EPR Properties (NYSE:EPR) today announced that Standard & Poor’s Ratings
Services (“S&P”) has raised the Company’s corporate credit rating to BB+
from BB. The report supporting the rating upgrade cites the Company’s
solid rent coverage derived from a diversifying tenant base and
strengthened financial measures. S&P also gave the Company a stable
outlook, reflecting the Company’s ability to pursue prudent growth in a
leverage-neutral manner. Additionally, the Company received an
issue-level upgrade on the Company’s unsecured debt to investment grade
of BBB- from BB+.
“We are extremely pleased to receive this upgrade from Standard and
Poor’s, which is indicative of our consistent performance and validates
the strength of our underwriting as we continue to grow our portfolio in
specialty segments,” said David Brain, President and CEO of EPR
Properties.
S&P cited EPR’s enhanced underwriting standards, geographic diversity
and conservative financing of investments in support of the upgrade. In
addition, S&P commented that the Company’s well-positioned theater
portfolio and limited lease maturities over the next three years will
continue to support near term core cash flow.
The Company currently has investment grade corporate credit ratings from
Moody’s (Baa2) and Fitch (BBB-).
About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that
invests in properties in select market segments which require unique
industry knowledge, while offering the potential for stable and
attractive returns. Our total investments exceed $3.6 billion and our
primary investment segments are Entertainment, Recreation and Education.
We adhere to rigorous underwriting and investing criteria centered on
key industry and property level cash flow standards. We believe our
focused niche approach provides a competitive advantage, and the
potential for higher growth and better yields. Further information is
available at www.eprkc.com.
Copyright Business Wire 2014