EPR Properties Files 10-Q for Q2 2024

TL;DR

EPR Properties dropped its Q2 2024 10-Q. Check financials.

AI Summary

EPR Properties filed its 10-Q for the period ending June 30, 2024, reporting on its real estate investment trust operations. The filing details financial performance and operational highlights for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented within this report.

Why It Matters

This filing provides crucial financial and operational details for EPR Properties, allowing investors to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, EPR Properties is subject to market fluctuations, interest rate changes, and tenant-specific risks.

Key Numbers

• 75,721,412 — Shares (Total shares outstanding or related to a specific class.)

Key Players & Entities

• EPR PROPERTIES (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filed as of Date
• 909 WALNUT STREET SUITE 200 KANSAS CITY MO 64106 (address) — Business Address
• ENTERTAINMENT PROPERTIES TRUST (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• epr-20240630.htm (10-Q) — 1861KB
• exhibit101-63024x10xq.htm (EX-10.1) — 1636KB
• exhibit311630202410-q.htm (EX-31.1) — 11KB
• exhibit312630202410-q.htm (EX-31.2) — 10KB
• exhibit321630202410-q.htm (EX-32.1) — 5KB
• exhibit322630202410-q.htm (EX-32.2) — 4KB
• 0001045450-24-000059.txt ( ) — 10348KB
• epr-20240630.xsd (EX-101.SCH) — 53KB
• epr-20240630_cal.xml (EX-101.CAL) — 55KB
• epr-20240630_def.xml (EX-101.DEF) — 356KB
• epr-20240630_lab.xml (EX-101.LAB) — 687KB
• epr-20240630_pre.xml (EX-101.PRE) — 501KB
• epr-20240630_htm.xml (XML) — 1242KB

Financial Statements 1

Item 1. Financial Statements 1

Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk 39

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures 41

Item 4. Controls and Procedures 41 PART II 41

Legal Proceedings 41

Item 1. Legal Proceedings 41

Risk Factors 41

Item 1A. Risk Factors 41

Unregistered Sale of Equity Securities and Use of Proceeds 41

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities 42

Item 3. Defaults Upon Senior Securities 42

Mine Safety Disclosures 42

Item 4. Mine Safety Disclosures 42

Other Information 42

Item 5. Other Information 42

Exhibits 43

Item 6. Exhibits 43 iii

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements EPR PROPERTIES Consolidated Balance Sheets (Dollars in thousands except share data) June 30, 2024 December 31, 2023 (unaudited) Assets Real estate investments, net of accumulated depreciation of $ 1,504,427 and $ 1,435,683 at June 30, 2024 and December 31, 2023, respectively $ 4,566,482 $ 4,537,359 Land held for development 20,168 20,168 Property under development 59,092 131,265 Operating lease right-of-use assets 179,260 186,628 Mortgage notes and related accrued interest receivable, net 593,084 569,768 Investment in joint ventures 45,406 49,754 Cash and cash equivalents 33,731 78,079 Restricted cash 2,958 2,902 Accounts receivable 75,493 63,655 Other assets 69,693 61,307 Total assets $ 5,645,367 $ 5,700,885 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 63,441 $ 94,927 Operating lease liabilities 219,004 226,961 Common dividends payable 23,365 25,275 Preferred dividends payable 6,032 6,032 Unearned rents and interest 89,700 77,440 Debt 2,819,029 2,816,095 Total liabilities 3,220,571 3,246,730 Equity: Common Shares, $ 0.01 par value; 125,000,000 shares authorized at June 30, 2024 and December 31, 2023; and 83,602,837 and 82,964,231 shares issued at June 30, 2024 and December 31, 2023, respectively 836 829 Preferred Shares, $ 0.01 par value; 25,000,000 shares authorized: 5,392,916 Series C convertible shares issued at June 30, 2024 and December 31, 2023; liquidation preference of $ 134,822,900 54 54 3,445,980 Series E convertible shares issued at June 30, 2024 and December 31, 2023; liquidation preference of $ 86,149,500 34 34 6,000,000 Series G shares issued at June 30, 2024 and December 31, 2023; liquidation preference of $ 150,000,000 60 60 Additional paid-in-capital 3,943,089 3,924,467 Treasury shares at cost: 7,883,581 and 7,631,725 common shares at June 30, 2024 and December 31, 2023, respectively ( 285,413 ) ( 274,038 ) Accumulated other comprehensive (

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 six-month period ended June 30, 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 that d

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View this 10-Q filing on SEC EDGAR