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Dec 31, 2024
EPR Q4 2024 Earnings Report
EPR Properties reported a decline in Q4 2024 net income but maintained stable revenue.
Key Takeaways
EPR Properties posted Q4 2024 revenue of $177.2 million, a 3.0% increase year-over-year. However, the company reported a net loss of $14.4 million, primarily due to impairment charges related to theatre and education investments. Adjusted Funds From Operations (AFFO) per diluted share increased to $1.22. The company continued its capital recycling strategy, reinvesting in experiential properties while exiting underperforming assets.
Total revenue increased 3.0% year-over-year to $177.2 million.
Net loss of $14.4 million due to impairment charges on non-core assets.
AFFO per diluted share increased to $1.22 from $1.16 in Q4 2023.
Strong liquidity with $22.1 million in cash and low near-term debt maturities.
Revenue by Segment
Forward Guidance
EPR Properties expects continued growth in experiential investments, with 2025 revenue projected to range from $935 million to $975 million. FFOAA per diluted share is expected to increase by 3.5% at the midpoint.
Positive Outlook
- Projected FFOAA per share increase to $4.94 - $5.14 in 2025.
- Investment spending expected between $200 million and $300 million.
- Strong liquidity with $1.0 billion in available credit.
- Ongoing shift towards higher-yield experiential properties.
- Dividend increase of 3.5% reflects confidence in earnings growth.
Challenges Ahead
- Net loss in Q4 2024 due to impairment charges.
- Higher interest expenses impacting profitability.
- Continued exit from underperforming theatre and education assets.
- Uncertainty around discretionary consumer spending affecting experiential properties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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