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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.
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
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.
- Potential headwinds from macroeconomic conditions impacting capital deployment.