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Mar 31, 2020
EPR Q1 2020 Earnings Report
Reported operating results for the first quarter ended March 31, 2020.
Key Takeaways
EPR Properties announced first quarter results with a total revenue of $151.012 million and net income available to common shareholders of $31.084 million. The company is taking measures to ensure liquidity, including suspending the monthly cash dividend and share repurchase program, due to the impact of COVID-19 on its tenants.
COVID-19 task force established to address pandemic-related challenges.
Liquidity enhanced by deferring gaming investment and borrowing under revolving credit facility.
Tenants and borrowers paid approximately 15% of April 2020 contractual payments.
Recognized revenue for AMC on a cash basis due to concerns about their long-term stability.
EPR
EPR
EPR Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comOther Income Revenue
CapyFin.comMortgage and Other Financing Income Revenue
CapyFin.com Forward Guidance
Due to the uncertain financial impact of COVID-19, EPR Properties is closely monitoring its capital resources, liquidity, and the expected liquidity and performance of its customers. The company anticipates waivers of financial covenants related to its bank credit facilities and private placement notes. Expected dividend payments and share repurchases may be affected.
Positive Outlook
- Focus on health and safety of employees and customers.
- Established COVID-19 task force.
- Maintaining a strong balance sheet.
- Maintaining strong liquidity.
- Maintaining financial flexibility.
Challenges Ahead
- Uncertain financial impact of COVID-19.
- Potential inability to obtain waivers of financial covenant compliance.
- Potential inability to comply with other applicable covenants under debt agreements.
- Reliance on assumptions, data, or methods that may be incorrect or imprecise.
- Many of the factors that will determine these items are beyond our ability to control or predict.
Revenue & Expenses
Visualization of income flow from segment revenue to net income