Slide 1: Fourth Quarter Earnings Call Presentation
FOURTH QUARTER 2022 EARNINGS CALL February 23, 2023 EARNINGS CALL PRESENTATION Q4 2023
Slide 2: Forward-looking statements
2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Annual Report on Form 10-K is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking sta
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS Properties*
Slide 4: ™ EPR
™ EPR tad Properties"
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 70 Properties; 8 Operators Leased at 100%** *See Annual Report on Form 10-K for the year ended December 31, 2023 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 289 Properties; 50 Opera
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM Sept 2023 YE 2019 Theatre Coverage 1.7x 1.7x Box Office* $8.8B $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 Improving quality and cov
Slide 8: Portfolio Update
8 PORTFOLIO UPDATE Experiential Lodging 2023 portfolio revenue and EBITDARM increased over 2022 Eat & Play 2023 portfolio revenue up 5% & EBITDARM up 6% Attractions & Cultural Cultural portfolio increased revenue and saw significant increases in attendance; many attractions saw attendance up over 20
Slide 9: Capital Recycling
9 CAPITAL RECYCLING During the Quarter • Sold 2 Alamo Drafthouse locations and second of our vacant former Regals • Sold fourth of the five KinderCare properties; fifth vacant KinderCare location is under a signed purchase and sale agreement • Net proceeds for Q4 were $22.2M; total for 2023 was $57.
Slide 10: Investment Spending
1 0 INVESTMENT SPENDING Q4 Investment spending was $133.9M bringing YTD total to $269.4M $77M convertible mortgage financing for The Mirbeau Inn & Spa 3 locations – award-winning Mirbeau Inn & Spa resorts in Skaneateles and Rhinebeck, New York, and Plymouth, Massachusetts $9.4M acquisition of Moveme
Slide 11: Financial Review
FINANCIAL REVIEW
Slide 12: Financial Highlights - Quarter
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 $6.2 million for the quarter ended December 31, 2023 and 2022, respectively. *See Supplemental Operati
Slide 13: Financial Highlights - Year
1 3*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Year ended December 31, 2023 2022 $ Change % Change Total Revenue $705.7 $658.0 $47.7 7% Ne
Slide 14: FFO as Adjusted Per Share Without Deferral Collections
1 4 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures $ in millions 2022 $ in millions 2023 (1) Growth FFO As Adjusted Per Share* $4
Slide 15: Financial Highlights Key Ratios
1 5 FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended December 31, 2023 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt to Adjusted EBITDAre 5.3x Net Debt to Gross Assets 39% AFFO payout 71% *See Supplemental Operating and Financial Data for the Fourth Quarter and
Slide 16: Capital Markets Update
1 6 Debt • $2.8B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.3% • Weighted avg. debt maturity of 4.25 years; $136.6M of scheduled debt maturities due in 2024 Liquidity Position at 12/31/2023 • $78.1M unrestricted cash • No balance on $1B revolver CAPITAL MARK
Slide 17: 2024 Guidance
1 7 2024 GUIDANCE *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 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 Guida
Slide 18: 2024 Operating Property Guidance
1 8 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 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 Guidan
Slide 19: FFO as Adjusted Per Share Without Deferral Collections
1 9 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures (1) FFO as adjusted per share and FFO as adjusted per share without deferral c
Slide 20: Closing Comments
CLOSING COMMENTS
Slide 21: EPR Properties contact details
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com