EPR Properties Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>EPR Properties submitted its Q1 2024 10-Q, detailing financial positions and comparative data.</b>

AI Summary

EPR PROPERTIES (EPR-PE) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. EPR Properties filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points such as common stock, Series C, E, and G preferred stock are detailed. The report includes comparative data from previous periods, including December 31, 2023, and March 31, 2023. The company's principal executive offices are located at 909 Walnut Street, Suite 200, Kansas City, MO 64106.

Why It Matters

For investors and stakeholders tracking EPR PROPERTIES, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of EPR Properties, crucial for understanding its current performance and asset valuation. The inclusion of comparative data allows for trend analysis, helping stakeholders assess the company's financial trajectory and operational changes over time.

Risk Assessment

Risk Level: medium — EPR PROPERTIES shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the real estate sector can be sensitive to economic shifts, and specific details within the report could reveal underlying risks.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess EPR Properties' current financial health and identify any emerging trends or risks.

Key Numbers

• 2024-03-31 — Report Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Period covered)
• 2023-12-31 — Previous Year End (Comparative data date)

Key Players & Entities

• EPR PROPERTIES (company) — Filer name
• 909 WALNUT STREET SUITE 200 KANSAS CITY MO 64106 (company) — Business address
• ENTERTAINMENT PROPERTIES TRUST (company) — Former company name

FAQ

Industry Context

EPR Properties operates as a Real Estate Investment Trust (REIT), focusing on properties in sectors like entertainment, recreation, and education.

Regulatory Implications

As a publicly traded company, EPR Properties is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Compare key financial metrics against Q1 2023 and year-end 2023 data.
3. Identify any significant changes in asset or liability composition.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for March 31, 2024, providing the latest financial figures compared to previous periods.

Key Financial Figures

• $0.01 — ch registered Common shares, par value $0.01 per share EPR New York Stock Exchange

Filing Documents

• epr-20240331.htm (10-Q) — 1474KB
• exhibit101retirementandrel.htm (EX-10.1) — 43KB
• exhibit311331202410-q.htm (EX-31.1) — 11KB
• exhibit312331202410-q.htm (EX-31.2) — 10KB
• exhibit321331202410-q.htm (EX-32.1) — 5KB
• exhibit322331202410-q.htm (EX-32.2) — 4KB
• 0001045450-24-000036.txt (&nbsp;) — 7534KB
• epr-20240331.xsd (EX-101.SCH) — 52KB
• epr-20240331_cal.xml (EX-101.CAL) — 52KB
• epr-20240331_def.xml (EX-101.DEF) — 347KB
• epr-20240331_lab.xml (EX-101.LAB) — 675KB
• epr-20240331_pre.xml (EX-101.PRE) — 488KB
• epr-20240331_htm.xml (XML) — 1001KB

Financial Statements 1

Item 1. Financial Statements 1

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk 35

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures 37

Item 4. Controls and Procedures 37 PART II 37

Legal Proceedings 37

Item 1. Legal Proceedings 37

Risk Factors 37

Item 1A. Risk Factors 37

Unregistered Sale of Equity Securities and Use of Proceeds 38

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities 38

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures 38

Item 4. Mine Safety Disclosures 38

Other Information 38

Item 5. Other Information 38

Exhibits 39

Item 6. Exhibits 39 iii

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements EPR PROPERTIES Consolidated Balance Sheets (Dollars in thousands except share data) March 31, 2024 December 31, 2023 (unaudited) Assets Real estate investments, net of accumulated depreciation of $ 1,470,507 and $ 1,435,683 at March 31, 2024 and December 31, 2023, respectively $ 4,629,859 $ 4,537,359 Land held for development 20,168 20,168 Property under development 36,138 131,265 Operating lease right-of-use assets 183,031 186,628 Mortgage notes and related accrued interest receivable, net 578,915 569,768 Investment in joint ventures 46,127 49,754 Cash and cash equivalents 59,476 78,079 Restricted cash 2,929 2,902 Accounts receivable 69,414 63,655 Other assets 67,979 61,307 Total assets $ 5,694,036 $ 5,700,885 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 84,153 $ 94,927 Operating lease liabilities 223,077 226,961 Common dividends payable 22,918 25,275 Preferred dividends payable 6,032 6,032 Unearned rents and interest 91,829 77,440 Debt 2,817,710 2,816,095 Total liabilities 3,245,719 3,246,730 Equity: Common Shares, $ 0.01 par value; 125,000,000 shares authorized at March 31, 2024 and December 31, 2023; and 83,553,611 and 82,964,231 shares issued at March 31, 2024 and December 31, 2023, respectively 835 829 Preferred Shares, $ 0.01 par value; 25,000,000 shares authorized: 5,392,916 Series C convertible shares issued at March 31, 2024 and December 31, 2023; liquidation preference of $ 134,822,900 54 54 3,445,980 Series E convertible shares issued at March 31, 2024 and December 31, 2023; liquidation preference of $ 86,149,500 34 34 6,000,000 Series G shares issued at March 31, 2024 and December 31, 2023; liquidation preference of $ 150,000,000 60 60 Additional paid-in-capital 3,939,242 3,924,467 Treasury shares at cost: 7,883,581 and 7,631,725 common shares at March 31, 2024 and December 31, 2023, respectively ( 285,413 ) ( 274,038 ) Accumulated other compreh

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 1. Organization Description of Business EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading diversified experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company's properties are located in the United States (U.S.) and Canada. 2. Summary of Significant Accounting Policies and Recently Issued Accounting Standards Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of tha

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View this 10-Q filing on SEC EDGAR