Epr Properties · NYSE:EPR
Epr Properties — Q4 2022 Earnings Presentation
17 slides from Epr Properties's earnings presentation, Feb 22, 2023
Slide 1: Fourth Quarter 2022 Earnings Call
FOURTH QUARTER 2022 EARNINGS CALL February 23, 2023
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 7 EPR ms Properties”
Slide 4: Portfolio Update
PORTFOLIO UPDATE Properties*
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 74 Properties; 8 Operators Occupancy at 100% *See Annual Report on Form 10-K for definition and calculation of this non-GAAP measure Experiential Portfolio 289 Properties; 49 Operators Occupancy at 97% $6.2B (92%) Total Investments* Total Portfolio Snapshot ~
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM September 2022 YE 2019 Theatre Coverage 1.4x 1.7x Box Office* $7.7B $11.4B Non-Theatre Coverage 2.7x 2.2x Total Portfolio Coverage 2.0x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is
Slide 7: Theatres
7 THEATRES *BoxOfficeMojo Box Office Recovery* $1.8B Q4 BOX OFFICE $7.4B 2022 BOX OFFICE 2023 Film Slate #3 #5 #9 Highest grossing North American box office films of all time $4.5B 2021 BOX OFFICE
Slide 8: Portfolio Update
8 PORTFOLIO UPDATE Ski Season performance strong; Q4 visits & revenue up Eat & Play Portfolio revenue up 13% and EBITDARM up 12% over 2021 Attractions & Cultural Many had increased attendance & revenue; Valcartier & Calypso exceeded expectations; Pac Park & City Museum continue momentum Experiential
Slide 9: Investment Spending
9 INVESTMENT SPENDING • Q4 Investment spending was $81.2M o Closed on a commitment for $68M in mortgage financing – add an indoor waterpark to The Bavarian Inn Lodge o Funded $56.8M of $64.5M mortgage for 6 Gravity Haus locations – a club model concept providing fitness, wellness, dining, and lodgin
Slide 10: Financial Review
FINANCIAL REVIEW Properties*
Slide 11: Financial Highlights: Quarter Ended December 31, 2022
1 1 (In millions except per-share data) *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2022 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended December 31, 2022 2021 $ Change % Change
Slide 12: Financial Highlights: Year Ended December 31, 2022
1 2 (In millions except per-share data) *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2022 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Year ended December 31, 2022 2021 $ Change % Change To
Slide 13: Financial Highlights: Key Ratios
1 3 FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended December 31, 2022 Fixed charge coverage 3.4x Debt service coverage 4.0x Interest coverage 4.0x Net Debt to Adjusted EBITDAre 5.0x Net Debt to Gross Assets 39% AFFO payout 65% *See Supplemental Operating and Financial Data for the Fourth Quarter and
Slide 14: Capital Markets Update: Debt and Liquidity
1 4 Debt • $2.8B total debt; all fixed rate or fixed through int. rate swaps at wtd. avg. = 4.3% • Weighted avg. debt maturity of 5.3 years; no scheduled debt maturities until 2024 Liquidity Position at 12/31/22 • $107.9 M unrestricted cash • No balance on $1B revolver CAPITAL MARKETS UPDATE
Slide 15: 2023 Guidance
1 5 2023 GUIDANCE FFO AS ADJUSTED Not providing due to uncertainty related to Regal Bankruptcy INVESTMENT SPENDING $200M - $300M PERCENTAGE RENT $8.5M - $12.5M GENERAL & ADMINISTRATIVE EXPENSE $54M - $57M
Slide 16: Closing Comments
CLOSING COMMENTS Properties’
Slide 17: EPR Properties contact details
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com