EPR Properties (NYSE:EPR)
$ 45.73 0.33 (0.73%) Market Cap: 3.46 Bil Enterprise Value: 6.46 Bil PE Ratio: 19.80 PB Ratio: 1.44 GF Score: 72/100
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Q3 2024 EPR Properties Earnings Call Transcript

Oct 31, 2024 / 12:30 PM GMT
Release Date Price: $45.37 (-4.56%)

Key Points

Positve
  • EPR Properties (EPR) reported a strong leasing performance with 99% of its experiential portfolio and 100% of its education portfolio leased.
  • The company increased its box office guidance for 2024, reflecting confidence in the recovery of the theater industry.
  • EPR Properties (EPR) successfully disposed of several vacant properties, including former Regal theaters, improving its portfolio quality.
  • The company has a strong liquidity position with a $1 billion revolving credit facility and a low balance drawn, providing financial flexibility.
  • EPR Properties (EPR) reported an increase in percentage rents, particularly from theaters under the Regal master lease, indicating improved tenant performance.
Negative
  • EPR Properties (EPR) faced significant hurricane damage to its joint venture hotels in St. Petersburg Beach, leading to impairment charges and anticipated removal from the portfolio.
  • The company's FFO as adjusted per share decreased compared to the prior year, partly due to the absence of out-of-period deferral collections.
  • Interest expense increased due to higher borrowings and decreased interest income, impacting overall financial performance.
  • The company reported a decrease in overall portfolio coverage, driven by a dip in box office performance due to strikes affecting the release schedule.
  • EPR Properties (EPR) noted continued expense pressures on operators, leading to slight decreases in EBITDA at certain properties.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

EPR.N - EPR Properties
Q3 2024 EPR Properties Earnings Call
Oct 31, 2024 / 12:30PM GMT

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Presentation
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Unidentified Participant [1]
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On technology, along with upgraded seeding and in its areas such as air conditioning signage and providing all further enhancing the moviegoing experiences for audiences nationwide.

Also, during the quarter, Top Golf, Callaway announced its intention to spin off Top Golf into a separate entity.

We believe that this will be a positive event for Top Golf as it will enhance the Company's strategic focus as a highly successful Eat & Play brand.

The spin-off is expected to leave Top Golf well capitalized and debt free position that if position it for success, we have continued to see strong performance from our Top Golf portfolio and have a great relationship with the Top Golf management team.

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