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Epr Properties (EPR) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Epr Properties

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CIK: 1045450 Ticker: EPR

Exhibit 99.1



EPR PROPERTIES REPORTS THIRD QUARTER 2020 RESULTS

Kansas City, MO, November 4, 2020
 -- EPR Properties (NYSE:EPR) today announced operating results for the third quarter and nine months ended September 30, 2020 (dollars in thousands, except per share data):    
 Three Months Ended September 30,Nine Months Ended September 30,
 2020 (1)2019 (2)2020 (1)2019 (2)
Total revenue from continuing operations$63,877 $169,356 $321,249 $481,623 
Net (loss) income available to common shareholders(91,938)27,969 (129,853)147,844 
Net (loss) income available to common shareholders per diluted common share(1.23)0.36 (1.70)1.94 
Funds From Operations as adjusted (FFOAA) (a non-GAAP financial measure)(11,699)115,309 95,645 323,519 
FFOAA per diluted common share (a non-GAAP financial measure)(0.16)1.46 1.25 4.19 
Adjusted Funds From Operations (AFFO) (a non-GAAP financial measure)2,698 113,647 126,078 323,567 
AFFO per diluted common share (a non-GAAP financial measure)0.04 1.44 1.65 4.19 
(1) The operating results for the three and nine months ended September 30, 2020, include $49.8 million of straight-line and other receivable write-offs, or $0.67 per share, related to moving two customers to cash basis for revenue recognition purposes at the end of the third quarter. These write-offs are reflected in all metrics in these columns except that AFFO per diluted share for the three and nine months ended September 30, 2020 excludes the impact of the straight-line portion of these write-offs totaling $23.9 million.

(2) The operating results of the Company's public charter school portfolio for the three and nine months ended September 30, 2019, include $11.3 million and $22.9 million in termination fees, respectively, and are included in all metrics in these columns except for total revenue from continuing operations. The remaining public charter school portfolio was sold subsequent to September 30, 2019.

Third Quarter Company Headlines

•Collections Ramping Up - For July, August and September, cash collections from customers continued to improve and were approximately 35%, 40% and 48% of contractual cash revenue, respectively.
•Property Openings Increase - Approximately 93% of non-theatre properties and 63% of theatre properties were open as of November 3, 2020. In addition, New York and California are making progress in reopening theatres.
•Strong Liquidity Position - The Company had minimal cash burn during the quarter and with nearly $1.0 billion of cash on hand at quarter-end, the Company believes it has sufficient liquidity to navigate through the impact of the pandemic.
•Extension of Covenant Waivers - Waivers of certain covenants related to the Company’s bank credit facilities have been extended through December 31, 2021, providing additional flexibility to work through issues with customers as needed. The Company is currently negotiating a similar covenant waiver extension relating to its private placement notes.
•Two Customers Placed on Cash Basis – At the end of the quarter, two customers were placed on cash basis for revenue recognition purposes and, as a result, all of the associated receivables related to these two customers were written-off.

CEO Comments
“As the impact of the COVID-19 pandemic persists, we continue to focus on ensuring our strong liquidity position and helping to facilitate on-going property openings and tenant recovery,” stated Greg Silvers, Company President and CEO. “We limited our cash burn during the quarter and reached rent resolution with the vast majority of our customers and have seen an improvement in cash collections. We have also extended our debt covenant waivers on our bank credit facilities to provide additional flexibility through the end of next year. While uncertainty remains, particularly around the timing of a widespread reopening of theatres, we are encouraged by the return to business of the rest of our customers and our stable balance sheet position.”




The following information was filed by Epr Properties (EPR) on Wednesday, November 4, 2020 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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Epr Properties's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Epr Properties's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Statement Of Changes In Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income And Comprehensive Income
Accounts Receivable, Net
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details)
Accounts Receivable, Net (Tables)
Capital Markets (Details)
Capital Markets Issuance Of Shares (Tables)
Capital Markets Long Term Debt (Details)
Capital Markets Long Term Debt (Notes)
Derivative Instruments
Derivative Instruments (Narrative) (Details)
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details)
Derivative Instruments (Tables)
Discontinued Operations (Details)
Discontinued Operations (Notes)
Earnings Per Share
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Tables)
Equity Incentive Plans
Equity Incentive Plans (Summary Of Exercisable Options) (Details)
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details)
Equity Incentive Plans (Summary Of Outstanding Options) (Details)
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details)
Equity Incentive Plans (Summary Of Share Option Activity) (Details)
Equity Incentive Plans (Tables)
Fair Value Disclosures
Fair Value Disclosures (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Disclosures Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis (Details)
Impairment Charges (Details)
Impairment Charges (Notes)
Investment In Mortgage Notes And Notes Receivable (Details)
Investment In Mortgage Notes And Notes Receivable Investment In Mortgage Notes And Notes Receivable (Tables)
Investments And Dispositions
Investments And Dispositions (Details)
Operating Leases (Details)
Organization
Other Commitments And Contingencies
Other Commitments And Contingencies (Details)
Rental Properties
Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details)
Rental Properties (Tables)
Segment Information
Segment Information (Tables)
Segment Information Balance Sheet Data (Details)
Segment Information Operating Data (Details)
Subsequent Events (Details)
Subsequent Events (Notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policy)
Unconsolidated Real Estate Joint Ventures (Details)
Unconsolidated Real Estate Joint Ventures (Notes)

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: 0001045450-20-000076
Submitted to the SEC: Thu Nov 05 2020 9:37:14 AM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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