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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 001-13561
 
EPR PROPERTIES
(Exact name of registrant as specified in its charter)
Maryland
 
43-1790877
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
909 Walnut Street,
Suite 200
 
 
Kansas City,
Missouri
 
64106
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code:
(816)
472-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Common shares, par value $0.01 per share
 
EPR
 
New York Stock Exchange
 
 
 
 
 
5.75% Series C cumulative convertible preferred shares, par value $0.01 per share
 
EPR PrC
 
New York Stock Exchange
 
 
 
 
 
9.00% Series E cumulative convertible preferred shares, par value $0.01 per share
 
EPR PrE
 
New York Stock Exchange
 
 
 
 
 
5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share
 
EPR PrG
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes      No  

At October 29, 2019, there were 78,458,360 common shares outstanding.



CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would,” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions in this Quarterly Report on Form 10-Q. In addition, references to our budgeted amounts and guidance are forward-looking statements.

Factors that could materially and adversely affect us include, but are not limited to, the factors listed below:
Global economic uncertainty and disruptions in financial markets;
Reduction in discretionary spending by consumers;
Adverse changes in our credit ratings;
Fluctuations in interest rates;
Defaults in the performance of lease terms by our tenants;
Defaults by our customers and counterparties on their obligations owed to us;
A borrower's bankruptcy or default;
Our ability to renew maturing leases on terms comparable to prior leases and/or our ability to locate substitute lessees for these properties on economically favorable terms;
Risks of operating in the entertainment industry;
Our ability to compete effectively;
Risks associated with a single tenant representing a substantial portion of our lease revenues;
The ability of our public charter school tenants to comply with their charters and continue to receive funding from local, state and federal governments, the approval by applicable governing authorities of substitute operators to assume control of any failed public charter schools and our ability to negotiate the terms of new leases with such substitute tenants on acceptable terms;
The ability of our build-to-suit tenants to achieve sufficient operating results within expected timeframes and therefore have capacity to pay their agreed upon rent;
The ability of our early childhood education tenant, Children's Learning Adventure, to successfully transition our properties to one or more third party operators;
Risks relating to our tenants' exercise of purchase options or borrowers' exercise of prepayment options related to our education properties;
Risks associated with our dependence on third-party managers to operate certain of our recreation anchored lodging properties;
Risks associated with our level of indebtedness;
Risks associated with use of leverage to acquire properties;
Financing arrangements that require lump-sum payments;
Our ability to raise capital;
Covenants in our debt instruments that limit our ability to take certain actions;
The concentration and lack of diversification of our investment portfolio;
Our continued qualification as a real estate investment trust for U.S. federal income tax purposes and related tax matters;
The ability of our subsidiaries to satisfy their obligations;
Financing arrangements that expose us to funding or purchase risks;
Our reliance on a limited number of employees, the loss of which could harm operations;
Risks associated with the employment of personnel by managers of our recreation anchored lodging properties;
Risks associated with security breaches and other disruptions;
Changes in accounting standards that may adversely affect our financial statements;

i


Fluctuations in the value of real estate income and investments;
Risks relating to real estate ownership, leasing and development, including local conditions such as an oversupply of space or a reduction in demand for real estate in the area, competition from other available space, whether tenants and users such as customers of our tenants consider a property attractive, changes in real estate taxes and other expenses, changes in market rental rates, the timing and costs associated with property improvements and rentals, changes in taxation or zoning laws or other governmental regulation, whether we are able to pass some or all of any increased operating costs through to tenants or other customers, and how well we manage our properties;
Our ability to secure adequate insurance and risk of potential uninsured losses, including from natural disasters;
Risks involved in joint ventures;
Risks in leasing multi-tenant properties;
A failure to comply with the Americans with Disabilities Act or other laws;
Risks of environmental liability;
Risks associated with the relatively illiquid nature of our real estate investments;
Risks with owning assets in foreign countries;
Risks associated with owning, operating or financing properties for which the tenants', mortgagors' or our operations may be impacted by weather conditions and climate change;
Risks associated with the development, redevelopment and expansion of properties and the acquisition of other real estate related companies;
Our ability to pay dividends in cash or at current rates;
Fluctuations in the market prices for our shares;
Certain limits on changes in control imposed under law and by our Declaration of Trust and Bylaws;
Policy changes obtained without the approval of our shareholders;
Equity issuances that could dilute the value of our shares;
Future offerings of debt or equity securities, which may rank senior to our common shares;
Risks associated with changes in foreign exchange rates; and
Changes in laws and regulations, including tax laws and regulations.

Our forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission ("SEC") on February 28, 2019.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.



ii


TABLE OF CONTENTS
 
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
Financial Statements
 
Item 2.
 
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
Item 3.
 
Quantitative and Qualitative Disclosures About Market Risk
 
Item 4.
 
Controls and Procedures
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
Legal Proceedings
 
Item 1A.
 
Risk Factors
 
Item 2.
 
Unregistered Sale of Equity Securities and Use of Proceeds
 
Item 3.
 
Defaults Upon Senior Securities
 
Item 4.
 
Mine Safety Disclosures
 
Item 5.
 
Other Information
 
Item 6.
 
Exhibits

iii


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
EPR PROPERTIES
Consolidated Balance Sheets
(Dollars in thousands except share data)
 
September 30, 2019
 
December 31, 2018
 
(unaudited)
 
 
Assets
 
 
 
Real estate investments, net of accumulated depreciation of $989,480 and $883,174 at September 30, 2019 and December 31, 2018, respectively
$
5,569,310

 
$
5,024,057

Land held for development
28,080

 
34,177

Property under development
31,825

 
287,546

Operating lease right-of-use assets
219,459

 

Mortgage notes and related accrued interest receivable
413,695

 
517,467

Investment in direct financing leases, net
20,727

 
20,558

Investment in joint ventures
35,222

 
34,486

Cash and cash equivalents
115,839

 
5,872

Restricted cash
5,929

 
12,635

Accounts receivable
99,190

 
98,369

Other assets
94,014

 
96,223

Total assets
$
6,633,290

 
$
6,131,390

Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Accounts payable and accrued liabilities
$
121,351

 
$
168,463

Operating lease liabilities
244,358

 

Common dividends payable
29,340

 
26,765

Preferred dividends payable
6,034

 
6,034

Unearned rents and interest
89,797

 
79,051

Debt
3,101,611

 
2,986,054

Total liabilities
3,592,491

 
3,266,367

Equity:
 
 
 
Common Shares, $.01 par value; 100,000,000 shares authorized; and 81,365,094 and 77,226,443 shares issued at September 30, 2019 and December 31, 2018, respectively
813

 
772

Preferred Shares, $.01 par value; 25,000,000 shares authorized:
 
 
 
5,394,050 Series C convertible shares issued at September 30, 2019 and December 31, 2018; liquidation preference of $134,851,250
54

 
54

3,447,381 Series E convertible shares issued at September 30, 2019 and December 31, 2018; liquidation preference of $86,184,525
34

 
34

6,000,000 Series G shares issued at September 30, 2019 and December 31, 2018; liquidation preference of $150,000,000
60

 
60

Additional paid-in-capital
3,814,465

 
3,504,494

Treasury shares at cost: 3,125,569 and 2,878,587 common shares at September 30, 2019 and December 31, 2018, respectively
(147,435
)
 
(130,728
)
Accumulated other comprehensive income
4,659

 
12,085

Distributions in excess of net income
(631,851
)
 
(521,748
)
Total equity
$
3,040,799

 
$
2,865,023

Total liabilities and equity
$
6,633,290

 
$
6,131,390

See accompanying notes to consolidated financial statements.

1


EPR PROPERTIES
Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(Dollars in thousands except per share data)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Rental revenue
$
161,262

 
$
140,905

 
$
469,315

 
$
410,848

Other income
11,464

 
365

 
17,534

 
1,641

Mortgage and other financing income
12,136

 
35,139

 
38,253

 
121,755

Total revenue
184,862

 
176,409

 
525,102

 
534,244

Property operating expense
14,663

 
6,968

 
45,227

 
21,866

Other expense
11,403

 
118

 
19,494

 
118

General and administrative expense
11,600

 
11,424

 
35,540

 
36,724

Severance expense
1,521

 

 
1,941

 

Litigation settlement expense

 

 

 
2,090

Costs associated with loan refinancing or payoff
38,407

 

 
38,407

 
31,958

Interest expense, net
36,640

 
33,576

 
106,744

 
101,992

Transaction costs
5,959

 
1,101

 
18,005

 
2,115

Impairment charges

 

 

 
16,548

Depreciation and amortization
45,134

 
38,623

 
127,232

 
113,889

Income before equity in income (loss) from joint ventures and other items
19,535

 
84,599

 
132,512

 
206,944

Equity in (loss) income from joint ventures
(435
)
 
20

 
524

 
(17
)
Gain on sale of real estate
14,303

 
2,215

 
30,405

 
2,688

Gain on sale of investment in direct financing leases

 
5,514

 

 
5,514

Income before income taxes
33,403

 
92,348

 
163,441

 
215,129

Income tax benefit (expense)
600

 
(515
)
 
2,505

 
(2,177
)
Net income
34,003

 
91,833

 
165,946

 
212,952

Preferred dividend requirements
(6,034
)
 
(6,036
)
 
(18,102
)
 
(18,108
)
Net income available to common shareholders of EPR Properties
$
27,969

 
$
85,797

 
$
147,844

 
$
194,844

Net income available to common shareholders of EPR Properties per share:
 
 
 
 
 
 
 
Basic
$
0.36

 
$
1.15

 
$
1.94

 
$
2.62

Diluted
$
0.36

 
$
1.15

 
$
1.94

 
$
2.62

Shares used for computation (in thousands):
 
 
 
 
 
 
 
Basic
77,632

 
74,345

 
76,169

 
74,274

Diluted
77,664

 
74,404

 
76,207

 
74,316

 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
Net income
$
34,003

 
$
91,833

 
$
165,946

 
$
212,952

Foreign currency translation adjustment
(2,267
)
 
3,292

 
5,515

 
(6,176
)
Change in net unrealized gain (loss) on derivatives
1,752

 
(1,543
)
 
(12,941
)
 
12,939

Comprehensive income
$
33,488

 
$
93,582

 
$
158,520

 
$
219,715

See accompanying notes to consolidated financial statements.

2



EPR PROPERTIES
Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars in thousands)
 
EPR Properties Shareholders’ Equity
 
 
 
Common Stock
 
Preferred Stock
 
Additional
paid-in capital
 
Treasury
shares
 
Accumulated
other
comprehensive
income (loss)
 
Distributions
in excess of
net income
 
Total
 
Shares
 
Par
 
Shares
 
Par
 
 
Balance at December 31, 2017
76,858,632

 
$
769

 
14,848,165

 
$
148

 
$
3,478,986

 
$
(121,591
)
 
$
12,483

 
$
(443,470
)
 
$
2,927,325

Issuance of nonvested shares
295,202

 
3

 

 

 
3,971

 

 

 

 
3,974

Purchase of common shares for vesting

 

 

 

 

 
(7,116
)
 

 

 
(7,116
)
Share-based compensation expense

 

 

 

 
3,791

 

 

 

 
3,791

Foreign currency translation adjustment

 

 

 

 

 

 
(5,400
)
 

 
(5,400
)
Change in unrealized gain on derivatives

 

 

 

 

 

 
9,398

 

 
9,398

Net income

 

 

 

 

 

 

 
29,538

 
29,538

Issuances of common shares
6,601

 

 

 

 
382

 

 

 

 
382

Conversion of Series E Convertible Preferred shares to common shares
800

 

 
(1,734
)
 

 

 

 

 

 

Dividends to common shareholders ($1.08 per share)

 

 

 

 

 

 

 
(80,263
)
 
(80,263
)
Dividends to Series C preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(1,940
)
 
(1,940
)
Dividends to Series E preferred shareholders ($0.5625 per share)

 

 

 

 

 

 

 
(1,939
)
 
(1,939
)
Dividends to Series G preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(2,156
)
 
(2,156
)
Balance at March 31, 2018
77,161,235

 
$
772

 
14,846,431

 
$
148

 
$
3,487,130

 
$
(128,707
)
 
$
16,481

 
$
(500,230
)
 
$
2,875,594

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted share units issued to Trustees
23,571

 

 

 

 

 

 

 

 

Purchase of common shares for vesting

 

 

 

 

 
(39
)
 

 

 
(39
)
Share-based compensation expense

 

 

 

 
3,818

 

 

 

 
3,818

Foreign currency translation adjustment

 

 

 

 

 

 
(4,068
)
 

 
(4,068
)
Change in unrealized gain on derivatives

 

 

 

 

 

 
5,084

 

 
5,084

Net income

 

 

 

 

 

 

 
91,581

 
91,581

Issuances of common shares
5,272

 

 

 

 
311

 

 

 

 
311

Stock option exercises, net
5,742

 

 

 

 
302

 
(302
)
 

 

 

Dividends to common shareholders ($1.08 per share)

 

 

 

 

 

 

 
(80,278
)
 
(80,278
)
Dividends to Series C preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(1,940
)
 
(1,940
)
Dividends to Series E preferred shareholders ($0.5625 per share)

 

 

 

 

 

 

 
(1,939
)
 
(1,939
)
Dividends to Series G preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(2,156
)
 
(2,156
)
Balance at June 30, 2018
77,195,820

 
$
772

 
14,846,431

 
$
148

 
$
3,491,561

 
$
(129,048
)
 
$
17,497

 
$
(494,962
)
 
$
2,885,968

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continued on next page.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3


 
EPR Properties Shareholders’ Equity
 
 
 
Common Stock
 
Preferred Stock
 
Additional
paid-in capital
 
Treasury
shares
 
Accumulated
other
comprehensive
income (loss)
 
Distributions
in excess of
net income
 
Total
Continued from previous page.
Shares
 
Par
 
Shares
 
Par
 
 
Balance at June 30, 2018
77,195,820

 
$
772

 
14,846,431

 
$
148

 
$
3,491,561

 
$
(129,048
)
 
$
17,497

 
$
(494,962
)
 
$
2,885,968

Cancellation of nonvested shares

 

 

 

 
617

 
(617
)
 

 

 

Share-based compensation expense

 

 

 

 
3,686

 

 

 

 
3,686

Foreign currency translation adjustment

 

 

 

 

 

 
3,292

 

 
3,292

Change in unrealized gain on derivatives

 

 

 

 

 

 
(1,543
)
 

 
(1,543
)
Net income

 

 

 

 

 

 

 
91,833

 
91,833

Issuances of common shares
4,231

 

 

 

 
288

 

 

 

 
288

Stock option exercises, net
2,244

 

 

 

 
131

 
(136
)
 

 

 
(5
)
Dividends to common shareholders ($1.08 per share)

 

 

 

 

 

 

 
(80,289
)
 
(80,289
)
Dividends to Series C preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(1,940
)
 
(1,940
)
Dividends to Series E preferred shareholders ($0.5625 per share)

 

 

 

 

 

 

 
(1,939
)
 
(1,939
)
Dividends to Series G preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(2,156
)
 
(2,156
)
Balance at September 30, 2018
77,202,295

 
$
772

 
14,846,431

 
$
148

 
$
3,496,283

 
$
(129,801
)
 
$
19,246

 
$
(489,453
)
 
$
2,897,195

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continued on next page.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




4


 
EPR Properties Shareholders’ Equity
 
 
 
Common Stock
 
Preferred Stock
 
Additional
paid-in capital
 
Treasury
shares
 
Accumulated
other
comprehensive
income (loss)
 
Distributions
in excess of
net income
 
Total
Continued from previous page.
Shares
 
Par
 
Shares
 
Par
 
 
Balance at December 31, 2018
77,226,443

 
$
772

 
14,841,431

 
$
148

 
$
3,504,494

 
$
(130,728
)
 
$
12,085

 
$
(521,748
)
 
$
2,865,023

Restricted share units issued to Trustees
1,156

 

 

 

 

 

 

 

 

Issuance of nonvested shares, net of cancellations
197,755

 
2

 

 

 
4,831

 
(403
)
 

 

 
4,430

Purchase of common shares for vesting

 

 

 

 

 
(9,499
)
 

 

 
(9,499
)
Share-based compensation expense

 

 

 

 
3,177

 

 

 

 
3,177

Share-based compensation included in severance expense

 

 

 

 
103

 

 

 

 
103

Foreign currency translation adjustment

 

 

 

 

 

 
3,810

 

 
3,810

Change in unrealized loss on derivatives

 

 

 

 

 

 
(7,498
)
 

 
(7,498
)
Net income

 

 

 

 

 

 

 
65,349

 
65,349

Issuances of common shares
1,064,600

 
11

 

 

 
78,982

 

 

 

 
78,993

Stock option exercises, net
111,815

 
1

 

 

 
5,543

 
(6,276
)
 

 

 
(732
)
Dividends to common shareholders ($1.125 per share)

 

 

 

 

 

 

 
(84,343
)
 
(84,343
)
Dividends to Series C preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(1,939
)
 
(1,939
)
Dividends to Series E preferred shareholders ($0.5625 per share)

 

 

 

 

 

 

 
(1,939
)
 
(1,939
)
Dividends to Series G preferred shareholders ($0.359375 per share)

 

 

 

 

 

 

 
(2,156
)
 
(2,156
)
Balance at March 31, 2019
78,601,769

 
$
786

 
14,841,431

 
$
148

 
$
3,597,130

 
$
(146,906
)
 
$
8,397

 
$
(546,776
)
 
$
2,912,779

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted share units issued to Trustees
26,236

 

 

 

 

 

 

 

 

Issuance of nonvested shares, net of cancellations
11,000

 

 

 

 
95

 
(95
)
 

 

 

Share-based compensation expense

 

 

 

 
3,283

 

 

 

 
3,283

Foreign currency translation adjustment

 

 

 

 

 

 
3,972

 

 
3,972

Change in unrealized loss on derivatives

 

 

 

 

 

 
(7,195
)
 

 
(7,195
)
Net income