Epr Properties · NYSE:EPR
Epr Properties — Q3 2020 Earnings Presentation
16 slides from Epr Properties's earnings presentation, Nov 4, 2020
Slide 1: Third Quarter 2020 Earnings Call
Third Quarter 2020 Earnings Call November 5, 2020
Slide 2: Disclaimer
DISCLAIMER With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Excha
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS This information is as of the date indicated and, to our knowledge, was timely and accurate when presented. We are under no obligation to update or remove outdated information other than as required by applicable law or regulation. 3
Slide 4: Portfolio Update
PORTFOLIO UPDATE 4
Slide 5: Portfolio Overview
PORTFOLIO OVERVIEW Total Portfolio Snapshot Experiential Portfolio $6.7B Total Investments* 284 Properties; 44 Operators Occupancy at 96.7% Occupancy at 96.4% 369 Properties $6B Total Investments Q3 Investment Spending $8.7M 3 Properties under Development Education Portfolio 85 Properties; 15 Operat
Slide 6: Portfolio Reopening: Theatres
PORTFOLIO REOPENING Theatres 2020 Reopening – 63% of theatres are open as of Nov. 3 • Openings significantly impacted by state/local restrictions • Dearth of content limits potential to create consumer demand 2021 – Strong line-up of films pushed from 2020 and those already slated • Optimistic that
Slide 7: Portfolio Reopening: Other Experiential and Education
PORTFOLIO REOPENING Other Experiential and Education Reopening – 93% of non-theatre properties are open 7
Slide 8: Collections and Deferral Agreements
COLLECTIONS AND DEFERRAL AGREEMENTS Collections Ramping Up • July, August and September collections were approximately 35%, 40% and 48% of contractual cash revenue • Q3 collections were 41% compared to Q2 at 24% • October collections were 43% • Q4 collections are expected to exceed Q3 collections De
Slide 9: Financial Review
FINANCIAL REVIEW 9
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended September 30, $ % 2020(1) 2019(2) Change Change Total Revenue (Continuing Ops) $63.9 $169.4 ($105.5) (62%) Net Income - Common (91.9) 28.0 (119.9) (428%) FFO as adj. – Common* (11.7) 115.3 (127.0) (110%) AFFO – Common* 2.7 113.6 (110.9) (98%)
Slide 11: COVID-19 Impacts on Q3 Results
COVID-19 IMPACTS ON Q3 RESULTS For the quarter ended September 30, 2020 $ Per (in millions) Share FFOAA* before placing Regal (Cineworld) and one $38.1 $.51 Attraction tenant on cash basis Impact of cash basis entries: Rental revenue and interest income write-off (26.0) (.35) Straight-line rent rece
Slide 12: Deferral Information
DEFERRAL INFORMATION Classification of Customers and Deferral Information ($ in millions) Annualized Revenue1 No Payment Deferral $ 107 17% Payments Deferred and Recognized as Revenue During 233 37% Deferral Period Payments Deferred But Not Recognized as Revenue 29 5% During Deferral Period Cash Bas
Slide 13: Capital Markets Update
CAPITAL MARKETS UPDATE Net Debt to Gross Assets was 42% at 9/30/20 • $3.9B total debt; $3.1B fixed rate or fixed through int. rate swaps at wtd. avg. = 4.5% • $750M drawn on $1B revolver • Weighted average debt maturity ~5 years; No scheduled debt maturities until revolver matures in 2022 • On 11/3/
Slide 14: Expected Revenue Recognition and Collections
EXPECTED REVENUE RECOGNITION AND COLLECTIONS Q4 Full Year 2020 2020 % of pre-COVID contractual cash 53% - 63% 67% - 70% revenue to be recognized % of pre-COVID contractual cash 40% - 50% 50% - 53% revenue to be collected 14
Slide 15: Closing Comments
CLOSING COMMENTS 15
Slide 16: EPR Properties contact details
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com