Slide 1: Earnings Call Presentation Q1 2024
EARNINGS CALL PRESENTATION Q1 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 70 Properties; 8 Operators Leased at 100%** *See Quarterly Report on Form 10-Q for the year ended March 31, 2024 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 288 Properties; 51 Opera
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM Dec 2023 YE 2019 Theatre Coverage 1.7x 1.7x Box Office* $8.9B $11.4B Non-Theatre Coverage 2.6x 2.0x Total Portfolio Coverage 2.2x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's
Slide 7: Theatres: Tenant and Operator Updates
7 THEATRES Tenant and Operator Updates Theatre coverage at 2019 levels • Coverage back to 2019 levels, even with box office well below 2019 • Positioned to capitalize on trends of sustained increases in food and beverage spending and spending on premium large format screens Our theatre portfolio con
Slide 8: Portfolio Update
8 PORTFOLIO UPDATE Experiential Lodging Jellystone expansion 90% complete; Margaritaville Nashville Hotel and Camp Margaritaville in Pigeon Forge performing well; softness in ADR in St. Petersburg impacting Bellwether & Beachcomber Eat & Play Q1 portfolio EBITDARM up 6% vs. Q1 ‘23; Topgolf plans to
Slide 9: Investment Spending
9 INVESTMENT SPENDING Q1 Investment spending was $85.7M 2024 Investment Spending Guidance $200M-$300M $33.4M Acquisition of Enchanted Forest – Water Safari in Old Forge, New York Andretti Karting developments in Kansas City metro and Schaumburg, IL Overland Park, KS Schaumburg, IL
Slide 10: Capital Recycling
1 0 CAPITAL RECYCLING Completed Transactions • Sold both Titanic Museums at a 6% cap rate on in place income for combined ~$45M net proceeds and gain on sale of ~$17M • Sold third vacant former Regal for gain of $900K Update on Vacant Properties • Have signed purchase and sale agreements for 3 of th
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 include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $0.6 million and $6.5 million for the quarter ended March 31, 2024 and 2023, respectively. *See Supplemental Operating
Slide 13: Financial Highlights: Key Ratios
1 3 FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended March 31, 2024 Fixed charge coverage 3.1x Debt service coverage 3.6x Interest coverage 3.6x Net Debt to Adjusted EBITDAre 5.5x Net Debt to Annualized Adj. EBITDAre 5.2x Net Debt to Gross Assets 39% AFFO payout 75% *See Supplemental Operating and Fin
Slide 14: Capital Markets Update: Debt and Liquidity
1 4 Debt • $2.8B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.3% • Weighted avg. debt maturity of 4.0 years; $136.6M of scheduled debt maturities due in August 2024 Liquidity Position at 3/31/2024 • $59.5M unrestricted cash • No balance on $1B revolver CAPITAL
Slide 15: 2024 Guidance
1 5 2024 GUIDANCE *See Supplemental Operating and Financial Data for the First Quarter Ended March 31, 2024 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Guidance $4.76 - $4.96 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Guidance $50M - $7
Slide 16: 2024 Operating Property Guidance
1 6 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the First Quarter Ended March 31, 2024 for definitions and calculations of these non-GAAP measures OTHER INCOME Guidance $57M - $67M OTHER EXPENSE Guidance $54M - $64M EQUITY IN LOSS FROM JV’S Guidance $(9)M - $(
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 First Quarter Ended March 31, 2024 for definitions and calculations of these non-GAAP measures (1) FFO as adjusted per share and FFO as adjusted per share without deferral collections fo
Slide 18: Closing Comments
CLOSING COMMENTS
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