EPR Properties, a Maryland-based real estate investment trust (REIT), reported its financial results for the third quarter and the nine months ended September 30, 2024. The company experienced a decline in total revenue, which amounted to $180.5 million for Q3 2024, down from $189.4 million in Q3 2023. For the nine-month period, total revenue decreased to $520.8 million from $533.7 million in the prior year. This decline was attributed to reduced rental revenue, particularly due to a restructuring agreement with Regal and higher deferred rental payments from cash basis tenants.
Net income available to common shareholders for Q3 2024 was $40.6 million, a decrease from $50.2 million in Q3 2023. However, for the nine months ended September 30, 2024, net income increased to $136.4 million from $109.4 million in the same period of 2023. The earnings per share (EPS) for Q3 2024 was $0.54, down from $0.67 in Q3 2023, while the nine-month EPS rose to $1.80 from $1.45.
The company’s Funds From Operations (FFO) for Q3 2024 was $101.4 million, compared to $113.1 million in Q3 2023. For the nine months, FFO decreased to $276.0 million from $305.9 million. The FFO per share for Q3 2024 was $1.34, down from $1.50 in the prior year, while the nine-month figure was $3.65, down from $4.07.
EPR Properties reported total assets of approximately $5.7 billion as of September 30, 2024, slightly down from $5.7 billion at the end of 2023. The company’s total debt increased to $2.9 billion, with 99% being unsecured. Cash and cash equivalents decreased to $35.3 million from $78.1 million at the end of 2023.
Strategically, EPR Properties has been focusing on enhancing shareholder value through predictable and increasing dividends. The company declared cash dividends of $0.855 per common share for Q3 2024, an increase from $0.825 in Q3 2023. The company also reported significant investment spending of $214.6 million for the nine months ended September 30, 2024, compared to $135.5 million in the same period of 2023.
The company faced challenges due to a difficult economic environment, leading to increased costs of capital and a more selective approach to investments. EPR Properties aims to utilize cash on hand and available borrowings under its credit facility until market conditions improve.
About EPR PROPERTIES
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