EPR Properties Announces Deferral of Uncommitted Investment Spending

EPR Properties (NYSE:EPR) today announced the deferral of its anticipated gaming venue investment and all other uncommitted investment spending due to unfavorable current market conditions. As previously announced, the Company entered into a non-binding term sheet with respect to the gaming investment of approximately $1.0 billion. Neither party has any obligation under the term sheet to proceed with the transaction and there can be no assurance that the transaction will be consummated once market conditions improve.

The Company’s previously announced 2020 guidance included the impact of this anticipated gaming venue investment of approximately $1.0 billion as well as other uncommitted investment spending totaling approximately $600.0 million that together was expected to add approximately $0.60 of Funds From Operations as Adjusted (FFOAA) per diluted common share net of capital requirements. As a result of the unfavorable and uncertain current market conditions, the Company is revising its 2020 investment spending guidance to only reflect committed investment spending totaling approximately $100.0 million and withdrawing all other previously issued guidance.

“During these unprecedented times, our decisions today reflect our long-term commitment to maintaining the strength of our balance sheet,” stated Company President and CEO Greg Silvers. “With approximately $500.0 million in unrestricted cash, 100% availability under our $1.0 billion line of credit, low leverage and no near-term debt maturities, we believe the strength of our balance sheet will allow us to weather this period.”

About EPR Properties

EPR Properties is a leading experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have over $6.7 billion in total investments across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com.