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Section 1: 10-Q (10-Q)

epr-20200930
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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, 2020
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 classTrading symbol(s)Name of each exchange on which registered
Common shares, par value $0.01 per shareEPRNew York Stock Exchange
5.75% Series C cumulative convertible preferred shares, par value $0.01 per shareEPR PrCNew York Stock Exchange
9.00% Series E cumulative convertible preferred shares, par value $0.01 per shareEPR PrENew York Stock Exchange
5.75% Series G cumulative redeemable preferred shares, par value $0.01 per shareEPR PrGNew 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 November 4, 2020, there were 74,615,230 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 the uncertain financial impact of COVID-19, our capital resources and liquidity, expected waivers of financial covenants related to our private placement notes, expected liquidity and performance of our customers, including AMC and Regal, our expected revenue and customer deferral agreements, our expected dividend payments and share repurchases 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:
Risks associated with the current outbreak of the novel coronavirus, or COVID-19, or the future outbreak of any other highly infectious or contagious diseases;
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 experiential real estate industry;
Our ability to compete effectively;
Risks associated with three tenants representing a substantial portion of our lease revenues;
The ability of our build-to-suit tenants to achieve sufficient operating results within expected time-frames and therefore have capacity to pay their agreed upon rent;
Risks associated with our dependence on third-party managers to operate certain of our experiential 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 and completion 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 experiential lodging properties;
Risks associated with the gaming industry;
Risks associated with gaming and other regulatory authorities;
Delays or prohibitions of transfers of gaming properties due to required regulatory approvals;
Risks associated with security breaches and other disruptions;
Changes in accounting standards that may adversely affect our financial statements;
Fluctuations in the value of real estate income and investments;
i


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, climate change and natural disasters;
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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the Securities and Exchange Commission ("SEC") on May 11, 2020.

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, 2020December 31, 2019
(unaudited)
Assets
Real estate investments, net of accumulated depreciation of $1,072,201 and $989,254 at September 30, 2020 and December 31, 2019, respectively
$5,067,657 $5,197,308 
Land held for development25,846 28,080 
Property under development44,103 36,756 
Operating lease right-of-use assets185,459 211,187 
Mortgage notes and related accrued interest receivable362,011 357,391 
Investment in joint ventures29,571 34,317 
Cash and cash equivalents985,372 528,763 
Restricted cash2,424 2,677 
Accounts receivable129,714 86,858 
Other assets75,053 94,174 
Total assets$6,907,210 $6,577,511 
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities$95,429 $122,939 
Operating lease liabilities225,379 235,650 
Common dividends payable29 29,424 
Preferred dividends payable6,034 6,034 
Unearned rents and interest75,415 74,829 
Debt3,854,855 3,102,830 
Total liabilities4,257,141 3,571,706 
Equity:
Common Shares, $0.01 par value; 100,000,000 shares authorized; and 81,908,330 and 81,588,489 shares issued at September 30, 2020 and December 31, 2019, respectively
819 816 
Preferred Shares, $0.01 par value; 25,000,000 shares authorized:
5,394,050 Series C convertible shares issued at September 30, 2020 and December 31, 2019; liquidation preference of $134,851,250
54 54 
3,447,381 Series E convertible shares issued at September 30, 2020 and December 31, 2019; liquidation preference of $86,184,525
34 34 
6,000,000 Series G shares issued at September 30, 2020 and December 31, 2019; liquidation preference of $150,000,000
60 60 
Additional paid-in-capital3,852,762 3,834,858 
Treasury shares at cost: 7,294,902 and 3,125,569 common shares at September 30, 2020 and December 31, 2019, respectively
(260,594)(147,435)
Accumulated other comprehensive (loss) income(2,106)7,275 
Distributions in excess of net income(940,960)(689,857)
Total equity$2,650,069 $3,005,805 
Total liabilities and equity$6,907,210 $6,577,511 
See accompanying notes to consolidated financial statements.
1


EPR PROPERTIES
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income
(Unaudited)
(Dollars in thousands except per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Rental revenue$55,591 $150,962 $288,165 $438,257 
Other income182 11,464 8,171 17,534 
Mortgage and other financing income8,104 6,930 24,913 25,832 
Total revenue63,877 169,356 321,249 481,623 
Property operating expense13,759 14,494 42,181 44,642 
Other expense2,680 11,403 15,012 19,494 
General and administrative expense10,034 11,600 31,454 35,540 
Severance expense 1,521  1,941 
Costs associated with loan refinancing or payoff 38,269 820 38,269 
Interest expense, net41,744 36,667 114,837 107,088 
Transaction costs2,776 5,959 4,622 18,005 
Credit loss expense5,707  10,383  
Impairment charges11,561  62,825  
Depreciation and amortization42,059 41,644 128,319 116,436 
(Loss) income before equity in (loss) income from joint ventures, other items and discontinued operations(66,443)7,799 (89,204)100,208 
Equity in (loss) income from joint ventures(1,044)(435)(3,188)524 
Impairment charges on joint ventures  (3,247) 
Gain on sale of real estate 845 242 457 
(Loss) income before income taxes(67,487)8,209 (95,397)101,189 
Income tax (expense) benefit(18,417)600 (16,354)2,505 
(Loss) income from continuing operations$(85,904)$8,809 $(111,751)$103,694 
Discontinued operations:
Income from discontinued operations before other items 11,736  32,304 
Gain on sale of real estate from discontinued operations 13,458  29,948 
Income from discontinued operations 25,194  62,252 
Net (loss) income(85,904)34,003 (111,751)165,946 
Preferred dividend requirements(6,034)(6,034)(18,102)(18,102)
Net (loss) income available to common shareholders of EPR Properties$(91,938)$27,969 $(129,853)$147,844 
Net (loss) income available to common shareholders of EPR Properties per share:
Continuing operations$(1.23)$0.04 $(1.70)$1.12 
Discontinued operations 0.32  0.82 
Basic$(1.23)$0.36 $(1.70)$1.94 
Continuing operations$(1.23)$0.04 $(1.70)$1.12 
Discontinued operations 0.32  0.82 
Diluted$(1.23)$0.36 $(1.70)$1.94 
Shares used for computation (in thousands):
Basic74,613 77,632 76,456 76,169 
Diluted74,613 77,664 76,456 76,207 
Other comprehensive (loss) income:
Net (loss) income$(85,904)$34,003 $(111,751)$165,946 
Foreign currency translation adjustment4,148 (2,267)(5,063)5,515 
Change in net unrealized (loss) gain on derivatives(1,923)1,752 (4,318)(12,941)
Comprehensive (loss) income attributable to EPR Properties$(83,679)$33,488 $(121,132)$158,520 
See accompanying notes to consolidated financial statements.
2



EPR PROPERTIES
Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars in thousands, except per share data)
 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital
Treasury
shares
Accumulated
other
comprehensive (loss) income
Distributions
in excess of
net income
Total
SharesParSharesPar
Balance at December 31, 201877,226,443 $772 14,841,431 $148 $3,504,494 $(130,728)$12,085 $(521,748)$2,865,023 
Restricted share units issued to Trustees1,156 — — — — — — —  
Issuance of nonvested shares, net of cancellations197,755 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 shares1,064,600 11 — — 78,982 — — — 78,993 
Stock option exercises, net111,815 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, 201978,601,769 $786 14,841,431 $148 $3,597,130 $(146,906)$8,397 $(546,776)$2,912,779 
Restricted share units issued to Trustees26,236 — — — — — — —  
Issuance of nonvested shares, net of cancellations11,000 — — — 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— — — — — — — 66,594 66,594 
Issuances of common shares2,033,530 21 — — 157,575 — — — 157,596 
Stock option exercises, net5,198  — — 142 (142)— —  
Dividends to common shareholders ($1.125 per share)
— — — — — — — (86,097)(86,097)
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 June 30, 201980,677,733 $807 14,841,431 $148 $3,758,225 $(147,143)$5,174 $(572,313)$3,044,898 
Continued on next page.
3


 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital
Treasury
shares
Accumulated
other
comprehensive (loss) income
Distributions
in excess of
net income
Total
SharesParSharesPar
Continued from previous page.
Balance at June 30, 201980,677,733 $807 14,841,431 $148 $3,758,225 $(147,143)$5,174 $(572,313)$3,044,898 
Purchase of common shares for vesting— — — — — (192)— — (192)
Share-based compensation expense— — — — 3,372 — — — 3,372 
Share-based compensation included in severance expense— — — — 418 — — — 418 
Foreign currency translation adjustment— — — — — — (2,267)— (2,267)
Change in unrealized gain on derivatives— — — — — — 1,752 — 1,752 
Net income— — — — — — — 34,003 34,003 
Issuances of common shares685,588 6 — — 52,350 — — — 52,356 
Stock option exercises, net1,773  — — 100 (100)— —  
Dividends to common shareholders ($1.125 per share)
— — — — — — — (87,507)(87,507)
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 September 30, 201981,365,094 $813 14,841,431 $148 $3,814,465 $(147,435)$4,659 $(631,851)$3,040,799 
Continued on next page.

4


 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital
Treasury
shares
Accumulated
other
comprehensive
(loss) income
Distributions
in excess of
net income
Total
Continued from previous page.SharesParSharesPar
Balance at December 31, 201981,588,489 $816 14,841,431 $148 $3,834,858 $(147,435)$7,275 $(689,857)$3,005,805 
Issuance of nonvested shares, net of cancellations211,549 2 — — 6,221 (90)— — 6,133 
Purchase of common shares for vesting— — — — — (6,769)— — (6,769)
Share-based compensation expense— — — — 3,509 — — — 3,509 
Foreign currency translation adjustment— — — — — — (16,495)— (16,495)
Change in unrealized loss on derivatives— — — — — — 3,931 — 3,931 
Credit loss expense for implementation of Current Expected Credit Loss standard— — — — — — — (2,163)(2,163)
Net income— — — — — — — 37,118 37,118 
Issuances of common shares10,368  — — 442 — — — 442 
Stock option exercises, net1,410  — — 63 (63)— —  
Dividends to common shareholders ($1.1325 per share)
— — — — — — — (88,996)(88,996)
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, 202081,811,816 $818 14,841,431 $148 $3,845,093 $(154,357)$(5,289)$(749,932)$2,936,481 
Restricted share units issued to Trustees74,767 1