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Epr Properties (EPR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Epr Properties

CIK: 1045450 Ticker: EPR

Exhibit 99.1



EPR PROPERTIES REPORTS THIRD QUARTER 2021 RESULTS
Raises 2021 Earnings Guidance

Kansas City, MO, November 3, 2021 -- EP
R Properties (NYSE:EPR) today announced operating results for the third quarter and nine months ended September 30, 2021 (dollars in thousands, except per share data):    
 Three Months Ended September 30,Nine Months Ended September 30,
 20212020 (2)2021 2020 (2)
Total revenue$139,647 $63,877 $376,774 $321,249 
Net income (loss) available to common shareholders26,084 (91,938)35,949 (129,853)
Net income (loss) available to common shareholders per diluted common share0.35 (1.23)0.48 (1.70)
Funds From Operations as adjusted (FFOAA) (1)64,166 (11,699)150,413 95,645 
FFOAA per diluted common share (1)0.86 (0.16)2.01 1.25 
Adjusted Funds From Operations (AFFO) (1)68,716 2,698 160,647 126,078 
AFFO per diluted common share (1)0.92 0.04 2.15 1.65 
(1) A non-GAAP financial measure
(2) 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 diluted share, related to moving two customers to cash basis for revenue recognition purposes at the end of the third quarter in 2020. 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.

Third Quarter Company Headlines

Quarterly Collections Continue to Exceed Expectations - Cash collections from customers continued to exceed expectations and were approximately 90% of contractual cash revenue for the third quarter of 2021. In addition, during the third quarter, the Company collected a total of $11.3 million of deferred rent and interest as well as $5.3 million on a previously reserved note receivable.
New $1.0 Billion Revolving Credit Facility - In early October 2021, the Company entered into a new amended and restated $1.0 billion revolving credit facility that matures in October 2025 with options to extend for a total of 12 additional months, subject to conditions.
Rating Agency Upgrades - During September 2021, the Company received an investment grade rating from S&P on its unsecured debt with a stable outlook, adding to its current investment grade rating from Moody's, who raised its outlook to stable during October 2021.
Successful Debt Issuance Lowers Cost of Capital and Extends Maturities – In October 2021, the Company closed on a public offering of $400.0 million in unsecured notes due in November 2031 with an interest rate of 3.60%, a record low coupon for the Company, and provided notice that all $275.0 million of its 5.25% senior notes due in 2023 will be redeemed (including a make-whole premium) on November 12, 2021. Following this redemption, the Company will have no scheduled debt maturities until 2024.
Strong Liquidity Position – In September 2021, the Company repaid its $400.0 million unsecured term loan facility, and as of September 30, 2021, the Company had cash on hand of $144.4 million and no borrowings on its $1.0 billion unsecured revolving credit facility. Furthermore, the net debt issuance described above provides additional liquidity.

CEO Comments
"The strength of the consumer-led recovery across our experiential properties was illustrated by our increased level of cash collections which exceeded our expectations," stated Greg Silvers, President and CEO of EPR Properties. "Our sustained progress has also been recognized by the ratings agencies as evidenced by our recent upgrades. We have also solidified our balance sheet position and enhanced our liquidity with a new $1.0 billion credit facility and $400.0 million debt issuance. With an active pipeline, we are well-positioned to reaccelerate our growth and expand our portfolio with diversified experiential properties."

Collections
Cash collections from both accrual and cash basis tenants and borrowers continued to exceed expectations and were approximately $124.5 million or 90% of contractual cash revenue for the third quarter. Contractual cash revenue is an


The following information was filed by Epr Properties (EPR) on Wednesday, November 3, 2021 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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
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)
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)
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)
Leases, Codification Topic 842
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)
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

Ticker: EPR
CIK: 1045450
Form Type: 10-Q Quarterly Report
Accession Number: 0001045450-21-000067
Submitted to the SEC: Thu Nov 04 2021 9:24:29 AM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: Real Estate Investment Trusts

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