Loading...
•
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.
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
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