Slide 1: Third Quarter 2022 Earnings Call
THIRD QUARTER 2022 EARNINGS CALL November 3, 2022
Slide 2: Forward-looking statements disclaimer
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
Slide 4: Portfolio Update
PORTFOLIO UPDATE
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 74 Properties; 8 Operators Occupancy at 100% *See Quarterly Reports on Form 10-Q for definitions and calculations of these non-GAAP measures Experiential Portfolio 282 Properties; 47 Operators Occupancy at 97% $6.0B Total Investments* Total Portfolio Snapshot
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *BoxOfficeMojo **Ski is TTM Apr & Attractions is TTM August TTM June 2022 YE 2019 Theatre Coverage 1.3x 1.7x Box Office* $7.1B $11.4B Non-Theatre Coverage** 2.8x 2.2x Total Portfolio Coverage 2.0x 1.9x Total Portfolio Coverage is currently above YE 2019 Methodology – Coverage nu
Slide 7: Theatres
7 THEATRES *BoxOfficeMojo 2022 Box Office Recovery* $1.9B Q3 BOX OFFICE $5.6B FIRST 3 QUARTERS BOX OFFICE 2023 Film Slate
Slide 8: Portfolio Update
8 PORTFOLIO UPDATE Ski Anticipate strong season based on season pass sales Eat & Play Portfolio revenue up 15% and EBITDARM up 9% over Q3 2021 Attractions & Cultural Attendance and EBITDARM up over Q3 2021 Experiential Lodging Continued revenue and ADR growth Fitness & Wellness Strong occupancy and
Slide 9: Investment Spending
9 INVESTMENT SPENDING • Q3 Investment spending was $82M o $43.6M Acquisition – former Conference Center in Murrieta, CA for redevelopment into a natural hot springs resort, EPR to invest another ~$50M over next two years o ~$26M additional financing – Alyeska Resort in Alaska • Subsequent to quarter
Slide 10: Financial Review
FINANCIAL REVIEW
Slide 11: Financial Highlights
1 1 (In millions except per-share data) *See Supplemental Operating and Financial Data for the Third Quarter and Nine Months Ended September 30, 2022 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended September 30, 2022 2021 $ Change
Slide 12: Financial Highlights: Key Ratios
1 2 FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended September 30, 2022 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt to Adjusted EBITDAre 5.2x Net Debt to Gross Assets 39% AFFO payout 68% *See Supplemental Operating and Financial Data for the Third Quarter and
Slide 13: Capital Markets Update: Debt and Liquidity
1 3 Debt • $2.8B total debt; all fixed rate or fixed through int. rate swaps at wtd. avg. = 4.3% • Weighted avg. debt maturity of 5.5 years; no scheduled debt maturities until 2024 Liquidity Position at 9/30/22 • $160.8M unrestricted cash • No balance on $1B revolver CAPITAL MARKETS UPDATE
Slide 14: 2022 Guidance
1 4 2022 GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter and Nine Months Ended September 30, 2022 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Revised Guidance $4.50 - $4.68 Prior Guidance $4.50 - $4.60 Midpoint Assumptions – Ca
Slide 15: 2022 Guidance (Cont.)
1 5 2022 GUIDANCE (CONT.) *See Supplemental Operating and Financial Data for the Third Quarter and Nine Months Ended September 30, 2022 for definitions and calculations of these non-GAAP measures Midpoint of previous FFOAA*/share guidance range $4.55 Deferral collections from cash basis customers Q3
Slide 16: 2022 Guidance (Cont.)
1 6 2022 GUIDANCE (CONT.) *See Supplemental Operating and Financial Data for the Third Quarter and Nine Months Ended September 30, 2022 for definitions and calculations of these non-GAAP measures INVESTMENT SPENDING Revised Guidance $375M - $425M Prior Guidance $500M - $700M DISPOSITION PROCEEDS Rev
Slide 17: Closing Comments
CLOSING COMMENTS
Slide 18: EPR Properties contact details
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com