Docoh
Loading...

EPR EPR Properties

EPR Properties operates as a real estate investment trust. The firm engages in the development, finance, and leasing of theatres, entertainment retail and family entertainment centers. It operates through the following segments: Entertainment and Education. The Entertainment segment includes investments in megaplex theatres, entertainment retail centers, family entertainment centers and other retail parcels. The Education segment comprises of entirely of investments in public charter schools. The company was founded by Peter C. Brown on August 22, 1997 and is headquartered in Kansas City, MO.

Company profile

Ticker
EPR, EPR+C
Exchange
Website
CEO
Gregory Silvers
Employees
Incorporated
Location
Fiscal year end
Former names
ENTERTAINMENT PROPERTIES TRUST
SEC CIK
IRS number
431790877

EPR stock data

(
)

Calendar

6 May 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 544.01M 544.01M 544.01M 544.01M 544.01M 544.01M
Cash burn (monthly) 161.34M 57.14M (positive/no burn) 12.3M (positive/no burn) (positive/no burn)
Cash used (since last report) 449.82M 159.32M n/a 34.28M n/a n/a
Cash remaining 94.19M 384.69M n/a 509.72M n/a n/a
Runway (months of cash) 0.6 6.7 n/a 41.5 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 May 21 Brown Peter C Common Shares Option exercise Aquire M No No 0 4,860 0 12,645
28 May 21 Brown Peter C Restricted Share Units Common Shares Grant Aquire A No No 0 2,723 0 4,137
28 May 21 Brown Peter C Restricted Share Units Common Shares Grant Aquire A No No 0 1,414 0 1,414
28 May 21 Brown Peter C Restricted Share Units Common Shares Option exercise Dispose M No No 0 4,860 0 0
28 May 21 Brady Barrett Restricted Share Units Common Shares Grant Aquire A No No 0 2,723 0 49,275
28 May 21 Brady Barrett Restricted Share Units Common Shares Grant Aquire A No No 0 2,985 0 46,552
28 May 21 Connor James B. Restricted Share Units Common Shares Grant Aquire A No No 0 2,723 0 17,878
28 May 21 Connor James B. Restricted Share Units Common Shares Grant Aquire A No No 0 2,199 0 15,155
28 May 21 Druten Robert J Common Shares Option exercise Aquire M No No 0 6,714 0 39,082
28 May 21 Druten Robert J Restricted Share Units Common Shares Grant Aquire A No No 0 2,723 0 18,459

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

82.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 288 286 +0.7%
Opened positions 47 47
Closed positions 45 54 -16.7%
Increased positions 72 68 +5.9%
Reduced positions 108 118 -8.5%
13F shares
Current Prev Q Change
Total value 3.05B 2.15B +41.6%
Total shares 61.6M 66.15M -6.9%
Total puts 448.6K 2.34M -80.8%
Total calls 3.31M 1.94M +70.6%
Total put/call ratio 0.1 1.2 -88.8%
Largest owners
Shares Value Change
BLK Blackrock 11.54M $537.87M -6.5%
Vanguard 10.69M $498.27M +2.8%
IVZ Invesco 6.19M $288.41M +13.0%
Redwood Capital Management 4.07M $189.47M -43.5%
STT State Street 3.23M $150.5M -1.9%
Nut Tree Capital Management 1.64M $76.63M -26.9%
Massachusetts Financial Services 1.38M $64.17M -11.6%
BAC Bank Of America 1.28M $59.62M -20.2%
Geode Capital Management 1.13M $52.43M +1.2%
Dimensional Fund Advisors 1.12M $52.06M -1.2%
Largest transactions
Shares Bought/sold Change
Redwood Capital Management 4.07M -3.13M -43.5%
Norges Bank 0 -1.09M EXIT
DB Deutsche Bank AG - Registered Shares 1M +957.69K +2039.8%
BLK Blackrock 11.54M -802.81K -6.5%
IVZ Invesco 6.19M +710.84K +13.0%
Jane Street 58.43K -704.57K -92.3%
Nut Tree Capital Management 1.64M -605.22K -26.9%
Heitman Real Estate Securities 513.52K +513.52K NEW
Wedge Capital Management L L P 560.98K -488.15K -46.5%
Nuveen Asset Management 1.09M +480.95K +78.7%

Financial report summary

?
Risks
  • The current outbreak of the novel coronavirus, or COVID-19, has negatively impacted and caused disruption to, and the continued COVID-19 outbreak or the future outbreak of any other highly infectious or contagious diseases could materially and adversely impact or cause disruption to, our performance, financial condition, results of operations and cash flows.
  • Global economic uncertainty and disruptions in the financial markets may impair our ability to refinance existing obligations or obtain new financing for acquisition or development of properties.
  • Most of our customers, consisting primarily of tenants and borrowers, operate properties in market segments that depend upon discretionary spending by consumers. Any continued reduction in discretionary spending by consumers within the market segments in which our customers or potential customers operate could adversely affect such customers' operations and, in turn, reduce the demand for our properties or financing solutions.
  • Covenants in our debt instruments could adversely affect our financial condition and our acquisitions and development activities.
  • Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all, and negatively impact the market price of our securities, including our common shares.
  • An increase in interest rates could increase interest cost on new debt and could materially adversely impact our ability to refinance existing debt, sell assets and limit our acquisition and development activities.
  • We depend on leasing space to tenants on economically favorable terms and collecting rent from our tenants, who may not be able to pay.
  • We are exposed to the credit risk of our customers and counterparties and their failure to meet their financial obligations could adversely affect our business.
  • We could be adversely affected by a borrower's bankruptcy or default.
  • From time to time, the base terms of some of our leases will expire and there is no assurance that such leases will be renewed at existing lease terms, at otherwise economically favorable terms or at all.
  • Operating risks in the experiential real estate industry may affect the ability of our tenants to perform under their leases.
  • Real estate is a competitive business.
  • Four tenants represent a significant portion of our lease revenues.
  • Properties we develop may not achieve sufficient operating results within expected timeframes and therefore the tenant or borrowers may not be able to pay their agreed upon rent or interest, and managed properties may not be able to operate profitably, which could adversely affect our financial results.
  • We have entered into management agreements to operate certain of our properties and we could be adversely affected if such managers do not manage these properties successfully.
  • Our indebtedness may affect our ability to operate our business and may have a material adverse effect on our financial condition and results of operations.
  • There are risks inherent in having indebtedness and using such indebtedness to fund acquisitions.
  • Most of our debt instruments contain balloon payments which may adversely impact our financial performance and our ability to pay dividends.
  • We must obtain new financing in order to grow.
  • Our real estate investments are concentrated in experiential real estate properties and a significant portion of those investments are in megaplex theatre properties, making us more vulnerable economically than if our investments were more diversified.
  • If we fail to qualify as a REIT, we would be taxed as a corporation, which would substantially reduce funds available for payment of dividends to our shareholders.
  • Even if we remain qualified for taxation as a REIT under the Internal Revenue Code, we may face other tax liabilities that reduce our funds available for payment of dividends to our shareholders or the repurchase of shares.
  • Distribution requirements imposed by law limit our flexibility.
  • If arrangements involving our TRSs fail to comply as intended with the REIT qualification and taxation rules, we may fail to qualify for taxation as a REIT under the Internal Revenue Code or be subject to significant penalty taxes.
  • We may depend on distributions from our direct and indirect subsidiaries to service our debt, pay dividends to our shareholders and repurchase shares. The creditors of these subsidiaries, and our direct creditors, are entitled to amounts payable to them before we pay any dividends to our shareholders or repurchase shares.
  • Our development financing arrangements expose us to funding and completion risks.
  • We have a limited number of employees and loss of personnel could harm our operations and adversely affect the value of our shares.
  • We are subject to risks associated with the employment of personnel by managers of certain of our properties.
  • We may in the future have greater dependence upon the gaming industry and may be susceptible to the risks associated with it, which could materially and adversely affect our business, financial condition, liquidity, results of operations and prospects.
  • We will face extensive regulation from gaming and other regulatory authorities with respect to our gaming properties.
  • Required regulatory approvals can delay or prohibit transfers of our gaming properties, which could result in periods in which we are unable to receive rent for such properties.
  • Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer. Our service providers, tenants and managers of our properties and their business partners are exposed to similar risks.
  • Changes in accounting standards issued by the Financial Accounting Standards Board ("FASB") or other standard-setting bodies may adversely affect our business.
  • Real estate income and the value of real estate investments fluctuate due to various factors.
  • There are risks associated with owning and leasing real estate.
  • Some potential losses are not covered by insurance.
  • Joint ventures may limit flexibility with jointly owned investments.
  • Our multi-tenant properties expose us to additional risks.
  • Failure to comply with the Americans with Disabilities Act and other laws could result in substantial costs.
  • Potential liability for environmental contamination could result in substantial costs.
  • Real estate investments are relatively illiquid.
  • There are risks in owning assets outside the United States.
  • There are risks in owning or financing properties for which the tenant's, mortgagor's, or our operations may be impacted by weather conditions, climate change and natural disasters.
  • We face risks associated with the development, redevelopment and expansion of properties and the acquisition of other real estate related companies.
  • We cannot assure you we will continue paying cash dividends at current rates.
  • Market interest rates may have an effect on the value of our shares.
  • Broad market fluctuations could negatively impact the market price of our shares.
  • Market prices for our shares may be affected by perceptions about the financial health or share value of our tenants, mortgagors and managers or the performance of REIT stocks generally.
  • Limits on changes in control may discourage takeover attempts which may be beneficial to our shareholders.
  • We may change our policies without obtaining the approval of our shareholders.
  • Dilution could affect the value of our shares.
  • Future offerings of debt or equity securities, which may rank senior to our common shares, may adversely affect the market price of our common shares.
  • Changes in foreign currency exchange rates may have an impact on the value of our shares.
  • We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of our shares.
Management Discussion
  • (1) For the three months ended March 31, 2021 compared to the three months ended March 31, 2020, the decrease in minimum rent resulted primarily from the impact of the COVID-19 pandemic, with a decrease of $34.5 million on existing properties mostly due to restructured agreements, rent recognized on a cash basis, deferred rent not recognized because collection was determined not probable and rent abatements. In addition, there was a decrease in rental revenue of $5.1 million from property dispositions and $5.3 million due to vacant properties. This was partially offset by an increase in minimum rent of $0.9 million related to property acquisitions and developments completed in 2021 and 2020 as well as scheduled rent increases.
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: accrual, addressing, assisting, closure, conveyance, efficacy, encumbering, FCA, fraudulent, Georgia, intercompany, Mableton, monitoring, outparcel, prepaying, published, restated, resume, situation, stronger, voluntarily
Removed: acceleration, accreted, added, adjust, advance, American, anchored, approved, block, characterization, charter, collect, Committee, comparative, conform, continuity, debtor, discretion, dislocation, divided, EBITDA, effected, environment, evolving, extraordinary, flexibility, force, frequently, hold, Human, impaired, implementation, interaction, largest, megaplex, notice, occurring, opened, payroll, predominately, preserve, privately, proceeding, protect, purpose, recast, recreation, regular, relation, remove, renewed, repurchased, requirement, requiring, respond, restrictive, separately, successfully, technology, transfer, treat, uncommitted, unfavorable, upcoming, Update, venue, work