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EPR Properties (EPR)

EPR Properties is a leading experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. The company focuses on real estate venues which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. The company has nearly $6.5 billion in total investments across 44 states. EPR Properties adheres to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. The company believe its focused approach provides a competitive advantage and the potential for stable and attractive returns.

Company profile

Ticker
EPR, EPR+C
Exchange
Website
CEO
Gregory Silvers
Employees
Incorporated
Location
Fiscal year end
Former names
ENTERTAINMENT PROPERTIES TRUST
SEC CIK
Subsidiaries
30 West Pershing, LLC • Adelaar Developer II, LLC • Adelaar Developer, LLC • Blankenbaker X, LLC • Brandywine X, LLC • Burbank Village, Inc. • Burbank Village, L.P. • Cantera 30, Inc. • Cantera 30 Theatre, L.P. • Catskill Resorts TRS, LLC ...
IRS number
431790877

EPR stock data

Analyst ratings and price targets

Last 3 months

Calendar

2 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 169.54M 169.54M 169.54M 169.54M 169.54M 169.54M
Cash burn (monthly) 52.39M 28.66M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 70.12M 38.35M n/a n/a n/a n/a
Cash remaining 99.42M 131.19M n/a n/a n/a n/a
Runway (months of cash) 1.9 4.6 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jun 22 Caixia Ziegler Common Shares Buy Acquire P No No 45.14 500 22.57K 500
27 May 22 Bloch Thomas M Common Shares Option exercise Acquire M No No 0 5,708 0 39,114
27 May 22 Bloch Thomas M Restricted Share Units Common Share Grant Acquire A No No 0 2,509 0 5,260
27 May 22 Bloch Thomas M Restricted Share Units Common Shares Grant Acquire A No No 0 2,751 0 2,751
27 May 22 Bloch Thomas M Restricted Share Units Common Shares Option exercise Dispose M No No 0 5,708 0 0
27 May 22 Brady Barrett Common Shares Option exercise Acquire M No No 0 49,275 0 49,275
27 May 22 Brady Barrett Restricted Share Units Common Shares Option exercise Dispose M No No 0 49,275 0 0
27 May 22 Sterneck Robin Peppe Common Shares Option exercise Acquire M No No 0 1,903 0 1,903
27 May 22 Sterneck Robin Peppe Restricted Share Units Common Shares Grant Acquire A No No 0 2,509 0 34,192
27 May 22 Sterneck Robin Peppe Restricted Share Units Common Shares Grant Acquire A No No 0 2,751 0 31,683
77.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 343 322 +6.5%
Opened positions 61 56 +8.9%
Closed positions 40 42 -4.8%
Increased positions 114 105 +8.6%
Reduced positions 106 93 +14.0%
13F shares Current Prev Q Change
Total value 3.15B 2.79B +12.8%
Total shares 57.74M 59.28M -2.6%
Total puts 531.4K 290.4K +83.0%
Total calls 416.8K 1.18M -64.6%
Total put/call ratio 1.3 0.2 +416.7%
Largest owners Shares Value Change
Vanguard 11.23M $614.41M +1.1%
BLK Blackrock 10.51M $574.74M -6.6%
IVZ Invesco 6.14M $335.98M -3.6%
STT State Street 4.11M $226.2M +14.6%
PRU Prudential Financial 1.71M $93.46M +24.5%
BAM Brookfield Asset Management 1.58M $86.57M +0.2%
BK Bank Of New York Mellon 1.57M $85.9M +51.0%
Geode Capital Management 1.17M $64.18M +2.5%
Dimensional Fund Advisors 1.06M $57.75M -1.7%
Charles Schwab Investment Management 1.02M $56.06M +5.3%
Largest transactions Shares Bought/sold Change
Centersquare Investment Management 0 -1.25M EXIT
Arrowstreet Capital, Limited Partnership 215.06K -904.02K -80.8%
Norges Bank 0 -775.77K EXIT
BLK Blackrock 10.51M -747.62K -6.6%
BK Bank Of New York Mellon 1.57M +530.08K +51.0%
STT State Street 4.11M +523.06K +14.6%
Infrastructure Capital Advisors 4.03K -500.46K -99.2%
Natixis 500K +500K NEW
Point72 Asset Management 404.5K +404.5K NEW
PRU Prudential Financial 1.71M +336.73K +24.5%

Financial report summary

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Risks
  • The novel coronavirus, or COVID-19, has negatively impacted and caused disruption to, and the future outbreak of any additional variants of COVID-19 or 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.
  • Inflation could adversely impact our customers and our results of operations.
  • 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.
  • We face risks associated with security breaches through cyber-attacks, cyber-intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
  • 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.
  • Inflation 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 June 30, 2022 compared to the three months ended June 30, 2021, the increase in minimum rent resulted primarily from an increase of $27.0 million related to rental revenue on existing properties including improved collections of rent being recognized on a cash basis. In addition, there was an increase in minimum rent of $2.1 million related to property acquisitions and developments completed in 2022 and 2021. This was partially offset by a decrease in rental revenue of $1.3 million from property dispositions.
  • For the six months ended June 30, 2022 compared to the six months ended June 30, 2021, the increase in minimum rent resulted primarily from an increase of $62.1 million related to rental revenue on existing properties including improved collections of rent being recognized on a cash basis. In addition, there was an increase in minimum rent of $4.7 million related to property acquisitions and developments completed in 2022 and 2021. This was partially offset by a decrease in rental revenue of $2.9 million from property dispositions.
  • During the three and six months ended June 30, 2022, we renewed one lease agreement on approximately 79 thousand square feet. We experienced a decrease of 17.6% in rental rates and paid no leasing commissions with respect to this lease renewal.

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New words: anniversary, appraised, Breaux, Bridge, declining, expedient, foot, Louisiana, Quebec, SOFR
Removed: Gencom, greater, herd, immunity, important, LLC, locked, monitoring, partner, spot, temporarily, terminating