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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 June 30, 2021
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 July 27, 2021, there were 74,803,698 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 the COVID-19 pandemic, our capital resources and liquidity, our expected dividend payments, our expected cash flows and liquidity, the performance of our customers, our expected cash collections, expected use of proceeds from dispositions and our results of operations and financial condition. The estimates presented herein are based on the Company's current expectations and, given the current economic uncertainty, there can be no assurances that the Company will be able to continue to comply with applicable covenants under its debt agreements, which could materially impact actual performance. 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;
Covenants in our debt instruments that limit our ability to take certain actions;
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 four 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 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;
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 certain of our 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;
i


Changes in accounting standards that may adversely affect our financial statements;
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 losses 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 Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission ("SEC") on February 25, 2021.

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)
 June 30, 2021December 31, 2020
(unaudited)
Assets
Real estate investments, net of accumulated depreciation of $1,130,409 and $1,062,087 at June 30, 2021 and December 31, 2020, respectively
$4,834,652 $4,851,302 
Land held for development23,225 23,225 
Property under development35,082 57,630 
Operating lease right-of-use assets179,354 163,766 
Mortgage notes and related accrued interest receivable366,064 365,628 
Investment in joint ventures27,476 28,208 
Cash and cash equivalents509,836 1,025,577 
Restricted cash3,570 2,433 
Accounts receivable91,319 116,193 
Other assets71,634 70,223 
Total assets$6,142,212 $6,704,185 
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities$103,778 $105,379 
Operating lease liabilities217,575 202,223 
Common dividends payable54 36 
Preferred dividends payable6,033 6,034 
Unearned rents and interest79,992 65,485 
Debt3,081,485 3,694,443 
Total liabilities3,488,917 4,073,600 
Equity:
Common Shares, $0.01 par value; 100,000,000 shares authorized; and 82,216,474 and 81,917,876 shares issued at June 30, 2021 and December 31, 2020, respectively
822 819 
Preferred Shares, $0.01 par value; 25,000,000 shares authorized:
5,393,250 and 5,394,050 Series C convertible shares issued at June 30, 2021 and December 31, 2020, respectively; liquidation preference of $134,831,250
54 54 
3,447,381 Series E convertible shares issued at June 30, 2021 and December 31, 2020; liquidation preference of $86,184,525
34 34 
6,000,000 Series G shares issued at June 30, 2021 and December 31, 2020; liquidation preference of $150,000,000
60 60 
Additional paid-in-capital3,868,865 3,857,632 
Treasury shares at cost: 7,413,471 and 7,315,087 common shares at June 30, 2021 and December 31, 2020, respectively
(264,660)(261,238)
Accumulated other comprehensive income5,265 216 
Distributions in excess of net income(957,145)(966,992)
Total equity$2,653,295 $2,630,585 
Total liabilities and equity$6,142,212 $6,704,185 
See accompanying notes to consolidated financial statements.
1


EPR PROPERTIES
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited)
(Dollars in thousands except per share data)
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Rental revenue$115,883 $97,531 $218,497 $232,574 
Other income1,033 416 1,711 7,989 
Mortgage and other financing income8,446 8,413 16,919 16,809 
Total revenue125,362 106,360 237,127 257,372 
Property operating expense14,678 15,329 29,991 28,422 
Other expense3,025 2,798 5,577 12,332 
General and administrative expense11,376 10,432 22,712 21,420 
Costs associated with loan refinancing or payoff 820 241 820 
Interest expense, net38,312 38,340 77,506 73,093 
Transaction costs662 771 1,210 1,846 
Credit loss (benefit) expense(2,819)3,484 (5,581)4,676 
Impairment charges 51,264  51,264 
Depreciation and amortization40,538 42,450 80,864 86,260 
Income (loss) before equity in loss from joint ventures and other items19,590 (59,328)24,607 (22,761)
Equity in loss from joint ventures(1,151)(1,724)(2,582)(2,144)
Impairment charges on joint ventures (3,247) (3,247)
Gain on sale of real estate511 22 712 242 
Income (loss) before income taxes18,950 (64,277)22,737 (27,910)
Income tax (expense) benefit(398)1,312 (805)2,063 
Net income (loss)18,552 (62,965)21,932 (25,847)
Preferred dividend requirements(6,033)(6,034)(12,067)(12,068)
Net income (loss) available to common shareholders of EPR Properties$12,519 $(68,999)$9,865 $(37,915)
Net income (loss) available to common shareholders of EPR Properties per share:
Basic$0.17 $(0.90)$0.13 $(0.49)
Diluted$0.17 $(0.90)$0.13 $(0.49)
Shares used for computation (in thousands):
Basic74,781 76,310 74,704 77,388 
Diluted74,870 76,310 74,772 77,388 
Other comprehensive income (loss):
Net income (loss)$18,552 $(62,965)$21,932 $(25,847)
Foreign currency translation adjustment2,674 7,284 4,974 (9,211)
Change in net unrealized (loss) gain on derivatives(387)(6,326)75 (2,395)
Comprehensive income (loss) attributable to EPR Properties$20,839 $(62,007)$26,981 $(37,453)
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 income (loss)
Distributions
in excess of
net income
Total
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 
Credit loss expense for implementation of Current Expected Credit Loss standard— — — — — — — (2,163)(2,163)
Issuance of nonvested shares and performance 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 gain on derivatives— — — — — — 3,931 — 3,931 
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 — — — — — — 1 
Share-based compensation expense— — — — 3,463 — — — 3,463 
Foreign currency translation adjustment— — — — — — 7,284 — 7,284 
Change in unrealized loss on derivatives— — — — — — (6,326)— (6,326)
Net loss— — — — — — — (62,965)(62,965)
Issuances of common shares17,203  — — 428 — — — 428 
Repurchase of common shares— — — — — (105,994)— — (105,994)
Dividend equivalents accrued on performance shares— — — — — — — (19)(19)
Dividends to common shareholders ($0.3825 per share)
— — — — — — — (30,062)(30,062)
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, 202081,903,786 $819 14,841,431 $148 $3,848,984 $(260,351)$(4,331)$(849,012)$2,736,257 
Continued on next page.
3


 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital
Treasury sharesAccumulated
other
comprehensive income (loss)
Distributions
in excess of
net income
Total
Continued from previous page.SharesParSharesPar
Balance at December 31, 202081,917,876 $819 14,841,431 $148 $3,857,632 $(261,238)$216 $(966,992)$2,630,585 
Issuance of nonvested shares and performance shares, net of cancellations246,562 2 — — 2,899  — — 2,901 
Purchase of common shares for vesting— — — — — (2,744)— — (2,744)
Share-based compensation expense— — — — 3,784 — — — 3,784 
Foreign currency translation adjustment— — — — — — 2,300 — 2,300 
Change in unrealized gain on derivatives— — — — — — 462 — 462 
Net income— — — — — — — 3,380 3,380 
Issuances of common shares2,509  — — 107 — — — 107 
Dividend equivalents accrued on performance shares— — — — — — — (8)(8)
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, 202182,166,947 $821 14,841,431 $148 $3,864,422 $(263,982)$2,978 $(969,654)$2,634,733 
Restricted share units issued to Trustees43,306 1 — — — — — — 1 
Cancellations of nonvested shares— — — — 484 (484)— —  
Share-based compensation expense— — — — 3,675 — — — 3,675 
Foreign currency translation adjustment— — — — — — 2,674 — 2,674 
Change in unrealized loss on derivatives— — — — — — (387)— (387)
Net income— — — — — — — 18,552 18,552 
Issuances of common shares1,826  — — 90 — — — 90 
Conversion of Series C Convertible Preferred shares to common shares330 — (800)— — — — —  
Stock option exercises, net4,065  — — 194 (194)— —  
Dividend equivalents accrued on performance shares— — — — — — — (10)(10)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
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, 202182,216,474 $822 14,840,631 $148 $3,868,865 $(264,660)$5,265 $(957,145)$2,653,295 
See accompanying notes to consolidated financial statements.
4


EPR PROPERTIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
 Six Months Ended June 30,
 20212020
Operating activities:
Net income (loss)$21,932 $(25,847)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Impairment charges 51,264 
Impairment charges on joint ventures 3,247 
Gain on sale of real estate(712)(242)
Gain on insurance recovery(30) 
Deferred income tax benefit (2,789)
Costs associated with loan refinancing or payoff241 820 
Equity in loss from joint ventures2,582 2,144 
Distributions from joint ventures90  
Credit loss (benefit) expense(5,581)4,676 
Depreciation and amortization80,864 86,260 
Amortization of deferred financing costs3,121 3,285 
Amortization of above/below market leases and tenant allowances, net(195)(260)
Share-based compensation expense to management and Trustees7,459 6,972 
Change in assets and liabilities:
Operating lease assets and liabilities(233)560 
Mortgage notes accrued interest receivable(143)(3,125)
Accounts receivable24,952 (48,014)
Other assets(6,320)(5,273)
Accounts payable and accrued liabilities(1,719)(20,072)
Unearned rents and interest14,492 3,807 
Net cash provided by operating activities140,800 57,413 
Investing activities:
Acquisition of and investments in real estate and other assets(29,702)(28,585)