EPR Properties Q3 2024 10-Q Filing

TL;DR

**EPR Properties Q3 2024 10-Q: Financials and operations update filed.**

AI Summary

EPR Properties filed its 10-Q for the period ending September 30, 2024, reporting on its real estate investment trust operations. The filing details financial performance and operational highlights for the third quarter and the year-to-date period. Key financial data and disclosures related to its properties and liabilities are presented.

Why It Matters

This filing provides investors with a detailed look at EPR Properties' financial health and operational status as of the end of the third quarter of 2024, impacting 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

• 75,731,497 — Shares (Total shares outstanding as of the reporting period.)

Key Players & Entities

• EPR PROPERTIES (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-31 (date) — Filing date
• 909 WALNUT STREET SUITE 200 KANSAS CITY MO 64106 (address) — Business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• epr-20240930.htm (10-Q) — 2057KB
• exhibit311930202410-q.htm (EX-31.1) — 11KB
• exhibit312930202410-q.htm (EX-31.2) — 10KB
• exhibit321930202410-q.htm (EX-32.1) — 5KB
• exhibit322930202410-q.htm (EX-32.2) — 4KB
• 0001045450-24-000086.txt ( ) — 9015KB
• epr-20240930.xsd (EX-101.SCH) — 55KB
• epr-20240930_cal.xml (EX-101.CAL) — 59KB
• epr-20240930_def.xml (EX-101.DEF) — 384KB
• epr-20240930_lab.xml (EX-101.LAB) — 717KB
• epr-20240930_pre.xml (EX-101.PRE) — 532KB
• epr-20240930_htm.xml (XML) — 1315KB

Financial Statements 1

Item 1. Financial Statements 1

Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk 45

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures 47

Item 4. Controls and Procedures 47 PART II 47

Legal Proceedings 47

Item 1. Legal Proceedings 47

Risk Factors 48

Item 1A. Risk Factors 48

Unregistered Sale of Equity Securities and Use of Proceeds 48

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 48

Defaults Upon Senior Securities 48

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures 48

Item 4. Mine Safety Disclosures 48

Other Information 48

Item 5. Other Information 48

Exhibits 49

Item 6. Exhibits 49 iii

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements EPR PROPERTIES Consolidated Balance Sheets (Dollars in thousands except share data) September 30, 2024 December 31, 2023 (unaudited) Assets Real estate investments, net of accumulated depreciation of $ 1,546,509 and $ 1,435,683 at September 30, 2024 and December 31, 2023, respectively $ 4,534,450 $ 4,537,359 Land held for development 20,168 20,168 Property under development 76,913 131,265 Operating lease right-of-use assets 175,451 186,628 Mortgage notes and related accrued interest receivable, net 657,636 569,768 Investment in joint ventures 32,426 49,754 Cash and cash equivalents 35,328 78,079 Restricted cash 2,992 2,902 Accounts receivable 79,726 63,655 Other assets 74,072 61,307 Total assets $ 5,689,162 $ 5,700,885 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 99,334 $ 94,927 Operating lease liabilities 214,809 226,961 Common dividends payable 23,811 25,275 Preferred dividends payable 6,032 6,032 Unearned rents and interest 88,503 77,440 Debt 2,852,970 2,816,095 Total liabilities 3,285,459 3,246,730 Equity: Common Shares, $ 0.01 par value; 125,000,000 shares authorized at September 30, 2024 and December 31, 2023; and 83,612,683 and 82,964,231 shares issued at September 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 September 30, 2024 and December 31, 2023; liquidation preference of $ 134,822,900 54 54 3,445,980 Series E convertible shares issued at September 30, 2024 and December 31, 2023; liquidation preference of $ 86,149,500 34 34 6,000,000 Series G shares issued at September 30, 2024 and December 31, 2023; liquidation preference of $ 150,000,000 60 60 Additional paid-in-capital 3,946,634 3,924,467 Treasury shares at cost: 7,883,581 and 7,631,725 common shares at September 30, 2024 and December 31, 2023, respectively ( 285,413 ) ( 274,

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

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View this 10-Q filing on SEC EDGAR