Epr Properties · NYSE:EPR
Epr Properties — Q1 2020 Earnings Presentation
15 slides from Epr Properties's earnings presentation, May 6, 2020
Slide 1: First Quarter 2020 Earnings Call
First Quarter 2020 Earnings Call May 7, 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 We are under no obligation to update or remove outdated information other than as required by applicable law or regulation. 3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 Portfolio Snapshot Q1 Update $6.7B Total Investments* Investment Spending $41.9M Occupancy at 98% 371 Properties, 64 Operators ** Company-level rent coverage 1.92x * See investor supplemental for the applicable period for definitions and calculations of this Non-GAAP measure ** Co
Slide 6: Experiential Portfolio
EXPERIENTIAL PORTFOLIO PORTFOLIO HIGHLIGHTS $6.0B INVESTED* 98% OCCUPIED 285 PROPERTIES IN SERVICE THEATRES EAT & PLAY SKI ATTRACTIONS 2 PROPERTIES UNDER DEVELOPMENT EXPERIENTIAL GAMING CULTURAL FITNESS & LODGING WELLNESS 48 OPERATORS * See investor supplemental for the applicable period for definit
Slide 7: Estimated Portfolio Reopening: Theatres
ESTIMATED PORTFOLIO REOPENING Theatres Reopening – Expected to begin July 1 • Operators are diligently developing health & safety measures • Anticipate gradual ramp up until new product is released Film Slate – Strong titles scheduled for remainder of 2020 and 2021 7
Slide 8: Estimated Portfolio Reopening: Phased Reopening
ESTIMATED PORTFOLIO REOPENING Phased Reopening – Based on industry/tenant/location; new health protocols will be in place to enhance customer protection & confidence • May – Fitness & Wellness, Eat & Play, Early Childhood Education • June – Experiential Lodging • July – Theatres, Attractions, Cultur
Slide 9: Financial Review
FINANCIAL REVIEW 9
Slide 10: Financial Highlights: Financial Performance
FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended March 31, 2020 2019(1) $ Change % Change Total Revenue (Continuing Ops) $151.0 $150.5 $0.5 -% Net Income - Common 31.1 59.3 (28.2) (48%) FFO as adj. – Common* 75.9 103.0 (27.1) (26%) AFFO – Common* 89.9 104.1 (14.2) (14%) Net Income/share – C
Slide 11: Financial Highlights: Key Ratios
FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended March 31, 2020 2019 Net debt to gross assets (book basis) 38% 42% Net debt to Adjusted EBITDA 5.1x 5.6x Fixed charge coverage 3.1x 3.2x Debt service coverage 3.6x 3.7x * See investor supplementals for the applicable periods for definitions and calculati
Slide 12: Capital Markets Update
CAPITAL MARKETS UPDATE Total Debt is $3.9B at 3/31/20 • $3.1B fixed rate or fixed through int. rate swaps; wtd. avg. = 4.3% • $750M drawn on $1B revolver • Weighted average debt maturity ~6 years; No scheduled debt maturities until revolver matures in 2022 Liquidity Position • $1.2B unrestricted cas
Slide 13: Expected Revenue Recognition and Collections
EXPECTED REVENUE RECOGNITION AND COLLECTIONS Last 3 Quarters Full Year of 2020 2020 % of pre-COVID contractual cash 75% - 85% 80% - 90% revenue to be recognized % of pre-COVID contractual cash 35% - 45% 50% - 60% revenue to be collected 13
Slide 14: Closing Comments
CLOSING COMMENTS 14
Slide 15: EPR Properties
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com