Company: EPR-PE
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001045450-25-000051
Chunk: 84

Company: EPR PROPERTIES
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 84
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 cash flow, disposition proceeds and borrowing availability under our unsecured revolving credit facility, subject to maintaining our leverage levels consistent with past practice. As a result, we intend to continue to be more selective in making future investments and acquisitions until such time as economic conditions improve and our cost of capital improves.

As of December 31, 2024, as a result of the COVID-19 pandemic, we continue to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. We collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the years ended December 31, 2024 and 2023, we collected $0.6 million and $36.4 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.  

Operating Results

Our total revenue, net income available to common shareholders per diluted share and Funds From Operations As Adjusted ("FFOAA") per diluted share (a non-GAAP financial measure) are detailed below for the years ended December 31, 2024 and 2023 (dollars in millions, except per share information):

Year ended December 31,20242023ChangeTotal revenue$698.1 $705.7 (1)%Net income available to common shareholders per diluted share1.60 1.97 (19)%FFOAA per diluted share4.87 5.18 (6)%

The major factors impacting our results for the year ended December 31, 2024, as compared to the year ended December 31, 2023 were as follows:

•The decrease in rental revenue due to a comprehensive restructuring agreement with Regal and higher deferred rental payments from cash basis tenants received in 2023;

•The effect of property acquisitions and dispositions that occurred in 2024 and 2023;

•The increase in other income and other expense related to operating additional properties;

•The decrease in impairment charges and general and administrative expense;

•The increase in equity in loss from joint ventures, impairment charges on joint ventures and provision for credit losses; and

•The recognition of higher net gain on sale of real estate in 2024 versus the recognition of net loss on sale of real estate in 2023.

For further details on items impacting our operating results,