EPR Q2 2023 Earnings Report
Key Takeaways
EPR Properties reported solid deferral collections, a strong liquidity position, and the resolution of the Regal bankruptcy. The company also introduced 2023 earnings guidance, with FFOAA per diluted common share expected to increase by 9% at the midpoint versus 2022 performance.
Entered into a comprehensive restructuring agreement with Regal anchored by a new master lease for 41 of the 57 properties previously leased to Regal.
Collected $7.3 million of deferred rent from cash basis customers and $0.5 million of deferred rent from accrual basis customers during the second quarter of 2023.
As of June 30, 2023, had cash on hand of $99.7 million and no borrowings on its $1.0 billion unsecured revolving credit facility.
Santikos Theaters acquired VSS-Southern Theatres, with no structural changes to existing lease terms for EPR Properties' 10 Southern properties.
EPR
EPR
EPR Revenue by Segment
Forward Guidance
The Company is providing its 2023 guidance for FFOAA per diluted common share of $5.05 to $5.15, the midpoint of which represents approximately 9% growth over 2022. Additionally, the Company is confirming 2023 investment spending guidance of a range of $200.0 million to $300.0 million.
Positive Outlook
- FFOAA per diluted common share guidance for 2023 of $5.05 to $5.15.
- Midpoint represents approximately 9% growth over 2022.
- 2023 investment spending guidance of a range of $200.0 million to $300.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income