EPR Q3 2023 Earnings Report
Key Takeaways
EPR Properties reported solid earnings for Q3 2023, driven by strong performance in its experiential properties and significant deferral collections. The company's portfolio is stabilizing with the restructured master lease agreement with Regal. EPR Properties is increasing its 2023 guidance for FFOAA per diluted common share from a range of $5.05 to $5.15 to a range of $5.10 to $5.18.
Regal Bankruptcy Resolution: A new master lease for 41 of the 57 properties previously leased to Regal became effective on August 1, 2023.
Santikos Acquires Southern Theatres: Santikos Theaters acquired VSS-Southern Theatres, with no structural changes to existing lease terms for EPR Properties' investments in ten theatre properties.
Solid Deferral Collections: EPR Properties collected $19.3 million of deferred rent from cash basis customers, including amounts from the Santikos transaction and the resolution of Regal’s bankruptcy.
Strong Liquidity Position: As of September 30, 2023, the Company had cash on hand of $173.0 million, no borrowings on its $1.0 billion unsecured revolving credit facility.
EPR
EPR
EPR Revenue by Segment
Forward Guidance
The Company is increasing its 2023 guidance for FFOAA per diluted common share from a range of $5.05 to $5.15 to a range of $5.10 to $5.18 and narrowing 2023 investment spending guidance from a range of $200.0 million to $300.0 million to a range of $225.0 million to $275.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income