EPR Properties Files 2023 Annual Report on Form 10-K

TL;DR

<b>EPR Properties has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

EPR PROPERTIES (EPR-PE) filed a Annual Report (10-K) with the SEC on February 29, 2024. EPR Properties filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 909 Walnut Street, Suite 200, Kansas City, MO 64106. EPR Properties was formerly known as Entertainment Properties Trust, with a name change on September 4, 1997. The company is classified under Real Estate Investment Trusts (SIC code 6798).

Why It Matters

For investors and stakeholders tracking EPR PROPERTIES, this filing contains several important signals. This 10-K filing provides a comprehensive overview of EPR Properties' financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's performance and outlook. As a Real Estate Investment Trust (REIT), the detailed financial information in this report is essential for understanding its property portfolio, revenue streams, and any potential impacts from market conditions or regulatory changes.

Risk Assessment

Risk Level: medium — EPR PROPERTIES shows moderate risk based on this filing. The company's business is heavily reliant on the performance of its tenants and the real estate markets in which it operates, which can be subject to significant fluctuations and economic downturns, as indicated by the nature of a REIT.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand EPR Properties' exposure to real estate market volatility and tenant performance.

Key Numbers

• 75,680,966 — Shares Outstanding (As of 2023 FY)
• 3,541,869,209 — Total Assets (As of 2023 FY)

Key Players & Entities

• EPR PROPERTIES (company) — COMPANY CONFORMED NAME
• Entertainment Properties Trust (company) — FORMER COMPANY
• 909 Walnut Street, Suite 200, Kansas City, MO 64106 (company) — BUSINESS ADDRESS
• 0001045450-24-000027 (filing) — ACCESSION NUMBER
• 2024-02-29 (date) — FILED AS OF DATE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

EPR Properties operates as a Real Estate Investment Trust (REIT), focusing on acquiring, developing, owning, and operating properties in the United States and Canada.

Regulatory Implications

As a REIT, EPR Properties is subject to specific tax regulations and reporting requirements under U.S. federal income tax law, impacting its structure and operations.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue, expenses, and profitability for FY 2023.
2. Review the 'Risk Factors' section to identify potential challenges and their impact on EPR Properties' business and investments.
3. Compare key financial metrics from this 10-K with previous filings to assess trends and performance changes.

Key Dates

• 2024-02-29: 10-K Filing — Filing of the annual report for the fiscal year ended December 31, 2023.
• 1997-09-04: Name Change — Date when the company changed its name from Entertainment Properties Trust to EPR Properties.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common shares, par value $0.01 per share EPR New York Stock Exchange
• $5.7 billion — 3, our total assets were a pproximately $5.7 billion (after accumulated depreciation of appr
• $1.4 billion — cumulated depreciation of approximately $1.4 billion) with properties located in 44 states,
• $6.8 billion — financial measure) were approximat ely $6.8 billion at December 31, 2023 . See Item 7 - "Ma
• $6.3 b — our Experiential investments comprised $6.3 billion, or 93%, and our Education invest
• $0.5 b — and our Education investments comprised $0.5 billion, or 7%, of our total investments
• $131.3 million — nd to sell, was 99% leased and included $131.3 million in property under development and $20.2
• $20.2 million — llion in property under development and $20.2 million in undeveloped land inventory. Theatr
• $8.9 b — ce: A Film by Beyonc grossed a combined $8.9 billio n in North American box office rev
• $94.7 m — ended December 31, 2023 , approximately $94.7 million, or 13.4%, and $103.7 million, or
• $103.7 m — roximately $94.7 million, or 13.4%, and $103.7 million, or 14.7%, of the Company's total
• $98.0 m — m Topgolf, which totaled approximat ely $98.0 million, or 13.9%, of the Company's total

Filing Documents

• epr-20231231.htm (10-K) — 5504KB
• exhibit412-123123x10k.htm (EX-4.12) — 61KB
• exhibit102-1231202310xk.htm (EX-10.2) — 107KB
• exhibit21-123123x10k.htm (EX-21) — 94KB
• exhibit23-123123x10k.htm (EX-23) — 2KB
• exhibit311-1231x23x10k.htm (EX-31.1) — 11KB
• exhibit312-123123x10k.htm (EX-31.2) — 10KB
• exhibit321-123123x10k.htm (EX-32.1) — 5KB
• exhibit322-123123x10k.htm (EX-32.2) — 5KB
• exhibit971-1231202310xk.htm (EX-97.1) — 36KB
• epr-20231231_g1.jpg (GRAPHIC) — 61KB
• 0001045450-24-000027.txt (&nbsp;) — 25016KB
• epr-20231231.xsd (EX-101.SCH) — 168KB
• epr-20231231_cal.xml (EX-101.CAL) — 72KB
• epr-20231231_def.xml (EX-101.DEF) — 845KB
• epr-20231231_lab.xml (EX-101.LAB) — 1646KB
• epr-20231231_pre.xml (EX-101.PRE) — 1066KB
• epr-20231231_htm.xml (XML) — 4938KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 33

Cybersecurity

Item 1C. Cybersecurity 33

Properties

Item 2. Properties 34

Legal Proceedings

Item 3. Legal Proceedings 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37 PART II 37

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37

[Reserved]

Item 6. [Reserved] 39

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 118

Controls and Procedures

Item 9A. Controls and Procedures 118

Other Information

Item 9B. Other Information 119

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 PART III 119

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 119

Executive Compensation

Item 11. Executive Compensation 119

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 119

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 119

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 119 PART IV 119

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 119

Form 10-K Summary

Item 16. Form 10-K Summary 123 iv PART I

Business

Item 1. Business General EPR Properties ("we," "us," "our," "EPR" or the "Company") was formed on August 22, 1997 as a self-administered Maryland real estate investment trust ("REIT"), and an initial public offering of our common shares of beneficial interest ("common shares") was completed on November 18, 1997. Since that time, we have been a leading net lease investor in experiential real estate, venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We focus our underwriting of experiential property investments on key industry and property cash flow criteria, as well as the credit metrics of our tenants and customers. We believe that our position is further supported by the fact that our customers offer popular and affordable entertainment and social outlet options, particularly through our theatres, eat & play and cultural venues. Additionally, we believe we benefit from our regional destinations (experiential lodging, ski, attractions and gaming properties), which are drive-to locations that do not require air travel. The Company remains focused on future growth targeted in experiential property types. Experiential properties have proven to be an enduring sector of the real estate industry and we believe our strategy of diversified growth, industry relationships and the knowledge of our management team, provide us with a distinct competitive advantage. This strategy aligns with the long-term consumer trends of the growing experiential economy and offers the potential for higher growth, increased diversification and better yields. Our Education portfolio, consisting of early childhood education centers and private schools, continues as a legacy investment and provides additional geographic and property diversity. It is our intention to ultimately dispose of our Education portfolio over time. During 2021 and 2020, the COVID-19 pandemic severely impacted

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