EPR Properties reported a total revenue of $698.1 million for the fiscal year ended December 31, 2024, a slight decrease of 1% from $705.7 million in 2023. The company's net income available to common shareholders per diluted share fell by 19% to $1.60, down from $1.97 in the previous year. Funds From Operations As Adjusted (FFOAA) also decreased by 6%, from $5.18 per diluted share in 2023 to $4.87 in 2024. The decline in revenue was attributed to a comprehensive restructuring agreement with Regal Entertainment and a reduction in deferred rental payments from cash basis tenants.
In terms of strategic developments, EPR Properties focused on diversifying its portfolio away from theatre investments, which have been adversely affected by production delays and the ongoing impacts of the COVID-19 pandemic. The company intends to limit new investments in theatres while expanding its other experiential property types. As of December 31, 2024, EPR's total assets were approximately $5.6 billion, with total investments amounting to $6.9 billion, primarily concentrated in experiential properties, which accounted for 93% of the total investments.
Operationally, EPR Properties maintained a high occupancy rate, with its wholly-owned experiential real estate portfolio being 99% leased or operated. The company’s portfolio included 157 theatre properties, 58 eat & play properties, and various other experiential venues. However, the company faced challenges with two of its experiential lodging properties in Florida, which were significantly damaged by hurricanes in 2024, leading to impairment charges of $12.1 million related to these investments.
Looking ahead, EPR Properties plans to be more selective in its investment strategy due to elevated costs of capital and ongoing economic uncertainties. The company aims to fund future investments primarily through cash on hand, excess cash flow, and proceeds from asset dispositions. EPR Properties remains committed to enhancing shareholder value through predictable and increasing dividends, with a declared cash dividend of $3.40 per common share for 2024, up from $3.30 in 2023. The company’s management continues to monitor market conditions closely to navigate the challenges and opportunities in the experiential real estate sector.
About EPR PROPERTIES
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