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EPR Properties boosts guidance after Q2 reflects growth, investments to ramp

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EPR Properties (NYSE:EPR) increased its full-year guidance after Q2 results outpaced Wall Street expectations, the company spent $239M on acquisitions, development and redevelopment in the first six months of the year, and its deferral collections remain on track.

The REIT focusing on recreational experiences now expects 2022 adjusted FFO per share of $4.50-$4.60, up from its previous range of $4.39-$4.55; compares with consensus of $4.54.

“During the second quarter, we delivered meaningful growth in earnings and consistent deferral collections, supporting our increased earnings outlook for the year,” said Chairman and CEO Greg Silvers.

EPR Properties (EPR) stock is rising 0.8% in Monday after-hours trading.

Investment spending for the first half of 2022 totaled $239.2M and the company expects capital deployment to accelerate in the second half of the year.

Q2 adjusted FFO per share of $1.23 vs. $1.10 consensus, increased from $1.16 in Q1 and $0.71 in Q2 2021.

Q2 rental revenue of $142.9M vs. $139.M in the previous quarter and from $115.9M in the year-ago quarter.

Q2 total revenue of $160.4M easily beat the $149.4M consensus and climbed from $157.5M in Q1 and from $125.4M in Q2 2021.

Q2 adjusted EBITDAre of $130.0M vs. $122.8M in the previous quarter and $96.4M a year ago.

During the quarter, EPR Properties (EPR) collected $4.90M of deferred rent from accrual basis customers that reduced receivables and $4.7M of deferred rent and $0.3M of deferred interest from cash basis customers that were booked as additional revenue.

Conference call on Aug. 2 at 8:30 AM ET.

Earlier, EPR Properties (EPR) FFO of $1.23 beats by $0.13, revenue of $160.45M beats by $11.06M, raises FY22 FFOAA guidance