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EPR Properties Reports First Quarter Results

EPR Properties (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2014.
  • Total revenue was $89.9 million for the first quarter of 2014, representing an 8% increase from $83.0 million for the same quarter in 2013.
  • Net income available to common shareholders was $37.6 million, or $0.71 per diluted common share, for the first quarter of 2014 compared to $35.3 million, or $0.75 per diluted common share, for the same quarter in 2013.
  • Funds From Operations (FFO) for the first quarter of 2014 was $52.7 million, or $1.00 per diluted common share, compared to $48.3 million, or $1.03 per diluted common share, for the same quarter in 2013.
  • FFO as adjusted for the first quarter of 2014 was $49.6 million, or $0.94 per diluted common share, compared to $44.1 million, or $0.94 per diluted common share, for the same quarter in 2013.

David Brain, President and CEO, commented, “I am pleased to announce another quarter of growing revenues driven by our ever-expanding portfolio of specialty real estate, including the $118 million acquisition of an 11 theatre portfolio subsequent to quarter-end. We have ample capacity to fund our growing pipeline of investments with our newly expanded and fully available credit facility, and remain on track for another year of strong growth with investments in each of our primary segments.”

A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars in thousands, except per share amounts):
Three Months Ended March 31,
2014   2013
Amount   FFO/share Amount   FFO/share
FFO $ 52,684 $ 1.00 $ 48,314 $ 1.03
Transaction costs (benefit) (3,180 ) (0.06 ) 318 0.01
Gain on early extinguishment of debt (4,539 ) (0.10 )
Gain on sale of land (330 ) (0.01 )
Deferred income tax expense 407   0.01      
FFO as adjusted $ 49,581   $ 0.94   $ 44,093   $ 0.94  
Dividends declared per common share $ 0.86 $ 0.79
FFO as adjusted payout ratio 91 % 84 %

Portfolio Update

The Company's investment portfolio consisted of the following at March 31, 2014:
  • The Entertainment segment included investments in 113 megaplex theatre properties, nine entertainment retail centers (which include eight additional megaplex theatre properties) and six family entertainment centers. The Company’s portfolio of owned entertainment properties consisted of 11.1 million square feet and was 99% leased, including megaplex theaters that were 100% leased.
  • The Education segment included investments in 56 public charter school properties and two early education centers. The Company’s portfolio of owned education properties consisted of 2.9 million square feet and was 100% leased.
  • The Recreation segment included investments in 14 metropolitan ski areas, four waterparks and five golf entertainment complexes. The Company’s portfolio of owned recreation properties was 100% leased.
  • The Other segment consisted primarily of the land held for development in Sullivan County, New York.

The combined owned portfolio consisted of 14.6 million square feet and was 99% leased. As of March 31, 2014, the Company also had invested approximately $138.6 million in property under development.

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