Epr Properties · NYSE:EPR
Epr Properties — Q4 2020 Earnings Presentation
18 slides from Epr Properties's earnings presentation, Feb 24, 2021
Slide 1: Fourth Quarter and Year End 2020 Earnings Call
Fourth Quarter and Year End 2020 Earnings Call February 25, 2021
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 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 3 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 We are under no obligation to update or remove outdated information other than as required by applicable law or regulation.
Slide 4: Portfolio Update
4 PORTFOLIO UPDATE
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 75 Properties; 12 Operators Occupancy at 100% * See investor supplemental for the applicable period for definitions and calculations of this Non-GAAP measure Experiential Portfolio 281 Properties; 43 Operators Occupancy at 93.8% $5.9B Total Investments 3 Prop
Slide 6: Portfolio Reopening: Theatres
6 2021 Reopening – 60% of theatres are open as of Feb 22 • With vaccine rollout, major releases will accelerate in the back half of 2021 Demonstrated Demand – as evidenced by international box office, consumers return to the theater when perceived as safe and there is new content • China: over Lunar
Slide 7: Portfolio Reopening: Other Experiential and Education
7 PORTFOLIO REOPENING Reopening – 94% of non-theatre properties are open Other Experiential and Education
Slide 8: Asset Management: Capital Recycling, Collections and Deferrals
8 ASSET MANAGEMENT Capital Recycling Total disposition proceeds were $224M • Sold 6 private schools and 4 early childhood education centers for $201M with an unlevered IRR of 13% • Sold 4 experiential properties and 2 land parcels for $23M Took possession of all 7 transitional AMC properties and 1 G
Slide 9: Financial Review
9 FINANCIAL REVIEW
Slide 10: Financial Highlights: Quarter Ended December 31, 2020
1 0 (In millions except per-share data) * See investor supplementals for the applicable periods for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended December 31, 2020(1) 2019(2) $ Change % Change Total Revenue (Continuing Ops) $93.4 $1
Slide 11: Financial Highlights: FFOAA Cash Basis Impact
1 1* See Supplemental Operating and Financial Data for the applicable periods for definitions and calculations of these non-GAAP measures. FINANCIAL HIGHLIGHTS For the quarter ended December 31, 2020 $ Per Share FFOAA* before placing two theatre tenants on cash basis $15.5 $0.21 Impact of cash basis
Slide 12: Financial Highlights: Year Ended December 31, 2020
1 2* See investor supplementals for the applicable periods for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance* Year ended December 31, 2020(1) 2019(2) $ Change % Change Total Revenue (Continuing Ops) $414.7 $652.0 ($237.3) (36%) Net (Loss) Income –
Slide 13: Deferral Information
1 3 DEFERRAL INFORMATION n/a (3) (1) Represents pre-COVID contractual cash revenue which includes cash rent (including tenant reimbursements) and interest plus pre-COVID percentage rent, both of which have been annualized. (2) Includes leases for tenants accounted for on a cash basis and/or leases f
Slide 14: Capital Markets Update
1 4 Net Debt to Gross Assets was 40% at 12/31/20 • $3.7B total debt; $3.1B fixed rate or fixed through int. rate swaps at wtd. avg. = 4.6% • Weighted average debt maturity ~5 years; No scheduled debt maturities until revolver matures in 2022 • During Q4, further amended Bank Credit Facilities and Pr
Slide 15: Reconciliation of Pre-COVID Contractual Cash Revenue
1 5 FINANCIAL HIGHLIGHTS Q1 2021 Annualized Pre-COVID Contractual Cash Revenue with % rents $ 156 $ 624 Pre-COVID percentage rents (4) (15) Pre-COVID Contractual Cash Revenue 152 609 Permanent rent cuts (5) (24) Net dispositions (sales less new investments) (6) (19) New vacancies (4) (17) Temporary
Slide 16: Expected Revenue Recognition and Collections
1 6 EXPECTED REVENUE RECOGNITION AND COLLECTIONS Q1 2021 Range in $ % of Contractual Cash Revenue1 Revenue recognition $98M - $105M 72% - 77% Collections $87M - $93M 64% - 68% (1) Contractual cash revenue consists of cash rent (including tenant reimbursements) and interest. Contractual cash revenue
Slide 17: Closing Comments
CLOSING COMMENTS 1 7
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