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Mar 31, 2024
EPR Q1 2024 Earnings Report
EPR Properties reported positive momentum with focus on driving long-term reliable earnings growth and confirmed 2024 guidance.
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.
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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