EPR Properties said cash collections from tenants and borrowers were 46% of pre-COVID-19 contractual cash revenue for the fourth quarter of 2020, compared with 29% and 43% in the second and third quarter, respectively.
Cash collections increased to 66% and 64% in January and February of 2021, respectively.
Customers representing about 95% of pre-COVID-19 contractual cash revenue are either paying their rent or interest or have a deferral agreement in place, the company said. The diversified real estate investment trust granted about 5% of permanent rent and interest payment reductions.
Approximately 94% of EPR's non-theater and 60% of theater locations were operating as of Feb. 23.
During the fourth quarter of 2020, EPR recognized noncash impairment charges on real estate investments of $22.8 million for the properties. The company also said it recognized credit loss expense of $20.3 million that primarily related to fully reserving the outstanding principal balance of $6.1 million and the unfunded commitment to fund $12.9 million related to notes receivable from one borrower, which was impacted by the COVID-19 pandemic. Additionally, during the fourth quarter, the company recognized $2.9 million in severance expense.
