EPR PROPERTIES

(EPR)
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Delayed Nyse  -  05/20 04:00:02 pm EDT
50.50 USD   -0.63%
05/16EPR Properties Declares Monthly Dividend for Common Shareholders
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05/16EPR Properties Declares Monthly Dividend Payable on June 15, 2022
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05/05EPR PROPERTIES Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
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EPR PROPERTIES : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Material Modification to Rights of Security Holders (form 8-K)

01/14/2022 | 04:25pm EDT

Item 1.01. Entry into a Material Agreement.

On January 14, 2022, EPR Properties (the "Company") entered into a Fourth Amendment to Note Purchase Agreement (the "Fourth Amendment") relating to the Note Purchase Agreement, dated August 1, 2016 (the "Original Note Purchase Agreement"), as amended by a First Amendment to Note Purchase Agreement dated as of September 27, 2017, a Second Amendment to Note Purchase Agreement dated as of June 29, 2020 (the "Second Amendment"), and a Third Amendment to Note Purchase Agreement dated as of December 24, 2020 (the "Third Amendment", and together with the Original Note Purchase Agreement, as further amended, supplemented or otherwise modified prior to the Fourth Amendment, the "Existing Note Purchase Agreement"), among the Company and certain institutional investors party thereto. The Existing Note Purchase Agreement and Fourth Amendment govern the terms of the Company's outstanding 4.35% Series A Notes due 2024 and its 4.56% Series B Notes due 2026 (collectively, the "Private Placement Bonds"). The Company and the institutional investors entered into the Fourth Amendment to, among other things: (i) amend certain financial and other covenants and provisions in the Existing Note Purchase Agreement to conform generally to the changes beneficial to the Company in the corresponding covenants and provisions contained in the Company's new Third Amended, Restated and Consolidated Credit Agreement, dated October 6, 2021 (the "Credit Agreement"), with KeyBank National Association, as administrative agent, and the other agents and lenders party thereto; and (ii) amend certain financial and other covenants and provisions in the Existing Note Purchase Agreement to reflect the prior termination of the Covenant Relief Period (as such term is defined in the Existing Note Purchase Agreement) and removal of related provisions. The Existing Note Purchase Agreement, as amended by the Fourth Amendment, is referred to herein as the "Amended Note Purchase Agreement". Capitalized terms used and not otherwise defined herein have the meanings given to them in the Amended Note Purchase Agreement.

The Amended Note Purchase Agreement amends the Existing Note Purchase Agreement to, among other things:

•Conform certain financial and other covenants and provisions to the changes made in the Credit Agreement that are beneficial to the Company, including revising the Eligible Real Estate categories and related valuation methods, revising the definition of Eligible Subsidiary to permit the Company's use of an UPREIT structure for property acquisitions, and revising the definition of Permitted Liens to permit liens on properties to secure payment-in-lieu-of-taxes obligations.

•Reflect the termination of the Covenant Relief Period and removal of related provisions, including removing provisions requiring springing equity pledges and mortgages with respect to Unencumbered Properties upon certain specified events, removing the increased interest rate payable during the Covenant Relief Period, removing the covenant requiring the Company to make a pro rata prepayment offer for the Private Placement Bonds upon certain transactions, removing the modification to the maximum secured debt to total asset value covenant applicable during the Covenant Relief Period, removing the minimum liquidity covenant, and removing specified operational and other financial covenants applicable during the Covenant Relief Period. As previously disclosed, the Company terminated the Covenant Relief Period in July 2021, at which time these provisions were no longer applicable to the Company.

The foregoing description of the Fourth Amendment does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text of the Fourth Amendment, a copy of which will be filed with the Securities and Exchange Commission as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2021.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated herein by reference as if fully set forth herein.

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Item 3.03. Material Modification to Rights of Security Holders.

The information set forth under Item 1.01 above is incorporated herein by reference as if fully set forth herein.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2022 619 M - -
Net income 2022 178 M - -
Net Debt 2022 2 891 M - -
P/E ratio 2022 23,7x
Yield 2022 6,47%
Capitalization 3 786 M 3 786 M -
EV / Sales 2022 10,8x
EV / Sales 2023 10,4x
Nbr of Employees 53
Free-Float 80,9%
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Mean consensus HOLD
Number of Analysts 11
Last Close Price 50,50 $
Average target price 57,50 $
Spread / Average Target 13,9%
EPS Revisions
Managers and Directors
Gregory K. Silvers President, CEO, Chief Operating Officer & Trustee
Mark Alan Peterson Chief Financial Officer, Treasurer & Executive VP
Robert J. Druten Chairman
Mike Rusche Vice President-Information Systems
Gregory E. Zimmerman Chief Investment Officer & Executive VP
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