EPR Properties (NYSE: EPR) stock fell 2.33% on 24th Feb, 2020 and continued its bearish momentum on 25th Feb, 2020 (Source: Google finance) after the company posted lower than expected results for the fourth quarter of FY 19. The Company had a net debt to adjusted EBITDA ratio of 4.7x at the end of December, 2019. The Company had $528.8 million of unrestricted cash on hand and no outstanding balance under its $1.0 billion unsecured revolving credit facility at the end of December, 2019. During the fourth quarter, the Company had issued 223 thousand common shares under its Dividend Reinvestment and Direct Share Purchase Plan for net proceeds of $17.0 million. The year to date issuances under this plan is of aggregate 4.0 million common shares for net proceeds of $305.9 million.
Moreover, the Company’s investment spending for the fourth quarter totaled $110 million, which brought the full year 2019 investment spending to $794.7 million. During the quarter, the Company had completed the sale of its public charter school portfolio. Further, during the fourth quarter, the Company had completed the sale of an attraction property and received an $11 million cash payment and provided seller mortgage financing of $27.4 million which matures in five years.
EPR in the fourth quarter of FY 19 has reported the adjusted funds from operations (FFO) per share of $1.26, missing the analysts’ estimates for the adjusted funds from operations (FFO) per share of $1.27, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $154.77 million in the fourth quarter of FY 19, missing the analysts’ estimates for revenue by 3.22%.
Additionally, the company has declared its monthly cash dividend to common shareholders of $0.3825 per share payable April 15, 2020 to shareholders of record as of March 31, 2020. This represents an increase of 2% over the prior year. The company has also declared its regular quarterly dividends to preferred shareholders of $0.359375 per share.
For fiscal 2020, the company expects FFOAA per diluted common share to be in the range of $5.19 to $5.39, the midpoint of which represents approximately 4% growth over 2019. For fiscal 2020, the company also expects net income available to common shareholders per diluted common share to be in the range of $2.92 to $3.12, Investment spending is expected to be in the range of $1,600 to $1,800 and Disposition proceeds is expected to be in the range of $50 to $100.