State or other jurisdiction of incorp ...

EPR Properties (NYSE:EPR) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET Company Participants Brian Moriarty - Vice President, Corporate Communications Greg Silvers - Chairman and Chief Executive Officer Greg Zimmerman - Executive Vice President and Chief Investment Officer Mark Peterson - Executive Vice President and Chief Financial Officer Conference Call Participants Joshua Dennerlein - BofA Securities Todd Thomas - Keybanc Capital Markets Eric Wolfe - Citibank RJ Milligan - Raymond James Mit ...

Financial Performance - Total revenue for the three months ended June 30, 2023, was $172.9 million, an 8% increase from $160.4 million in the same period of 2022 [145]. - FFOAA per diluted share for the three months ended June 30, 2023, was $1.28, a 9% increase from $1.17 in the same period of 2022 [145]. - Total revenue for the six months ended June 30, 2023, was $344.3 million, an increase of 8.3% from $317.9 million in 2022 [151]. - Total rental revenue for the six months ended June 30, 2023, was $303.5 million, an increase of 7.4% from $282.5 million in 2022 [151]. - AFFO available to common shareholders of EPR Properties increased to $100,101,000 for Q2 2023, up from $93,388,000 in Q2 2022, representing an increase of 7.8% [181]. - FFO per common share (diluted) rose to $1.27 in Q2 2023, compared to $1.04 in Q2 2022, reflecting a growth of 22.1% [181]. - The company reported a net income of $13,600,000 for Q2 2023, down from $40,909,000 in Q2 2022, indicating a decline of 66.8% [191]. Assets and Investments - As of June 30, 2023, total assets were approximately $5.7 billion, with total investments at approximately $6.7 billion [133]. - The Experiential segment comprised $6.2 billion, or 92%, of total investments, while the Education segment accounted for $0.5 billion, or 8% [133]. - The owned Experiential real estate portfolio consisted of approximately 20.1 million square feet, which was 98% leased [134]. - Total investments as of June 30, 2023, amounted to $6,718,938,000, slightly up from $6,686,186,000 at the end of 2022 [192]. - The company had commitments for 16 development projects totaling approximately $178.3 million, with $70.7 million expected to be funded in 2023 [169]. Debt and Financing - Total outstanding debt was $2.8 billion, with 99% being unsecured, and $2.5 billion in unsecured senior notes with interest rates ranging from 3.60% to 4.95% [163]. - The debt to total assets ratio was 49%, and the net debt to adjusted EBITDAre ratio was 5.0x as of June 30, 2023 [176]. - The company plans to finance investments primarily through cash from operations and borrowing availability under its unsecured revolving credit facility [167]. - The company had no scheduled debt payments due in 2023 and $136.6 million due in 2024 [173]. - Net Debt stood at $2,741,518,000 as of June 30, 2023, compared to $2,672,963,000 in the previous year, indicating an increase of 2.6% [191]. Impairments and Losses - The company recorded a non-cash impairment charge of $42.4 million during the three months ended June 30, 2023, related to properties surrendered by Regal [143]. - Impairment charges totaled $43.8 million for the six months ended June 30, 2023, related to eight Regal Surrendered Properties [149][158]. - The company recognized a net loss of $1.1 million on the sale of one vacant eat & play property and one early childhood education center during the six months ended June 30, 2023 [148]. Operational Highlights - Regal's new master lease will have an annual base rent of $65.0 million, escalating by 10% every five years, effective August 1, 2023 [141]. - Regal owed approximately $76.3 million in undiscounted deferred rent as of July 31, 2023, with $56.8 million related to Master Lease Properties [143]. - The company collected $7.3 million in deferred rent from cash basis customers during the three months ended June 30, 2023 [138]. - Minimum rent for the six months ended June 30, 2023, increased by $20.0 million to $285.2 million compared to $265.2 million in 2022, primarily due to improved collections and property acquisitions [151][152]. - Interest expense decreased to $63.3 million for the six months ended June 30, 2023, down from $66.5 million in 2022, due to increased interest income on short-term investments [155][160]. - General and administrative expenses increased by $3.3 million to $29.2 million for the six months ended June 30, 2023, primarily due to higher payroll and professional fees [155]. Currency and Interest Rate Risks - 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 [198]. - The company has entered into three USD-CAD cross-currency swaps with a total fixed original notional value of $150.0 million CAD and $118.7 million USD, locking in an exchange rate of $1.26 CAD per USD on approximately $10.8 million annual CAD denominated cash flows [200]. - The company has two forward contracts with a fixed notional value of $200.0 million CAD and $155.9 million USD, with an exchange rate of approximately $1.28 CAD per USD [203]. - The company has an interest rate cap agreement limiting the variable portion of the interest rate on a $25.0 million bond to 2.5325% until September 30, 2026 [199]. - The joint venture's interest rate cap agreement limits the variable portion of the interest rate (SOFR) to 3.5% from May 19, 2022, to June 1, 2024 [196]. - The net effect of the company's cross-currency swaps is to lock in an exchange rate of $1.30 CAD per USD on approximately $8.1 million of annual CAD denominated cash flows [202]. - The company has entered into two additional forward contracts with a fixed notional value of $90.0 million CAD and $69.2 million USD, with an exchange rate of approximately $1.30 CAD per USD [204].

EPR Properties (NYSE:EPR) The Nareit REITweek 2023 Investor Conference Call June 7, 2023 1:15 PM ET Company Participants Greg Silvers - Chairman and Chief Executive Officer Mark Peterson - Chief Financial Officer Greg Zimmerman - Chief Investment Officer Conference Call Participants RJ Milligan - Raymond James RJ Milligan We are all set. Excellent. Alright. Good afternoon, everybody and thank you for coming. My name is RJ Milligan. I am with the Raymond James equity research team. And we are proud to presen ...

EPR Properties (NYSE:EPR) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET Company Participants Brian Moriarty - Vice President, Corporate Communications Greg Silvers - Chairman and CEO Greg Zimmerman - Executive Vice President and CIO Mark Peterson - Executive Vice President and CFO Conference Call Participants Todd Thomas - KeyBanc Capital Markets Rob Stevenson - Janney Montgomery Scott Eric Wolfe - Citibank Joshua Dennerlein - BofA Securities John Massocca - Ladenburg Thalmann Mitch Germain - J ...

Financial Performance - For the three months ended March 31, 2023, total revenue increased by 9% to $171.4 million compared to $157.5 million in the same period of 2022 [137]. - Net income available to common shareholders per diluted share rose by 44% to $0.69 from $0.48 year-over-year [137]. - Funds From Operations As Adjusted (FFOAA) per diluted share increased by 15% to $1.26 compared to $1.10 in the prior year [137]. - Total revenue for the three months ended March 31, 2023, was $171.396 million, an increase of $13.924 million (8.8%) compared to $157.472 million in the same period of 2022 [142]. - Minimum rent increased by $11.577 million (8.9%) to $141.852 million, primarily due to improved collections and property acquisitions [142]. - For the three months ended March 31, 2023, the funds from operations (FFO) available to common shareholders was $95,239,000, compared to $81,824,000 for the same period in 2022, representing a 16.3% increase [172]. - The diluted FFO per common share for the three months ended March 31, 2023, was $1.25, up from $1.09 in the same period of 2022, reflecting a 14.7% increase [173]. - The adjusted funds from operations (AFFO) available to common shareholders for the three months ended March 31, 2023, was $98,734,000, compared to $87,845,000 for the same period in 2022, indicating a 12.3% increase [172]. - The company reported a net income available to common shareholders of $51,624,000 for the three months ended March 31, 2023, compared to $36,159,000 for the same period in 2022, which is a 42.7% increase [172]. Assets and Investments - As of March 31, 2023, total assets were approximately $5.8 billion, with total investments at approximately $6.7 billion, comprising $6.2 billion (92%) in Experiential and $0.5 billion (8%) in Education properties [126]. - The owned Experiential real estate portfolio consisted of approximately 20.0 million square feet, which was 98% leased, including $85.8 million in property under development [127]. - Investment spending for the three months ended March 31, 2023, totaled $66.5 million, significantly up from $24.4 million in the same period of 2022 [140]. - The company had commitments for 15 development projects totaling approximately $200.5 million, with $86.6 million expected to be funded in 2023 [160]. - Total investments increased to $6,736,710 as of March 31, 2023, from $6,686,186 at the end of 2022, marking a growth of approximately 1% [185]. Debt and Financial Obligations - Total outstanding debt was $2.8 billion, with 99% being unsecured [151]. - As of March 31, 2023, the company's debt to total assets ratio was 49%, net debt to adjusted EBITDAre ratio was 5.0x, and net debt to gross assets ratio was 39% [167]. - The company’s net debt to adjusted EBITDAre ratio is a key measure used to evaluate capital structure, with a current ratio of 5.0x [182]. - As of March 31, 2023, the company's net debt increased to $2,744,791, up from $2,517,468 in 2022, reflecting a year-over-year increase of 9% [184]. - The company had no outstanding balance under its $1.0 billion unsecured revolving credit facility as of March 31, 2023 [154]. - The joint ventures related to two lodging properties had a secured mortgage loan with an outstanding balance of $105.0 million, bearing interest at SOFR plus 3.65% [189]. Operational Insights - The economic environment has led to increased cost of capital and reduced investment spending, with future investments expected to be funded primarily from cash from operations [136]. - The company plans to reduce exposure to theatre properties and diversify its experiential property types moving forward [130]. - The company plans to be more selective in investments and acquisitions due to increased cost of capital resulting from a challenging economic environment and a theatre tenant's bankruptcy [166]. - Cash and cash equivalents stood at $96.4 million as of March 31, 2023, with no uninsured deposits [150]. - Net cash provided by operating activities was $121.530 million, a decrease from $128.087 million in the prior year [158]. Interest and Expenses - Interest expense decreased by $1.538 million (4.6%) to $31.722 million compared to $33.260 million in the previous year [146]. - The interest rate cap agreement limits the variable portion of the interest rate on a $25.0 million bond to 2.5325% until September 30, 2026, mitigating interest rate risk [192]. - The company entered into three USD-CAD cross-currency swaps with a total fixed original notional value of $150.0 million CAD and $118.7 million USD to hedge foreign currency risk [193]. Joint Ventures and Equity - Equity in loss from joint ventures increased by $1.879 million, primarily due to losses from two experiential lodging properties acquired in 2022 [149].

Financial Data and Key Metrics Changes - The company reported a significant increase in coverage for its non-theater portfolio, rising from 2.0 pre-pandemic to 2.7 in the last quarter, indicating strong consumer support for experiential properties [4] - The company is generating over $100 million in free cash flow beyond its dividend, which is well-covered [6] Business Line Data and Key Metrics Changes - The theater business is recovering but slower than other sectors due to a content issue, with wide releases dropping from 135 in 2019 to 75 last year, but expected to rise to 95 next year and 110-120 in 2024 [10][11] - The average per capita food and beverage spend in theaters has increased from $4.20 to $7.40, indicating a shift towards higher-margin revenue streams [10] Market Data and Key Metrics Changes - The box office is projected to recover to the $9 billion to $10 billion range in 2024, which is still 10% to 20% below pre-pandemic highs [10] - The company is focused on experiential properties, which are seeing strong consumer interest and growth potential [4] Company Strategy and Development Direction - The company aims to reduce its exposure to theaters by selling assets once the market stabilizes, rather than growing out of the theater segment [18] - The company has a $1 billion pipeline and closed $600 million in transactions last year, focusing on experiential categories that are performing well [22] Management's Comments on Operating Environment and Future Outlook - Management believes that the theater industry will stabilize and return to pre-pandemic coverage levels, driven by improved content flow and consumer demand [11] - The company is cautious about issuing new equity due to a depressed equity multiple and is focused on using internal cash flow for investments [52] Other Important Information - The company is enhancing its tenant reporting for ESG initiatives and has made progress with its Corporate Responsibility Report [56] - The company has a strong balance sheet with low debt maturities and is well-positioned to navigate potential economic challenges [52] Q&A Session Summary Question: What are the top three reasons to buy your stock today? - The company is trading at a historically low equity multiple, has a well-covered dividend, and presents a strong growth profile in the experiential space [6] Question: What is the strategy behind adding John Case to the board? - The addition is not a shift in strategy but aims to leverage his expertise in the net lease space to enhance board composition [8] Question: Why is the theater recovery slower compared to other sectors? - The recovery is primarily a content issue, with fewer wide releases impacting box office performance [10] Question: Will valuations for theaters recover? - If the market stabilizes and content flow improves, there will be a market for theater assets [16] Question: What are the best acquisition opportunities today? - The company sees strong opportunities across various experiential categories, with a focus on organic growth [22] Question: What is the company's approach to balance sheet management in a high-rate environment? - The company has a strong cash flow and low debt maturities, allowing it to avoid accessing capital markets [52] Question: What is the top ESG priority this year? - The focus is on improving tenant reporting and enhancing the company's ESG narrative [56]

EPR Properties (NYSE:EPR) Q4 2022 Results Conference Call February 23, 2023 8:30 AM ET Company Participants Brian Moriarty - VP, Corporate Communications Greg Silvers - Chairman, CEO Mark Peterson - EVP, CFO Greg Zimmerman - EVP, CIO Conference Call Participants John Massocca - Ladenburg Thalmann Joshua Dennerlein - BofA Securities Ki Bin Kim - Truist R.J. Milligan - Raymond James Rob Stevenson - Janney Montgomery Scott Aditi Balachandran - RBC Capital Markets Operator Good day, and thank you for standing ...