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EPR PROPERTIES REPORTS THIRD QUARTER 2021 RESULTS Raises 2021 Earnings Guidance Kansas City , MO , November 3 , 2021 EPR Properties ( NYSE : EPR ) today announced operating results for the third quarter and nine months ended September 30 , 2021 ( dollars in thousands , except per share data ) : -- Total revenue Net income ( loss ) available to common shareholders Net income ( loss ) available to common shareholders per diluted common share Funds From Operations as adjusted ( FFOAA ) ( 1 ) FFOAA per diluted common share ( 1 ) Adjusted Funds From Operations ( AFFO ) ( 1 ) AFFO per diluted common share ( 1 ) Third Quarter Company Headlines Three Months Ended September 30 , 2021 2020 ( 2 ) $ 139,647 $ 26,084 0.35 64,166 0.86 68,716 0.92 Nine Months Ended September 30 , 2021 2020 ( 2 ) 321,249 ( 129,853 ) 63,877 $ 376,774 $ ( 91,938 ) 35,949 ( 1.23 ) ( 11,699 ) ( 0.16 ) 2,698 0.04 0.48 150,413 2.01 160,647 2.15 ( 1.70 ) 95,645 1.25 126,078 1.65 ( 1 ) A non - GAAP financial measure ( 2 ) The operating results for the three and nine months ended September 30 , 2020 , include $ 49.8 million of straight - line and other receivable write - offs , or $ 0.67 per diluted share , related to moving two customers to cash basis for revenue recognition purposes at the end of the third quarter in 2020. These write - offs are reflected in all metrics in these columns except that AFFO per diluted share for the three and nine months ended September 30 , 2020 excludes the impact of the straight - line portion of these write - offs totaling $ 23.9 million . Quarterly Collections Continue to Exceed Expectations - Cash collections from customers continued to exceed expectations and were approximately 90 % of contractual cash revenue for the third quarter of 2021. In addition , during the third quarter , the Company collected a total of $ 11.3 million of deferred rent and interest as well as $ 5.3 million on a previously reserved note receivable . New $ 1.0 Billion Revolving Credit Facility - In early October 2021 , the Company entered into a new amended and restated $ 1.0 billion revolving credit facility that matures in October 2025 with options to extend for a total of 12 additional months , subject to conditions . Rating Agency Upgrades - During September 2021 , the Company received an investment grade rating from S & P on its unsecured debt with a stable outlook , adding to its current investment grade rating from Moody's , who raised its outlook to stable during October 2021 . Successful Debt Issuance Lowers Cost of Capital and Extends Maturities - In October 2021 , the Company closed on a public offering of $ 400.0 million in unsecured notes due in November 2031 with an interest rate of 3.60 % , a record low coupon for the Company , and provided notice that all $ 275.0 million of its 5.25 % senior notes due in 2023 will be redeemed ( including a make - whole premium ) on November 12 , 2021. Following this redemption , the Company will have no scheduled debt maturities until 2024 . Strong Liquidity Position - In September 2021 , the Company repaid its $ 400.0 million unsecured term loan facility , and as of September 30 , 2021 , the Company had cash on hand of $ 144.4 million and no borrowings on its $ 1.0 billion unsecured revolving credit facility . Furthermore , the net debt issuance described above provides additional liquidity . CEO Comments " The strength of the consumer - led recovery across our experiential properties was illustrated by our increased level of cash collections which exceeded our expectations , " stated Greg Silvers , President and CEO of EPR Properties . " Our sustained progress has also been recognized by the ratings agencies as evidenced by our recent upgrades . We have also solidified our balance sheet position and enhanced our liquidity with a new $ 1.0 billion credit facility and $ 400.0 million debt issuance . With an active pipeline , we are well - positioned to reaccelerate our growth and expand our portfolio with diversified experiential properties . " Collections Cash collections from both accrual and cash basis tenants and borrowers continued to exceed expectations and were approximately $ 124.5 million or 90 % of contractual cash revenue for the third quarter . Contractual cash revenue is an