Company Reports Record Revenue and Investment Spending
EPR Properties (NYSE:EPR) today announced operating results for the
fourth quarter and year ended December 31, 2015.
Three Months Ended December 31, 2015
-
Total revenue was $112.0 million for the fourth quarter of 2015,
representing a 7% increase from $104.7 million for the same quarter in
2014.
-
Net income available to common shareholders was $46.8 million, or
$0.78 per diluted common share, for the fourth quarter of 2015
compared to $46.7 million, or $0.81 per diluted common share, for the
same quarter in 2014.
-
Funds From Operations (FFO) for the fourth quarter of 2015 was $71.3
million, or $1.18 per diluted common share, compared to $63.5 million,
or $1.10 per diluted common share, for the same quarter in 2014.
-
FFO as adjusted for the fourth quarter of 2015 was $70.7 million, or
$1.17 per diluted common share, compared to $65.1 million, or $1.13
per diluted common share, for the same quarter in 2014, representing a
4% increase in per share results.
Year Ended December 31, 2015
-
Total revenue was $421.0 million for the year ended December 31, 2015,
representing a 9% increase from $385.1 million for the same period in
2014.
-
Net income available to common shareholders was $170.7 million, or
$2.93 per diluted common share, for the year ended December 31, 2015
compared to $155.8 million, or $2.86 per diluted common share, for the
same period in 2014.
-
FFO for the year ended December 31, 2015 was $235.2 million, or $4.03
per diluted common share, compared to $220.5 million, or $4.04 per
diluted common share, for the same period in 2014.
-
FFO as adjusted for the year ended December 31, 2015 was $260.3
million, or $4.44 per diluted common share, compared to $225.1
million, or $4.13 per diluted common share, for the same period in
2014, representing an 8% increase in per share results.
Greg Silvers, President and CEO, commented, “Our focused growth and
momentum in 2015 resulted in record revenue and investment spending
along with strong earnings growth. Additionally, we recently announced
our new dividend level for 2016, our sixth consecutive year with a
meaningful dividend increase. Equipped with a strong balance sheet, a
proven investment strategy and a robust pipeline, we believe we remain
well-positioned to deliver ongoing earnings growth.”
A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars
in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
Amount
|
|
|
FFO/share
|
|
|
Amount
|
|
|
FFO/share
|
|
FFO available to common shareholders (1)
|
|
|
$
|
71,341
|
|
|
|
$
|
1.18
|
|
|
|
$
|
63,451
|
|
|
|
$
|
1.10
|
|
|
Costs associated with loan refinancing or payoff
|
|
|
9
|
|
|
|
—
|
|
|
|
301
|
|
|
|
0.01
|
|
|
Transaction costs
|
|
|
700
|
|
|
|
0.01
|
|
|
|
1,131
|
|
|
|
0.02
|
|
|
Deferred income tax expense (benefit)
|
|
|
(1,366
|
)
|
|
|
(0.02
|
)
|
|
|
184
|
|
|
|
—
|
|
|
FFO as adjusted available to common shareholders (1)
|
|
|
$
|
70,684
|
|
|
|
$
|
1.17
|
|
|
|
$
|
65,067
|
|
|
|
$
|
1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
|
|
$
|
0.908
|
|
|
|
|
|
|
$
|
0.855
|
|
|
FFO as adjusted available to common shareholders payout ratio
|
|
|
|
|
|
78
|
%
|
|
|
|
|
|
76
|
%
|
|
(1)
|
|
Per share results for the three months ended December 31, 2015 and
2014 include the effect of the conversion of the 5.75% Series C
cumulative convertible preferred shares if the conversion would be
dilutive.
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
Amount
|
|
|
FFO/share
|
|
|
Amount
|
|
|
FFO/share
|
|
FFO available to common shareholders (2)
|
|
|
$
|
235,198
|
|
|
|
$
|
4.03
|
|
|
|
$
|
220,453
|
|
|
|
$
|
4.04
|
|
|
Costs associated with loan refinancing or payoff
|
|
|
270
|
|
|
|
—
|
|
|
|
301
|
|
|
|
0.01
|
|
|
Transaction costs (benefit)
|
|
|
7,518
|
|
|
|
0.12
|
|
|
|
(924
|
)
|
|
|
(0.01
|
)
|
|
Provision for loan loss
|
|
|
—
|
|
|
|
—
|
|
|
|
3,777
|
|
|
|
0.07
|
|
|
Retirement severance expense
|
|
|
18,578
|
|
|
|
0.31
|
|
|
|
—
|
|
|
|
—
|
|
|
Gain on sale of land
|
|
|
(81
|
)
|
|
|
—
|
|
|
|
(330
|
)
|
|
|
(0.01
|
)
|
|
Deferred income tax expense (benefit)
|
|
|
(1,136
|
)
|
|
|
(0.02
|
)
|
|
|
1,796
|
|
|
|
0.03
|
|
|
FFO as adjusted available to common shareholders (2)
|
|
|
$
|
260,347
|
|
|
|
$
|
4.44
|
|
|
|
$
|
225,073
|
|
|
|
$
|
4.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
|
|
$
|
3.630
|
|
|
|
|
|
|
$
|
3.420
|
|
|
FFO as adjusted available to common shareholders payout ratio
|
|
|
|
|
|
82
|
%
|
|
|
|
|
|
83
|
%
|
|
(2)
|
|
Per share results for the year ended December 31, 2015 and 2014
include the effect of the conversion of the 5.75% Series C
cumulative convertible preferred shares if the conversion would be
dilutive.
|
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|
|
|
Portfolio Update
The Company's investment portfolio (excluding property under
development) consisted of the following at December 31, 2015:
-
The Entertainment segment included investments in 131 megaplex theatre
properties, nine entertainment retail centers (which include eight
additional megaplex theatre properties and one live performance venue)
and seven family entertainment centers. The Company’s portfolio of
owned entertainment properties consisted of 11.8 million square feet
and was 98% leased, including megaplex theatres that were 100% leased.
-
The Education segment included investments in 70 public charter school
properties, 18 early education centers and three private school
properties. The Company’s portfolio of owned education properties
consisted of 4.2 million square feet and was 100% leased.
-
The Recreation segment included investments in 10 metro ski parks,
five waterparks and 19 golf entertainment complexes. The Company’s
portfolio of owned recreation properties was 100% leased.
-
The Other segment consisted primarily of the property under
development and land held for development related to the Adelaar
casino and resort project in Sullivan County, New York.
The combined owned portfolio consisted of 18.3 million square feet and
was 99% leased. As of December 31, 2015, the Company also had a total of
approximately $378.9 million invested in property under development.
Investment Update
The Company's investment spending during the three months ended December
31, 2015 totaled $122.5 million (bringing the total spending in 2015 to
$632.0 million), and included investments in each of its four operating
segments:
-
Entertainment investment spending totaled $23.2 million, and was
related primarily to investments in the development or redevelopment
of six megaplex theatres, three family entertainment centers and four
entertainment retail centers, as well as the acquisition of one
megaplex theatre located in Texas, each of which is subject to a
long-term triple net lease or long-term mortgage agreement.
-
Education investment spending totaled $53.1 million, and was related
primarily to investments in the development or expansion of 22 public
charter schools, four private schools and 26 early childhood education
centers, as well as the acquisition of two public charter schools and
two early education centers, each of which is subject to a long-term
triple net lease or long-term mortgage agreement.
-
Recreation investment spending totaled $43.0 million, and was related
to build-to-suit construction of 16 Topgolf golf entertainment
facilities and additional improvements at the Company's Kansas City,
Kansas water-park, each of which is subject to a long-term triple net
lease or a long-term mortgage agreement.
-
Other investment spending totaled $3.2 million, and was related to the
Adelaar casino and resort project in Sullivan County, New York.
Adelaar Project Update
As previously announced, in December 2015, a subsidiary of Empire
Resorts received a New York gaming license to operate a casino resort
within our Adelaar project. The Adelaar project will consist of a casino
and resort, golf course, retail village and an indoor waterpark hotel.
The Company's funding commitment is related to the build-to-suit
development of the waterpark hotel to be leased to a waterpark operator,
and the Company anticipates funding between $100 million to $120 million
over the next three years. Additionally, the Company has entered into
70-year ground leases with Empire Resorts on the casino, golf course and
retail village parcels that are terminable by the lessee after 20 years
and contain purchase options.
Balance Sheet Update
The Company's balance sheet remains strong with a debt to gross assets
ratio (defined as total debt to total assets plus accumulated
depreciation) of 42% at December 31, 2015. The Company had $4.3 million
of unrestricted cash on hand and $196 million outstanding under its $650
million unsecured revolving credit facility at December 31, 2015.
During the fourth quarter, the Company issued 1.66 million common shares
under its Direct Stock Purchase Plan (DSPP) for net proceeds of $90.4
million, which were used to pay down a portion of the Company's
unsecured revolving credit facility. Additionally during the quarter,
the Company prepaid in full two mortgage notes payable totaling $34.2
million that had an average annual interest rate of 5.84%.
On January 21, 2016, the Company issued 2.25 million common shares in a
registered public offering. Total net proceeds, after the underwriting
discount and offering expenses, were approximately $125.0 million. The
proceeds from the common share issuance were used to reduce the balance
outstanding on the Company's unsecured revolving credit facility.
Dividend Information
The Company declared regular monthly cash dividends during the fourth
quarter of 2015 totaling $0.9075 per common share. The Company also
declared fourth quarter cash dividends of $0.359375 per share on its
5.75% Series C cumulative convertible preferred shares, $0.5625 per
share on its 9.00% Series E cumulative convertible preferred shares and
$0.4140625 per share on its 6.625% Series F cumulative redeemable
preferred shares.
As previously announced, the Company declared a regular monthly cash
dividend to common shareholders of $0.32 per common share for the month
of January 2016 . This dividend level represents an annualized dividend
of $3.84 per common share, an increase of 5.8% over 2015 and the
Company’s sixth consecutive year with an annual dividend increase.
2016 Guidance
The Company is confirming its 2016 guidance for FFO as adjusted per
diluted share of a range of $4.70 to $4.80. In addition, the Company is
confirming its 2016 investment spending guidance of a range of $600
million to $650 million.
FFO as adjusted guidance for 2016 is based on FFO per diluted share of
$4.61 to $4.67 adjusted for costs associated with loan refinancing or
payoff, transaction costs, termination fees related to public charter
schools and deferred income tax expense. FFO per diluted share is based
on a net income per diluted share range of $3.05 to $3.15 less estimated
gains on sale of real estate of a range of $.04 to $.08, plus estimated
real estate depreciation of $1.60 per diluted share (in accordance with
the NAREIT definition of FFO).
Quarterly and Year-End Supplemental
The Company's supplemental information package for the fourth quarter
and year ended December 31, 2015 is available on the Company's website
at http://eprkc.com/earnings-releases-supplemental.
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|
|
EPR Properties
Consolidated Statements of Income
(Unaudited,
dollars in thousands except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Rental revenue
|
|
$
|
90,580
|
|
|
$
|
75,914
|
|
|
$
|
330,886
|
|
|
$
|
286,673
|
|
|
Tenant reimbursements
|
|
4,334
|
|
|
4,308
|
|
|
16,320
|
|
|
17,663
|
|
|
Other income
|
|
1,213
|
|
|
303
|
|
|
3,629
|
|
|
1,009
|
|
|
Mortgage and other financing income
|
|
15,861
|
|
|
24,144
|
|
|
70,182
|
|
|
79,706
|
|
|
Total revenue
|
|
111,988
|
|
|
104,669
|
|
|
421,017
|
|
|
385,051
|
|
|
Property operating expense
|
|
5,810
|
|
|
6,961
|
|
|
23,433
|
|
|
24,897
|
|
|
Other expense
|
|
115
|
|
|
206
|
|
|
648
|
|
|
771
|
|
|
General and administrative expense
|
|
8,101
|
|
|
6,306
|
|
|
31,021
|
|
|
27,566
|
|
|
Retirement severance expense
|
|
—
|
|
|
—
|
|
|
18,578
|
|
|
—
|
|
|
Costs associated with loan refinancing or payoff
|
|
9
|
|
|
301
|
|
|
270
|
|
|
301
|
|
|
Interest expense, net
|
|
20,792
|
|
|
20,015
|
|
|
79,915
|
|
|
81,270
|
|
|
Transaction costs
|
|
700
|
|
|
1,131
|
|
|
7,518
|
|
|
2,452
|
|
|
Provision for loan loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,777
|
|
|
Depreciation and amortization
|
|
24,915
|
|
|
17,989
|
|
|
89,617
|
|
|
66,739
|
|
|
Income before equity in income from joint ventures and other items
|
|
51,546
|
|
|
51,760
|
|
|
170,017
|
|
|
177,278
|
|
|
Equity in income from joint ventures
|
|
268
|
|
|
395
|
|
|
969
|
|
|
1,273
|
|
|
Gain on sale of real estate
|
|
—
|
|
|
879
|
|
|
23,829
|
|
|
1,209
|
|
|
Gain on sale of investment in a direct financing lease
|
|
—
|
|
|
—
|
|
|
—
|
|
|
220
|
|
|
Income before income taxes
|
|
51,814
|
|
|
53,034
|
|
|
194,815
|
|
|
179,980
|
|
|
Income tax benefit (expense)
|
|
936
|
|
|
(896
|
)
|
|
(482
|
)
|
|
(4,228
|
)
|
|
Income from continuing operations
|
|
$
|
52,750
|
|
|
$
|
52,138
|
|
|
$
|
194,333
|
|
|
$
|
175,752
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
—
|
|
|
497
|
|
|
199
|
|
|
505
|
|
|
Transaction (costs) benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,376
|
|
|
Net income attributable to EPR Properties
|
|
52,750
|
|
|
52,635
|
|
|
194,532
|
|
|
179,633
|
|
|
Preferred dividend requirements
|
|
(5,951
|
)
|
|
(5,951
|
)
|
|
(23,806
|
)
|
|
(23,807
|
)
|
|
Net income available to common shareholders of EPR Properties
|
|
$
|
46,799
|
|
|
$
|
46,684
|
|
|
$
|
170,726
|
|
|
$
|
155,826
|
|
|
Per share data attributable to EPR Properties common shareholders:
|
|
|
|
|
|
|
|
|
|
Basic earnings per share data:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.78
|
|
|
$
|
0.81
|
|
|
$
|
2.93
|
|
|
$
|
2.80
|
|
|
Income from discontinued operations
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
0.07
|
|
|
Net income available to common shareholders
|
|
$
|
0.78
|
|
|
$
|
0.82
|
|
|
$
|
2.94
|
|
|
$
|
2.87
|
|
|
Diluted earnings per share data:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.78
|
|
|
$
|
0.80
|
|
|
$
|
2.92
|
|
|
$
|
2.79
|
|
|
Income from discontinued operations
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
0.07
|
|
|
Net income available to common shareholders
|
|
$
|
0.78
|
|
|
$
|
0.81
|
|
|
$
|
2.93
|
|
|
$
|
2.86
|
|
|
Shares used for computation (in thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
60,125
|
|
|
57,141
|
|
|
58,138
|
|
|
54,244
|
|
|
Diluted
|
|
60,205
|
|
|
57,355
|
|
|
58,328
|
|
|
54,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPR Properties
Reconciliation of Net Income
Available to Common Shareholders
to Funds From
Operations (FFO) (A)
(Unaudited, dollars in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
FFO:
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders of EPR Properties
|
|
$
|
46,799
|
|
|
$
|
46,684
|
|
|
$
|
170,726
|
|
|
$
|
155,826
|
|
|
Gain on sale of real estate (excluding land sale)
|
|
—
|
|
|
(879
|
)
|
|
(23,748
|
)
|
|
(879
|
)
|
|
Gain on sale of investment in a direct financing lease
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(220
|
)
|
|
Real estate depreciation and amortization
|
|
24,480
|
|
|
17,582
|
|
|
87,965
|
|
|
65,501
|
|
|
Allocated share of joint venture depreciation
|
|
62
|
|
|
64
|
|
|
255
|
|
|
225
|
|
|
FFO available to common shareholders of EPR Properties
|
|
$
|
71,341
|
|
|
$
|
63,451
|
|
|
$
|
235,198
|
|
|
$
|
220,453
|
|
|
FFO available to common shareholders of EPR Properties
|
|
$
|
71,341
|
|
|
$
|
63,451
|
|
|
$
|
235,198
|
|
|
$
|
220,453
|
|
|
Add: Preferred dividends for Series C preferred shares
|
|
1,941
|
|
|
1,941
|
|
|
7,763
|
|
|
7,763
|
|
|
Diluted FFO available to common shareholders of EPR Properties
|
|
$
|
73,282
|
|
|
$
|
65,392
|
|
|
$
|
242,961
|
|
|
$
|
228,216
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share attributable to EPR Properties:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.19
|
|
|
$
|
1.11
|
|
|
$
|
4.05
|
|
|
$
|
4.06
|
|
|
Diluted
|
|
1.18
|
|
|
1.10
|
|
|
4.03
|
|
|
4.04
|
|
|
Shares used for computation (in thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
60,125
|
|
|
57,141
|
|
|
58,138
|
|
|
54,244
|
|
|
Diluted
|
|
62,234
|
|
|
59,353
|
|
|
60,345
|
|
|
56,433
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding-diluted EPS
|
|
60,205
|
|
|
57,355
|
|
|
58,328
|
|
|
54,444
|
|
|
Effect of dilutive Series C preferred shares
|
|
2,029
|
|
|
1,998
|
|
|
2,017
|
|
|
1,989
|
|
|
Adjusted weighted average shares outstanding-diluted
|
|
62,234
|
|
|
59,353
|
|
|
60,345
|
|
|
56,433
|
|
|
Other financial information:
|
|
|
|
|
|
|
|
|
|
Straight-lined rental revenue
|
|
$
|
3,267
|
|
|
$
|
3,515
|
|
|
$
|
12,159
|
|
|
$
|
8,665
|
|
|
Dividends per common share
|
|
$
|
0.908
|
|
|
$
|
0.855
|
|
|
$
|
3.630
|
|
|
$
|
3.420
|
|
|
|
|
(A)
|
|
NAREIT developed FFO as a relative non-GAAP financial measure of
performance of an equity REIT in order to recognize that
income-producing real estate historically has not depreciated on the
basis determined under GAAP and management provides FFO herein
because it believes this information is useful to investors in this
regard. FFO is a widely used measure of the operating performance of
real estate companies and is provided here as a supplemental measure
to GAAP net income available to common shareholders and earnings per
share. Pursuant to the definition of FFO by the Board of Governors
of NAREIT, we calculate FFO as net income available to common
shareholders, computed in accordance with GAAP, excluding gains and
losses from sales [or acquisitions] of depreciable operating
properties and impairment losses of depreciable real estate, plus
real estate related depreciation and amortization, and after
adjustments for unconsolidated partnerships, joint ventures and
other affiliates. Adjustments for unconsolidated partnerships, joint
ventures and other affiliates are calculated to reflect FFO on the
same basis. We have calculated FFO for all periods presented in
accordance with this definition. FFO is a non-GAAP financial
measure. FFO does not represent cash flows from operations as
defined by GAAP and is not indicative that cash flows are adequate
to fund all cash needs and is not to be considered an alternative to
net income or any other GAAP measure as a measurement of the results
of our operations or our cash flows or liquidity as defined by GAAP.
It should also be noted that not all REITs calculate FFO the same
way so comparisons with other REITs may not be meaningful. In
addition to FFO, we present FFO as adjusted. Management believes it
is useful to provide it here as a supplemental measure to GAAP net
income available to common shareholders and earnings per share. FFO
as adjusted is FFO plus provision for loan losses, costs (gain)
associated with loan refinancing or payoff, net, retirement
severance expense, preferred share redemption costs, termination
fees associated with tenants' exercises of public charter school
buy-out options and transaction costs (benefit), less gain on early
extinguishment of debt, gain (loss) on sale of land and deferred tax
benefit (expense). FFO as adjusted is a non-GAAP financial measure.
FFO as adjusted does not represent cash flows from operations as
defined by GAAP and is not indicative that cash flows are adequate
to fund all cash needs and is not to be considered an alternative to
net income or any other GAAP measure as a measurement of the results
of the Company's operations, cash flows or liquidity as defined by
GAAP.
|
|
|
|
|
|
|
The conversion of the 5.75% Series C cumulative convertible preferred
shares would be dilutive to FFO per share and FFO as adjusted per share
for the three months and year ended December 31, 2015 and FFO per share
for the three months and year ended December 31, 2014. Therefore, the
additional 2.0 million shares that would result from the conversion and
the corresponding add-back of the preferred dividends declared on those
shares are included in the calculation of diluted FFO per share and FFO
as adjusted per share for these periods as applicable. The additional
2.0 million shares that would result from conversion of the 5.75% Series
C cumulative convertible preferred shares and the additional 1.6 million
common shares that would result from the conversion of our 9.0% Series E
cumulative convertible preferred shares and the corresponding add-back
of the preferred dividends declared on those shares are not included in
the calculation of diluted per share data for the remaining periods
above because the effect is not dilutive.
|
|
|
EPR Properties
Condensed Consolidated Balance Sheets
(Dollars
in thousands)
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
Assets
|
|
|
|
|
|
Rental properties, net of accumulated depreciation of $534,303 and
$465,660
at December 31, 2015 and 2014, respectively
|
|
$
|
3,025,199
|
|
|
$
|
2,451,534
|
|
Land held for development
|
|
23,610
|
|
|
206,001
|
|
Property under development
|
|
378,920
|
|
|
181,798
|
|
Mortgage notes and related accrued interest receivable
|
|
423,780
|
|
|
507,955
|
|
Investment in a direct financing lease, net
|
|
190,880
|
|
|
199,332
|
|
Investment in joint ventures
|
|
6,168
|
|
|
5,738
|
|
Cash and cash equivalents
|
|
4,283
|
|
|
3,336
|
|
Restricted cash
|
|
10,578
|
|
|
13,072
|
|
Deferred financing costs, net
|
|
4,894
|
|
|
4,136
|
|
Accounts receivable, net
|
|
59,101
|
|
|
47,282
|
|
Other assets
|
|
89,857
|
|
|
66,091
|
|
Total assets
|
|
$
|
4,217,270
|
|
|
$
|
3,686,275
|
|
Liabilities and Equity
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
92,178
|
|
|
$
|
82,180
|
|
Dividends payable
|
|
24,352
|
|
|
22,233
|
|
Unearned rents and interest
|
|
44,952
|
|
|
25,623
|
|
Debt
|
|
1,981,920
|
|
|
1,629,750
|
|
Total liabilities
|
|
2,143,402
|
|
|
1,759,786
|
|
EPR Properties shareholders’ equity
|
|
2,073,868
|
|
|
1,926,112
|
|
Noncontrolling interests
|
|
—
|
|
|
377
|
|
Total equity
|
|
2,073,868
|
|
|
1,926,489
|
|
Total liabilities and equity
|
|
$
|
4,217,270
|
|
|
$
|
3,686,275
|
|
|
|
|
|
|
|
|
|
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 $4.5 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.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
With the exception of historical information, certain statements
contained or incorporated by reference herein may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), such as those pertaining to our acquisition or
disposition of properties, our capital resources, future expenditures
for development projects, and our results of operations and financial
condition. Forward-looking statements involve numerous risks and
uncertainties and you should not rely on them as predictions of actual
events. There is no assurance the events or circumstances
reflected in the forward-looking statements will occur. You can
identify forward-looking statements by use of words such as “will be,”
“intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,”
“goal,” “forecast,” “pipeline,” “anticipates,” “estimates,” “offers,”
“plans,” “would” or other similar expressions or other comparable terms
or discussions of strategy, plans or intentions contained or
incorporated by reference herein. While references to commitments
for investment spending are based on present commitments and agreements
of the Company, we cannot provide assurance that these transactions will
be completed on satisfactory terms. In addition, references to
our budgeted amounts and guidance are forward-looking statements. Forward-looking
statements necessarily are dependent on assumptions, data or methods
that may be incorrect or imprecise. These forward-looking
statements represent our intentions, plans, expectations and beliefs and
are subject to numerous assumptions, risks and uncertainties. Many of
the factors that will determine these items are beyond our ability to
control or predict. For further discussion of these factors see “Item
1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to
the extent applicable, our Quarterly Reports on Form 10-Q.
For these statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of the
date hereof or the date of any document incorporated by reference
herein. All subsequent written and oral forward-looking statements
attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or
referred to in this section. We do not undertake any obligation to
release publicly any revisions to our forward-looking statements to
reflect events or circumstances after the date hereof.
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