This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs