EPR PROPERTIES TABLE OF CONTENTS
SECTION | PAGE |
Company Profile | |
Investor Information | |
Selected Financial Information | |
Selected Balance Sheet Information | |
Selected Operating Data | |
Funds From Operations and Funds From Operations as Adjusted | |
Adjusted Funds From Operations | |
Capital Structure | 11 |
Summary of Ratios | 16 |
Summary of Mortgage Notes Receivable | 17 |
Summary of Unconsolidated Joint Ventures | 18 |
Investment Spending and Disposition Summaries | 19 |
Property Under Development - Investment Spending Estimates | 20 |
Portfolio Detail | 21 |
Lease Expirations | 22 |
Top Ten Customers by Total Revenue | 23 |
Guidance | 24 |
Definitions-Non-GAAP Financial Measures | 25 |
Appendix-Reconciliation of Certain Non-GAAP Financial Measures | 28 |
Q1 2024 Supplemental
Page 2
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
The financial results in this document reflect preliminary, unaudited results, which are not final until the Company's Quarterly Report on Form 10-Q is filed. 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 guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our expected cash flows, the performance of our customers, our expected cash collections 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 that 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," "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. 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. Except as required by law, 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.
NON-GAAP INFORMATION
This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 25 through 27 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures on pages 9 and 10 and in the Appendix on pages 28 through 32.
Q1 2024 Supplemental
Page 3
COMPANY PROFILE
THE COMPANY
EPR Properties ("we," "us," "our," "EPR" or the "Company") is a self- administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997.
Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.
COMPANY STRATEGY
Our primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
Our strategic growth is focused on acquiring or developing a diversified portfolio of experiential real estate venues which create value by facilitating out of home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. This strategy is driven by the long-term trends of the growing experience economy.
This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.
As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:
BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO
Q1 2024 Supplemental
Page 4
INVESTOR INFORMATION
SENIOR MANAGEMENT
Greg Silvers | Mark Peterson |
Chairman and Chief Executive Officer | Executive Vice President and Chief Financial Officer |
Tonya Mater | Greg Zimmerman |
Senior Vice President and Chief Accounting Officer | Executive Vice President and Chief Investment Officer |
Paul Turvey | Elizabeth Grace |
Senior Vice President, General Counsel and Secretary | Senior Vice President - Human Resources and Administration |
Brian Moriarty | Gwen Johnson |
Senior Vice President - Corporate Communications | Senior Vice President - Asset Management |
COMPANY INFORMATION | |
CORPORATE HEADQUARTERS | TRADING SYMBOLS |
909 Walnut Street, Suite 200 | Common Stock: |
Kansas City, MO 64106 | EPR |
816-472-1700 | Preferred Stock: |
www.eprkc.com | EPR-PrC |
STOCK EXCHANGE LISTING | EPR-PrE |
New York Stock Exchange | EPR-PrG |
EQUITY RESEARCH COVERAGE
Bank of America Merrill Lynch | Jeffrey Spector/Joshua Dennerlein | 646-855-1363 |
Citi Global Markets | Nick Joseph/Smedes Rose | 212-816-6243 |
Janney Montgomery Scott | Rob Stevenson | 646-840-3217 |
J.P. Morgan | Anthony Paolone | 212-622-6682 |
JMP Securities | Mitch Germain | 212-906-3537 |
Kansas City Capital Associates | Jonathan Braatz | 816-932-8019 |
Keybanc Capital Markets | Todd Thomas | 917-368-2286 |
Raymond James & Associates | RJ Milligan | 727-567-2585 |
RBC Capital Markets | Michael Carroll | 440-715-2649 |
Stifel | Simon Yarmak | 443-224-1345 |
Truist | Ki Bin Kim | 212-303-4124 |
Wells Fargo | Connor Siversky | 212-214-8069 |
EPR Properties is followed by the analysts identified above. Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties' performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management. EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
Q1 2024 Supplemental
Page 5
SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
THREE MONTHS ENDED MARCH 31, | |||||
OPERATING INFORMATION: | 2024 | 2023 | |||
Revenue | $ | 167,232 | $ | 171,396 | |
Net income available to common shareholders of EPR Properties | 56,677 | 51,624 | |||
EBITDAre (1) | 121,774 | 135,622 | |||
Adjusted EBITDAre (1) | 126,348 | 136,479 | |||
Interest expense, net | 31,651 | 31,722 | |||
Capitalized interest | 958 | 783 | |||
Straight-lined rental revenue | 3,670 | 2,105 | |||
Dividends declared on preferred shares | 6,032 | 6,033 | |||
Dividends declared on common shares | 63,146 | 62,109 | |||
General and administrative expense | 13,908 | 13,965 |
MARCH 31, | ||||
BALANCE SHEET INFORMATION: | 2024 | 2023 | ||
Total assets | $ | 5,694,036 | $ | 5,756,615 |
Accumulated depreciation | 1,470,507 | 1,341,527 | ||
Cash and cash equivalents | 59,476 | 96,438 | ||
Total assets before accumulated depreciation less cash and cash equivalents (gross assets) | 7,105,067 | 7,001,704 | ||
Debt | 2,817,710 | 2,811,653 | ||
Deferred financing costs, net | 23,519 | 29,576 | ||
Net debt (1) | 2,781,753 | 2,744,791 | ||
Equity | 2,448,317 | 2,531,162 | ||
Common shares outstanding | 75,670 | 75,277 | ||
Total market capitalization (using EOP closing price and liquidation values) (2) | 6,364,919 | 5,983,807 | ||
Net debt/total market capitalization ratio (1) | 44% | 46% | ||
Debt to total assets ratio | 49% | 49% | ||
Net debt/gross assets ratio (1) | 39% | 39% | ||
Net debt/Adjusted EBITDAre ratio (1) (3) | 5.5 | 5.0 | ||
Net debt/Annualized adjusted EBITDAre ratio (1) (4) | 5.2 | 5.1 |
- See pages 25 through 27 for definitions. See calculation on page 31.
- See calculation on page 15.
- Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 25 through 27 for definitions. See calculation on page 31.
- Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 31 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 25 through 27 for definitions.
Q1 2024 Supplemental
Page 6
SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS | 1ST QUARTER | 4TH QUARTER | 3RD QUARTER | 2ND QUARTER | 1ST QUARTER | 4TH QUARTER | |||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||
Real estate investments | $ | 6,100,366 | $ | 5,973,042 | $ | 5,972,156 | $ | 6,029,468 | $ | 6,049,869 | $ | 6,016,776 | |||||
Less: accumulated depreciation | (1,470,507) | (1,435,683) | (1,400,642) | (1,369,790) | (1,341,527) | (1,302,640) | |||||||||||
Land held for development | 20,168 | 20,168 | 20,168 | 20,168 | 20,168 | 20,168 | |||||||||||
Property under development | 36,138 | 131,265 | 101,313 | 80,650 | 85,829 | 76,029 | |||||||||||
Operating lease right-of-use assets | 183,031 | 186,628 | 190,309 | 192,325 | 197,357 | 200,985 | |||||||||||
Mortgage notes and related accrued interest | 578,915 | 569,768 | 477,243 | 466,459 | 461,263 | 457,268 | |||||||||||
receivable, net | |||||||||||||||||
Investment in joint ventures | 46,127 | 49,754 | 53,855 | 53,763 | 50,978 | 52,964 | |||||||||||
Cash and cash equivalents | 59,476 | 78,079 | 172,953 | 99,711 | 96,438 | 107,934 | |||||||||||
Restricted cash | 2,929 | 2,902 | 2,868 | 2,623 | 2,599 | 2,577 | |||||||||||
Accounts receivable | 69,414 | 63,655 | 54,826 | 53,305 | 50,591 | 53,587 | |||||||||||
Other assets | 67,979 | 61,307 | 74,328 | 74,882 | 83,050 | 73,053 | |||||||||||
Total assets | $ | 5,694,036 | $ | 5,700,885 | $ | 5,719,377 | $ | 5,703,564 | $ | 5,756,615 | $ | 5,758,701 | |||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 84,153 | $ | 94,927 | $ | 82,804 | $ | 74,493 | $ | 76,244 | $ | 80,087 | |||||
Operating lease liabilities | 223,077 | 226,961 | 230,922 | 233,126 | 238,096 | 241,407 | |||||||||||
Common dividends payable | 22,918 | 25,275 | 22,795 | 22,289 | 21,826 | 21,405 | |||||||||||
Preferred dividends payable | 6,032 | 6,032 | 6,032 | 6,032 | 6,033 | 6,033 | |||||||||||
Unearned rents and interest | 91,829 | 77,440 | 88,530 | 71,746 | 71,601 | 63,939 | |||||||||||
Line of credit | - | - | - | - | - | - | |||||||||||
Deferred financing costs, net | (23,519) | (25,134) | (26,732) | (28,222) | (29,576) | (31,118) | |||||||||||
Other debt | 2,841,229 | 2,841,229 | 2,841,229 | 2,841,229 | 2,841,229 | 2,841,229 | |||||||||||
Total liabilities | 3,245,719 | 3,246,730 | 3,245,580 | 3,220,693 | 3,225,453 | 3,222,982 | |||||||||||
Equity: | |||||||||||||||||
Common stock and additional paid-in-capital | 3,940,077 | 3,925,296 | 3,920,714 | 3,916,102 | 3,911,064 | 3,900,557 | |||||||||||
Preferred stock at par value | 148 | 148 | 148 | 148 | 148 | 148 | |||||||||||
Treasury stock | (285,413) | (274,038) | (274,035) | (274,001) | (273,904) | (269,751) | |||||||||||
Accumulated other comprehensive income | 1,119 | 3,296 | 2,378 | 3,610 | 1,823 | 1,897 | |||||||||||
Distributions in excess of net income | (1,207,614) | (1,200,547) | (1,175,408) | (1,162,988) | (1,107,969) | (1,097,132) | |||||||||||
Total equity | 2,448,317 | 2,454,155 | 2,473,797 | 2,482,871 | 2,531,162 | 2,535,719 | |||||||||||
Total liabilities and equity | $ | 5,694,036 | $ | 5,700,885 | $ | 5,719,377 | $ | 5,703,564 | $ | 5,756,615 | $ | 5,758,701 | |||||
Q1 2024 Supplemental
Page 7
SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
1ST QUARTER | 4TH QUARTER | 3RD QUARTER | 2ND QUARTER | 1ST QUARTER | 4TH QUARTER | ||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||
Rental revenue | $ | 142,281 | $ | 148,738 | $ | 163,940 | $ | 151,870 | $ | 151,591 | $ | 152,652 | |||||
Other income | 12,037 | 12,068 | 14,422 | 10,124 | 9,333 | 16,756 | |||||||||||
Mortgage and other financing income | 12,914 | 11,175 | 11,022 | 10,913 | 10,472 | 9,295 | |||||||||||
Total revenue | 167,232 | 171,981 | 189,384 | 172,907 | 171,396 | 178,703 | |||||||||||
Property operating expense | 14,920 | 14,759 | 14,592 | 13,972 | 14,155 | 13,747 | |||||||||||
Other expense | 12,976 | 13,539 | 13,124 | 9,161 | 8,950 | 7,705 | |||||||||||
General and administrative expense | 13,908 | 13,765 | 13,464 | 15,248 | 13,965 | 13,082 | |||||||||||
Retirement and severance expense | 1,836 | - | - | 547 | - | - | |||||||||||
Transaction costs | 1 | 401 | 847 | 36 | 270 | 993 | |||||||||||
Provision (benefit) for credit losses, net | 2,737 | 1,285 | (719) | (275) | 587 | 1,369 | |||||||||||
Impairment charges | - | 2,694 | 20,887 | 43,785 | - | 22,998 | |||||||||||
Depreciation and amortization | 40,469 | 40,692 | 42,432 | 43,705 | 41,204 | 41,303 | |||||||||||
Total operating expenses | 86,847 | 87,135 | 104,627 | 126,179 | 79,131 | 101,197 | |||||||||||
Gain (loss) on sale of real estate | 17,949 | (3,612) | 2,550 | (575) | (560) | 347 | |||||||||||
Income from operations | 98,334 | 81,234 | 87,307 | 46,153 | 91,705 | 77,853 | |||||||||||
Interest expense, net | 31,651 | 30,337 | 31,208 | 31,591 | 31,722 | 31,879 | |||||||||||
Equity in loss (income) from joint ventures | 3,627 | 4,701 | (533) | 615 | 1,985 | 3,559 | |||||||||||
Income before income taxes | 63,056 | 46,196 | 56,632 | 13,947 | 57,998 | 42,415 | |||||||||||
Income tax expense | 347 | 667 | 372 | 347 | 341 | 86 | |||||||||||
Net income | 62,709 | 45,529 | 56,260 | 13,600 | 57,657 | 42,329 | |||||||||||
Preferred dividend requirements | 6,032 | 6,040 | 6,032 | 6,040 | 6,033 | 6,042 | |||||||||||
Net income available to common | $ | 56,677 | $ | 39,489 | $ | 50,228 | $ | 7,560 | $ | 51,624 | $ | 36,287 | |||||
shareholders of EPR Properties | |||||||||||||||||
Q1 2024 Supplemental
Page 8
FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION) | |||||||||||||||||
1ST | 4TH | 3RD | 2ND | 1ST | 4TH | ||||||||||||
FUNDS FROM OPERATIONS ("FFO") (1): | QUARTER | QUARTER | QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||
Net income available to common shareholders of EPR Properties | $ | 56,677 | $ | 39,489 | $ | 50,228 | $ | 7,560 | $ | 51,624 | $ | 36,287 | |||||
(Gain) loss on sale of real estate | (17,949) | 3,612 | (2,550) | 575 | 560 | (347) | |||||||||||
Impairment of real estate investments, net | - | 2,694 | 20,887 | 43,785 | - | 21,030 | |||||||||||
Real estate depreciation and amortization | 40,282 | 40,501 | 42,224 | 43,494 | 41,000 | 41,100 | |||||||||||
Allocated share of joint venture depreciation | 2,416 | 2,344 | 2,315 | 2,162 | 2,055 | 1,833 | |||||||||||
FFO available to common shareholders of EPR Properties | $ | 81,426 | $ | 88,640 | $ | 113,104 | $ | 97,576 | $ | 95,239 | $ | 99,903 | |||||
FFO available to common shareholders of EPR Properties | |||||||||||||||||
$ | 81,426 | $ | 88,640 | $ | 113,104 | $ | 97,576 | $ | 95,239 | $ | 99,903 | ||||||
Add: Preferred dividends for Series C preferred shares | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | |||||||||||
Add: Preferred dividends for Series E preferred shares | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | 1,939 | |||||||||||
Diluted FFO available to common shareholders of EPR Properties | $ | 85,302 | $ | 92,516 | $ | 116,980 | $ | 101,452 | $ | 99,115 | $ | 103,780 | |||||
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1): | |||||||||||||||||
FFO available to common shareholders of EPR Properties | $ | 81,426 | $ | 88,640 | $ | 113,104 | $ | 97,576 | $ | 95,239 | $ | 99,903 | |||||
Retirement and severance expense | 1,836 | - | - | 547 | - | - | |||||||||||
Transaction costs | 1 | 401 | 847 | 36 | 270 | 993 | |||||||||||
Provision (benefit) for credit losses, net | 2,737 | 1,285 | (719) | (275) | 587 | 1,369 | |||||||||||
Impairment of operating lease right-of-use assets | - | - | - | - | - | 1,968 | |||||||||||
Sale participation income (included in other income) | - | - | - | - | - | (9,134) | |||||||||||
Deferred income tax benefit | (277) | (86) | (76) | (92) | (90) | (132) | |||||||||||
FFO as adjusted available to common shareholders of EPR Properties | $ | 85,723 | $ | 90,240 | $ | 113,156 | $ | 97,792 | $ | 96,006 | $ | 94,967 | |||||
FFO as adjusted available to common shareholders of EPR Properties | |||||||||||||||||
$ | 85,723 | $ | 90,240 | $ | 113,156 | $ | 97,792 | $ | 96,006 | $ | 94,967 | ||||||
Add: Preferred dividends for Series C preferred shares | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | |||||||||||
Add: Preferred dividends for Series E preferred shares | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | 1,939 | |||||||||||
Diluted FFO as adjusted available to common shareholders of EPR Properties | $ | 89,599 | $ | 94,116 | $ | 117,032 | $ | 101,668 | $ | 99,882 | $ | 98,844 | |||||
FFO per common share: | |||||||||||||||||
Basic | $ | 1.08 | $ | 1.18 | $ | 1.50 | $ | 1.30 | $ | 1.27 | $ | 1.33 | |||||
Diluted | 1.07 | 1.16 | 1.47 | 1.27 | 1.25 | 1.31 | |||||||||||
FFO as adjusted per common share: | |||||||||||||||||
Basic | $ | 1.14 | $ | 1.20 | $ | 1.50 | $ | 1.30 | $ | 1.28 | $ | 1.27 | |||||
Diluted | 1.13 | 1.18 | 1.47 | 1.28 | 1.26 | 1.25 | |||||||||||
Shares used for computation (in thousands): | |||||||||||||||||
Basic | 75,398 | 75,330 | 75,325 | 75,297 | 75,084 | 75,022 | |||||||||||
Diluted | 75,705 | 75,883 | 75,816 | 75,715 | 75,283 | 75,111 | |||||||||||
Effect of dilutive Series C preferred shares | 2,301 | 2,293 | 2,287 | 2,279 | 2,272 | 2,261 | |||||||||||
Effect of dilutive Series E preferred shares | 1,663 | 1,663 | 1,663 | 1,663 | 1,663 | 1,664 | |||||||||||
Adjusted weighted-average shares outstanding-diluted Series C and Series E | 79,669 | 79,839 | 79,766 | 79,657 | 79,218 | 79,036 | |||||||||||
(1) See pages 25 through 27 for definitions. | |||||||||||||||||
Q1 2024 Supplemental
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ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION) | |||||||||||||||||
1ST | 4TH | 3RD | 2ND | 1ST | 4TH | ||||||||||||
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1): | QUARTER | QUARTER | QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||
FFO available to common shareholders of EPR Properties | $ | 81,426 | $ | 88,640 | $ | 113,104 | $ | 97,576 | $ | 95,239 | $ | 99,903 | |||||
Adjustments: | |||||||||||||||||
Retirement and severance expense | 1,836 | - | - | 547 | - | - | |||||||||||
Transaction costs | 1 | 401 | 847 | 36 | 270 | 993 | |||||||||||
Provision (benefit) for credit losses, net | 2,737 | 1,285 | (719) | (275) | 587 | 1,369 | |||||||||||
Impairment of operating lease right-of-use assets | - | - | - | - | - | 1,968 | |||||||||||
Sale participation income (included in other income) | - | - | - | - | - | (9,134) | |||||||||||
Deferred income tax benefit | (277) | (86) | (76) | (92) | (90) | (132) | |||||||||||
Non-real estate depreciation and amortization | 187 | 191 | 208 | 211 | 204 | 203 | |||||||||||
Deferred financing fees amortization | 2,212 | 2,188 | 2,170 | 2,150 | 2,129 | 2,109 | |||||||||||
Share-based compensation expense to management and trustees | 3,692 | 4,359 | 4,354 | 4,477 | 4,322 | 4,114 | |||||||||||
Amortization of above/below market leases, net and tenant allowances | (84) | (79) | (182) | (185) | (89) | (90) | |||||||||||
Maintenance capital expenditures (2) | (1,555) | (5,015) | (1,753) | (3,455) | (2,176) | (2,674) | |||||||||||
Straight-lined rental revenue | (3,670) | (2,930) | (4,407) | (1,149) | (2,105) | (2,291) | |||||||||||
Straight-lined ground sublease expense | 32 | 56 | 77 | 401 | 565 | 581 | |||||||||||
Non-cash portion of mortgage and other financing income | (862) | (535) | (290) | (141) | (122) | (120) | |||||||||||
AFFO available to common shareholders of EPR Properties | $ | 85,675 | $ | 88,475 | $ | 113,333 | $ | 100,101 | $ | 98,734 | $ | 96,799 | |||||
AFFO available to common shareholders of EPR Properties | $ | 85,675 | $ | 88,475 | $ | 113,333 | $ | 100,101 | $ | 98,734 | $ | 96,799 | |||||
Add: Preferred dividends for Series C preferred shares | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | |||||||||||
Add: Preferred dividends for Series E preferred shares | 1,938 | 1,938 | 1,938 | 1,938 | 1,938 | 1,939 | |||||||||||
Diluted AFFO available to common shareholders of EPR Properties | $ | 89,551 | $ | 92,351 | $ | 117,209 | $ | 103,977 | $ | 102,610 | $ | 100,676 | |||||
Weighted average diluted shares outstanding (in thousands) | 75,705 | 75,883 | 75,816 | 75,715 | 75,283 | 75,111 | |||||||||||
Effect of dilutive Series C preferred shares | 2,301 | 2,293 | 2,287 | 2,279 | 2,272 | 2,261 | |||||||||||
Effect of dilutive Series E preferred shares | 1,663 | 1,663 | 1,663 | 1,663 | 1,663 | 1,664 | |||||||||||
Adjusted weighted-average shares outstanding-diluted | 79,669 | 79,839 | 79,766 | 79,657 | 79,218 | 79,036 | |||||||||||
AFFO per diluted common share | $ | 1.12 | $ | 1.16 | $ | 1.47 | $ | 1.31 | $ | 1.30 | $ | 1.27 | |||||
Dividends declared per common share | $ | 0.835 | $ | 0.825 | $ | 0.825 | $ | 0.825 | $ | 0.825 | $ | 0.825 | |||||
AFFO payout ratio (3) | 75 % | 71 % | 56 % | 63 % | 63 % | 65 % |
- See pages 25 through 27 for definitions.
- Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
- AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
Q1 2024 Supplemental
Page 10
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Disclaimer
EPR Properties published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2024 21:04:16 UTC.
