EPR Properties (EPR) Reports Q3 2023 Earnings and Updates Guidance
EPR Properties (NYSE:EPR) reported total revenue of $189.4 million for Q3 2023, up from $161.4 million in Q3 2022.
Net income available to common shareholders was $50.2 million, compared to $44.8 million in the same period last year.
The company increased its 2023 FFOAA per diluted common share guidance from a range of $5.05 to $5.15 to a range of $5.10 to $5.18.
EPR Properties (NYSE:EPR) maintained a strong liquidity position with cash on hand of $173.0 million and no borrowings on its $1.0 billion unsecured revolving credit facility.
On October 25, 2023, EPR Properties (NYSE:EPR) released its earnings report for the third quarter ended September 30, 2023. The company reported a total revenue of $189.4 million, a significant increase from $161.4 million in the same period last year. Net income available to common shareholders was $50.2 million, up from $44.8 million in Q3 2022.
Financial Highlights
The company's Funds From Operations as adjusted (FFOAA) for Q3 2023 was $113.2 million, compared to $88.2 million in Q3 2022. Adjusted Funds From Operations (AFFO) for the same period was $113.3 million, up from $92.3 million in the previous year. The company also reported a strong liquidity position with cash on hand of $173.0 million and no borrowings on its $1.0 billion unsecured revolving credit facility.
Company Developments
EPR Properties (NYSE:EPR) highlighted several key developments in the quarter, including the resolution of Regal's bankruptcy, the acquisition of Southern Theatres by Santikos Theaters, and solid deferral collections. The company collected $19.3 million of deferred rent from cash basis customers, contributing to its strong financial position.
Updated 2023 Earnings Guidance
The company updated its 2023 earnings guidance, increasing its FFOAA per diluted common share guidance from a range of $5.05 to $5.15 to a range of $5.10 to $5.18. The company's CEO, Greg Silvers, attributed the solid earnings results and increased guidance to the strong performance at the company's experiential properties and significant deferral collections.
Looking Ahead
With a strong recovery at the box office and an attractive pipeline of committed developments and investment opportunities, EPR Properties (NYSE:EPR) is well-positioned for future growth. The company plans to continue its selective growth strategy while maintaining a strong balance sheet position.
Explore the complete 8-K earnings release (here) from EPR Properties for further details.
This article first appeared on GuruFocus.
