Epr Properties (EPR) 10-Q Quarterly Report Tue Apr 30 2019


•	Net income available to common shareholders was $59.3 million, or $0.79 per diluted common share, for the first quarter of 2019 compared to $23.5 million, or $0.32 per diluted common share, for the same quarter in 2018.


•	Funds From Operations (FFO) (a non-GAAP financial measure) for the first quarter of 2019 was $93.1 million, or $1.23 per diluted common share, compared to $61.0 million, or $0.82 per diluted common share, for the same quarter in 2018.


•	FFO as adjusted (FFOAA) (a non-GAAP financial measure) for the first quarter of 2019 was $102.6 million, or $1.36 per diluted common share, compared to $94.0 million, or $1.26 per diluted common share, for the same quarter in 2018, representing an 8% increase in per share results.

“We are pleased with the sustained momentum demonstrated by our first quarter results,“ stated Company President and CEO Greg Silvers. “We continue to source additional growth opportunities consistent with our focus on experiential activities which play directly into the Company’s differentiated and deep expertise. With the expected payoff of the mortgage associated with the Schlitterbahn water parks, we are well-positioned with additional capital for reinvestment. As we further expand, we will adhere to our core underwriting principles as we seek both accretive initial returns and growth in yield.”

Portfolio Update

The Company's investment portfolio (excluding property under development) consisted of the following at March 31, 2019:


•	The Entertainment segment included investments in 157 megaplex theatre properties, seven entertainment retail centers (which include seven additional megaplex theatre properties) and 11 family entertainment centers. The Company’s portfolio of owned entertainment properties consisted of 13.7 million square feet and was 99% leased, including megaplex theatres that were 100% leased.


•	The Recreation segment included investments in 12 ski areas, 20 attractions, 34 golf entertainment complexes and 13 other recreation facilities. The Company’s portfolio of owned recreation properties was 100% leased.


•	The Education segment included investments in 56 public charter schools, 69 early education centers and 15 private schools. The Company’s portfolio of owned education properties consisted of 4.6 million square feet and was 98% leased.


•	The Other segment consisted primarily of the land under ground lease, property under development and land held for development related to the Resorts World Catskills project in Sullivan County, New York.

The Company's combined owned portfolio consisted of 22.4 million square feet and was 99% leased. As of March 31, 2019, the Company also had a total of $315.2 million invested in property under development.

Investment Update

The Company's investment spending for the three months ended March 31, 2019 totaled $174.6 million, and included investments in each of its operating segments:


•	Entertainment investment spending during the three months ended March 31, 2019 totaled $117.9 million, including spending on the acquisition of five megaplex theatres totaling $93.3 million, build-to-suit development and redevelopment of megaplex theatres, entertainment retail centers and family entertainment centers.

The following information was filed by Epr Properties (EPR) on Monday, April 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Epr Properties's 10-Q Quarterly Report:

Financial - Expense Highlight
FFOAA is presented by adding to FFO costs (gain) associated with loan refinancing or payoff, net, transaction costs, severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants' exercises of public charter school buy-out options, impairment of direct financing leases (allowance for lease loss portion) and provision for loan losses and subtracting gain on early extinguishment of debt, gain on insurance recovery and deferred income tax benefit (expense).

Financial - Shares Highlight
Additionally, FFOAA per diluted share for the three months ended March 31, 2019 versus the three months ended March 31, 2018 was favorably impacted by higher termination fees recognized with the exercise of tenant purchase options.
Financial - Expense Highlight
Approximately $1.0 million of the decrease related to lower deferred taxes due to the treatment of pre-opening costs for the indoor waterpark hotel and adventure park at the Resorts World Catskills project in Sullivan County, New York as well as certain expenses related to our Canadian trust.
Financial - Expense Highlight
We define Adjusted EBITDA as EBITDAre (defined above) excluding gain on insurance recovery, severance expense, litigation settlement expense, impairment of direct financing lease (allowance for lease loss portion), the provision for loan losses, transaction costs and prepayment fees, and which is then multiplied by four to get an annual amount.
Other - Other Highlight
Actual results and experience could differ materially from the anticipated results and other expectations expressed in our forward-looking statements as a result of a number of factors, including but not limited to those discussed in Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 28, 2019.
Financial - Expense
Our net interest expense decreased...Read more
Financial - Shares
AFFO is presented by adding...Read more
Financial - Earnings
In February 2019, we entered...Read more
Financial - Shares
The following table summarizes our...Read more
Other - Other
Adjusted EBITDA is not a...Read more
Financial - Shares
We calculate our total market...Read more
Revenue - Product
The following table summarizes our...Read more
Other - Other
No gain or loss was...Read more
Financial - Shares
Our principal business objective is...Read more
Other - Other
Construction of infrastructure improvements was...Read more
Revenue - Product
Total revenue for the three...Read more
Other - Other
Management believes Adjusted EBITDA is...Read more
Other - Other
During the three months ended...Read more
Other - Other
These bonds expire upon the...Read more
Revenue - Geography
Our method of calculating Adjusted...Read more
Financial - Expense
It has been our strategy...Read more
Other - Other
Historically, our primary challenges have...Read more
Financial - Earnings
FFO, FFOAA and AFFO are...Read more
Financial - Debt
We expect to finance these...Read more
Other - Other
We took ownership of and...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Debt
Our unsecured credit facilities and...Read more
Other - Other
We may also fund investments...Read more
Other - Other
See "Non-GAAP Financial Measures" for...Read more
Financial - Income
Income tax benefit was $0.6...Read more
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Revenue - Product
Gain on sale of real...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Epr Properties provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: EPR
CIK: 1045450
Form Type: 10-Q Quarterly Report
Accession Number: 0001045450-19-000050
Submitted to the SEC: Tue Apr 30 2019 6:26:55 AM EST
Accepted by the SEC: Tue Apr 30 2019
Period: Sunday, March 31, 2019
Industry: Real Estate Investment Trusts