Alistair Berg Co-authored with Beyond Saving One thing I have learned over the years is that people love their charts. They will spend hundreds of hours staring at charts, trying to determine which patterns they can discern and attempt to define the future. That isn't me. Frankly, the whole exercise strikes me as a Rube Goldberg machine. Cartoonist Rube Goldberg was known to illustrate incredibly complex machines, where a simple task like flipping a switch is carried out through a long series of chain react ...

nd3000/iStock via Getty Images Co-authored by Treading Softly I've learned in life that there is one constant that exists, and that has never changed in my lifetime. I've seen people gain access to the Internet and be able to connect to people from around the globe within seconds. I've seen fax machines disappear. I've watched as we've gone from having carburetors on the top of our engines to intricate computer-controlled engine management systems. Even in my day-to-day life, people have gone from paper boo ...

Flashpop Introduction I'm a huge fan of real estate investment trusts as you can probably tell by my articles. I love the idea of owning real estate through the stock market. Owning physical properties has never been that appealing to me because of the time and costs associated with owning them. Furthermore, investing in REITs gives you the ability to own real estate in various states and other parts of the world with ease. EPR Properties (NYSE:EPR) not only gives you that ability, but it is one of the high ...

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mizoula/iStock Editorial via Getty Images I doubled my position in EPR Properties (NYSE:EPR) last month on the back of the experiential properties owner dipping to form a new 52-week low. This aggressive price action followed a consumer inflation release that disrupted the prior dovish timeline for Fed rate cuts in 2024. I remain bullish on EPR and also added a significant position in its 5.75% Series C convertible preferreds (NYSE:EPR.PR.C) to my portfolio. I last covered the ticker with a buy rating in Ma ...

The Good Brigade EPR Properties (NYSE:EPR) is a real estate investment trust that saw some trouble in the aftermath of COVID. EPR 5Y Price History (Seeking Alpha) After reviewing both FY 2023 and Q1 2024 results, I have doubts that the problems of COVID linger. Moreover, with an 8%, growing yield, this seems like a rare opportunity. I am going to review the post-COVID business and explain why, even if the growth isn't very high, the current price makes this an easy buy. Financial History Over the past decad ...

These two stocks have serious short-term headwinds, but don't ignore the long-term opportunities. The Dow Jones Industrial Average and S&P 500 aren't far from their all-time highs, but not all stocks are in the same boat. There are some that aren't getting much love from investors and are trading for significantly less than their peaks. Here are two in particular that have large growth opportunities in the years ahead and are mainly beaten down due to temporary headwinds. Smart moves and long-term tailwinds ...

REITs股息收益 - REITs为股息投资者提供了吸引人的投资机会[5] - REITs必须按法律规定至少分配90%的收入作为股息，这使得它们能够提供较高的股息收益[7] - REITs的股息收益率较高的原因之一是其业务增长较低，这使得估值倍数保持较低，从而使股息收益更具吸引力[8] - REITs对利率变化的敏感度较高，随着利率上升，REITs的价格下跌，但现金流持续改善，为投资者提供机会[9] - REITs的股息收益率较其他股息友好的领域（如MLPs和BDCs）更为显著地上升[10] 每月股息收入的优势 - 每月股息收入之所以吸引人，是因为它可以激励投资者不断将资本投入投资组合，并逐渐减少对薪资来源的依赖[11] - 拥有每月股息收入可以让投资者更快速地进行战术性投资，从而获得更好的风险和回报特性[14] 优质REITs投资选择 - Realty Income (NYSE:O)是一个稳定可靠的月度股息选择，具有强大的股息历史记录和稳定的股息支持[17] - EPR Properties (NYSE:EPR)具有吸引人的月度股息收益率和保守的FFO支付比率，以及强大的资产负债表和低估的P/FFO倍数[22] REITs股息投资的吸引力 - REITs由于其类似固定收益特征的运营方式，受到了比平均收入产生部门更严重的惩罚，这使得在REITs中进行股息投资非常有吸引力[25]

财务数据和关键指标变化 - 第一季度FFO调整后每股为1.13美元,上年同期为1.26美元,下降10.3% [31] - 第一季度AFFO每股为1.12美元,上年同期为1.30美元,下降13.8% [31] - 第一季度总收入为1.672亿美元,上年同期为1.714亿美元,下降2.5% [32] - 租金收入下降9.3百万美元,主要是由于减少了Regal重组相关的租金收入,以及上年同期有更多的现金基础客户延期收款 [32] - 按揭和其他融资收入增加2.4百万美元,主要是由于增加了按揭贷款投资 [33] - 其他收入和其他费用增加,主要是由于公司代表运营的5家Regal剧院的运营 [34] - 第一季度出售两处文化资产产生17.9百万美元的出售收益 [35] 各条业务线数据和关键指标变化 - 体验型资产组合占公司总投资的93%,达到64亿美元,99%出租 [15] - 教育资产组合占7%,达到7000万美元,100%出租 [15] - 体验型资产组合的EBITDARM覆盖率为2.6倍,与去年第三、四季度持平 [19] - 餐饮娱乐资产组合的EBITDARM同比增长6% [20] - 健身资产持续显示会员增长,滑雪资产受天气影响但通过通行证销售抵消 [21] - 教育资产组合收入和EBITDARM分别同比增长6%和13% [23] 各个市场数据和关键指标变化 - 第一季度北美票房为16亿美元,同比下降6.6%,但3月票房同比增长17.4% [18] - 公司剧院组合的票房覆盖率达到2019年水平,尽管整体票房仍低于2019年 [17] - 公司剧院组合的食品饮料消费和大屏幕消费持续增长,表现优于行业 [17] - 圣彼得堡市场的平均日房价有所下降,对公司的贝尔沃特和海滩梳理度假村产生负面影响 [22] 公司战略和发展方向及行业竞争 - 公司继续多元化和加强体验型资产组合,专注于建立长期可持续的组合 [10] - 公司正在积极培养独特的关系并探索新的潜在投资,为未来投资和组合增长奠定基础 [11] - 公司认为电影院放映仍是电影发行的主要渠道,流媒体只是补充生态系统 [11] - 公司有高质量的资产负债表和充足的自由现金流,为投资支出和股息提供支持 [12] - 公司正在努力控制可控因素,尽管宏观经济因素会对业务产生重大影响 [13] - 公司正在积极与现有租户建立关系协议,为未来投资创造管道 [103][104][105] 管理层对经营环境和未来前景的评论 - 公司在第一季度继续执行目标体验型资产的投资,覆盖水平保持强劲 [9] - 票房表现符合预期,未来几个月随着重要影片上映有望改善 [9] - 尽管宏观经济因素存在不确定性,但公司专注于将自己定位于成功 [13] - 公司对2025年票房前景充满信心,预计将大幅好于2023年和2024年 [18] - 公司非剧院资产组合的EBITDARM覆盖率保持在2.6倍的健康水平 [19] 问答环节重要的提问和回答 问题1 **Joshua Dennerlein 提问** 公司提到资本受限,但也有一些资产类型如早期教育、私立学校和剧院想要减少,如何看待利用这些资产进行资本回收? [47] **Gregory Silvers 回答** 公司首要任务是处理空置物业,因为它们既不产生收入也有成本。公司也会继续探索教育资产组合的机会,因为它是一个强劲的投资组合。[48][49] 问题2 **Antara Nag-Chaudhuri 提问** 公司剧院组合的票房表现优于行业,是否会改变对Regal百分比租金的预期? [72] **Gregory Silvers 和 Gregory Zimmerman 回答** 公司Regal剧院组合的表现符合预期,百分比租金主要来自Regal,将在第三季度确认。未来几个月的票房表现将决定最终的百分比租金水平。[73][74] 问题3 **Michael Carroll 提问** 公司提到正在开拓新的潜在投资机会,是否意味着进入新的资产类型? [101] **Gregory Silvers 和 Gregory Zimmerman 回答** 公司正在努力拓展现有资产类型的范围,通过建立关系协议获得未来投资机会的优先权。这不仅是为了当前部署资本,更是为了未来几年持续增长创造管道。[103][104][105][106]

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 March 31, 2024 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 (I.R.S. Em ...