EPR Q4 2020 Earnings Report
Key Takeaways
EPR Properties announced Q4 2020 operating results, showing a total revenue of $93.41 million and a net loss available to common shareholders of $26.01 million. The company focused on improving cash collections and maintaining strong liquidity with over $1.0 billion in cash on hand at year-end.
Cash collections from customers continue to improve and were approximately 46% of pre-COVID contractual cash revenue for the fourth quarter.
The Company received $224.0 million in net proceeds and recognized a net gain of $49.9 million from property dispositions.
The Company had cash on hand in excess of $1.0 billion at year-end and reduced borrowings under its unsecured revolving credit facility by $500.0 million subsequent to year-end.
Waivers of certain covenants related to the Company’s bank credit facilities and private placement notes have been extended through December 31, 2021.
EPR
EPR
EPR Revenue by Segment
Forward Guidance
EPR Properties is optimistic seeing stabilization and believes they remain solidly positioned with improving cash collections and strong liquidity.
Positive Outlook
- Improving cash collections from tenants and borrowers.
- Strong liquidity position with over $1.0 billion of cash on hand.
- Extension of covenant waivers providing additional flexibility.
- High percentage of non-theatre tenants open and operating (94%).
- Capital recycling efforts to enhance the balance sheet.
Challenges Ahead
- Theatre operators facing challenges due to state and local restrictions.
- Movie studios delaying the release of blockbuster movies.
- Significant negative impact on current and expected box office performance.
- Revenue recognition from AMC and Regal on a cash basis.
- Uncertainty in the theatre industry may lead to additional rent reductions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income