Epr Properties · NYSE:EPR
Epr Properties — Q3 2024 Earnings Presentation
19 slides from Epr Properties's earnings presentation, Oct 30, 2024
Slide 1: Earnings Call Presentation Q3 2024
EARNINGS CALL PRESENTATION Q3 2024
Slide 2: Forward-looking statements and preliminary results notice
2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS EPR Properties’
Slide 4: Portfolio
PORTFOLIO
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 69 Properties; 8 Operators Leased at 100%** *See Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 283 Properties; 5
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM June 2024 YE 2019 Theatre Coverage 1.5x 1.7x Box Office* $8.1B $11.4B Non-Theatre Coverage 2.6x 2.0x Total Portfolio Coverage 2.1x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's
Slide 7: Portfolio Update: Theatre Coverage and Box Office Updates
7 PORTFOLIO UPDATE *BoxOfficeMojo Theatre Coverage and Box Office Updates* North American Box Office Gross (NABOG) Rebounding • Q3 totaled $2.7B bringing YTD to $6.2B • Acceleration in Box Office with August box office up 10% and September 25% vs. 2023 2024 has seen 16 films gross over $100M, 12 g
Slide 8: Portfolio Update: Other Experiential Property and Operator Updates
8 PORTFOLIO UPDATE Experiential Lodging – Revenue was up vs. prior year Eat & Play –Andretti construction progressing and Topgolf completed self-funded refreshes at 8 locations or 20% of our portfolio Attractions & Cultural – Six Flags and Cedar Fair completed their merger in July Fitness & Wellness
Slide 9: Investment Spending
9 INVESTMENT SPENDING Q3 Investment spending was $82M; YTD is $214.6M 2024 Investment Spending Guidance $225M-$275M Closed on $52M mortgage on Iron Mountain Hot Springs
Slide 10: Capital Recycling
1 0 CAPITAL RECYCLING Completed Transactions • Sold two vacant former Regals and former KinderCare school for combined net proceeds of $8.7M resulting in a loss of approx. $3.4M • YTD Disposition Proceeds are $65.1M Update on Vacant Theatre Properties • Subsequent to quarter end, sold another vacant
Slide 11: Financial Review
FINANCIAL REVIEW Properties*
Slide 12: Financial Highlights
1 2 (In millions except per-share data) Note: Each of the measures above for the quarter ended September 30, 2023 include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $19.3 million. There were no deferred rent and interest collections for cash-b
Slide 13: Financial Highlights: Key Ratios
1 3 FINANCIAL HIGHLIGHTS Key Ratios* *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures Quarter ended September 30, 2024 Fixed charge coverage 3.4x Debt service coverage 4.0x Interest coverage 4.0x
Slide 14: Capital Markets Update: Debt and Liquidity
1 4 Debt • $2.9B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.4% • Weighted avg. debt maturity of ~4 years; only $300.0M of scheduled debt maturities through 2025 • New $1.0B revolving credit facility that matures in October 2028 with options to extend for a t
Slide 15: 2024 Guidance
1 5 2024 GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Guidance $4.80 - $4.92 Prior Guidance $4.76 - $4.96 INVESTMENT SPENDING Guidance $225M - $275M Prior
Slide 16: 2024 Operating Property Guidance
1 6 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures OTHER INCOME Revised Guidance $54M - $60M Prior Guidance $55M - $65M EQUITY IN LOSS FROM JV’S Revised Guidanc
Slide 17: FFO as Adjusted per Share Without Deferral Collections
1 7 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures (1) Estimates for 2024 reflect the mid-point of guidance. $ in millions 2023 A $ in mil
Slide 18: EPR Properties
4 EPR aN Properties"
Slide 19: EPR Properties contact details
™wa EPR iS Properties The Diversified Experiential REIT™ EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com (816) 472-1700 info@eprkc.com