EPR Properties (EPR) Q4 2024 earnings summary

Executive summary

• Delivered 3.4% earnings growth for 2024, excluding out-of-period deferred rent and interest collections, amid a challenging macro environment.

• Portfolio includes $6.9B in total investments across 346 properties, with 99% leased or operated; experiential assets comprise 93% of investments.

• Reduced theater and education investments, recycling proceeds into experiential assets.

• Announced a 3.5% increase in monthly cash dividend for 2025, maintaining strong coverage and financial flexibility.

• Q4 investment spending was $49.3M, totaling $263.9M for 2024; 2025 investment spending guidance is $200M–$300M.

Financial highlights

• Q4 2024 revenue was $177.2 million, up from $172 million year-over-year; full-year revenue was $698.1 million, down 1% from 2023.

• Q4 net loss was $14.4 million compared to Q4 2023 net income of $39.5 million; full-year net income was $121.9 million, down 18%.

• FFO as adjusted per share for 2024 was $4.87 (down 6%); AFFO per share was $4.84 (down 7%).

• Q4 FFO as adjusted per share was $1.23 (vs. $1.18 prior year); AFFO was $1.22 (vs. $1.16 prior year).

• Net gain on asset sales in 2024 totaled $16.1 million; disposition proceeds were $74.4 million.

Outlook and guidance

• 2025 FFO as adjusted per share guidance: $4.94–$5.14, a 3.5% increase at midpoint.

• 2025 investment spending guidance: $200 million–$300 million; disposition guidance: $25 million–$75 million.

• Monthly dividend to increase 3.5% to $0.295 per share, annualized at $3.54.

• Net income per diluted share guidance for 2025 is $2.84 to $3.04.

• Percentage rents and participating interest expected at $18 million–$22 million, up over $5 million from prior year.