S&P stabilizes EPR Properties view

S&P said it revised EPR Properties’ outlook to stable from negative.

“We expect continued improvement in EPR's operating performance, with cash collections nearing historical levels by year-end. EPR's cash collections are improving; the company collected 85% of contractual revenue in the second quarter. In addition, EPR has collected $48.9 million of deferred rent and interest from accrual basis tenants through July 26, 2021. We expect continued improvement over the next two quarters such that it reaches the mid-90% area or better by year-end, supported by close to 100% of tenants now open for business,” S&P said in a press release.

The agency said it forecasts debt to EBITDA to decline below 7.5x with fixed-charge coverage improving to the low- to mid-2x area over the next year.

S&P also affirmed the BB+ ratings on EPR and its senior unsecured notes and the B+ rating on its preferred shares.

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