EPR Q1 2024 Earnings Report
Key Takeaways
EPR Properties reported first quarter results with investment spending totaling $85.7 million. The company increased its monthly dividend and confirmed its 2024 guidance for FFOAA per diluted common share of $4.76 to $4.96 and investment spending guidance for 2024 of $200.0 million to $300.0 million.
Investment spending totaled $85.7 million, including $33.4 million for an attraction property in New York.
Cash on hand of $59.5 million with no borrowings on the $1.0 billion unsecured revolving credit facility.
Monthly dividend increased by 3.6% to $0.285 per share.
FFOAA per diluted common share guidance for 2024 confirmed at $4.76 to $4.96.
EPR
EPR
EPR Revenue by Segment
Forward Guidance
The Company is confirming its 2024 earnings guidance for FFOAA per diluted common share of $4.76 to $4.96, representing an increase of 3.2% at the midpoint over 2023 after excluding the impact from both years of out-of-period deferred rent and interest collections from cash-basis customers included in income. The Company is also confirming investment spending guidance for 2024 of $200.0 million to $300.0 million and disposition proceeds guidance of $50.0 million to $75.0 million.
Positive Outlook
- FFOAA per diluted common share guidance for 2024 is $4.76 to $4.96.
- Represents an increase of 3.2% at the midpoint over 2023 after excluding certain impacts.
- Investment spending guidance for 2024 is $200.0 million to $300.0 million.
- Disposition proceeds guidance is $50.0 million to $75.0 million.
- Based on a FFO per diluted common share range of $4.68 to $4.88 adjusted for certain expenses and benefits.
Challenges Ahead
- Guidance excludes the impact from both years of out-of-period deferred rent and interest collections from cash-basis customers included in income.
- FFO per diluted common share for 2024 is based on a net income available to common shareholders per diluted common share range of $2.68 to $2.88.
- Estimated real estate depreciation and amortization of $2.16.
- Allocated share of joint venture depreciation of $0.13.
- Less estimated gain on sale of real estate of $0.24 and the impact of Series C and Series E dilution of $0.05.
Revenue & Expenses
Visualization of income flow from segment revenue to net income