Epr Properties · NYSE:EPR
Epr Properties — Q3 2023 Earnings Presentation
20 slides from Epr Properties's earnings presentation, Oct 25, 2023
Slide 1: Earnings Call Presentation Q3 2023
FOURTH QUARTER 2022 EARNINGS CALL February 23, 2023 EARNINGS CALL PRESENTATION Q3 2023
Slide 2: Forward-looking statements
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 Properties*
Slide 4: EPR Properties
™ EPR tad Properties
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 71 Properties; 8 Operators Occupancy at 100%** *See Quarterly Report on Form 10-Q for quarter ended September 30, 2023 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 288 Properties; 51
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *Normalized theatre coverage is calculated as though the Regal restructuring had been in place for 12 months ending June, 30, 2023 **BoxOfficeMojo TTM June 2023 Normalized TTM June 2023* YE 2019 Theatre Coverage 1.4x 1.5x 1.7x Box Office** $8.1B $8.1B $11.4B Non-Theatre Coverage
Slide 7: Theatres: Tenant and Operator Updates
7 THEATRES Tenant and Operator Updates Regal Restructuring • Entered into restructuring agreement anchored by new master lease for 41 of 57 properties • Master lease became effective August 1st 5 Former Regal Locations, Now Managed Properties • 4 managed by Cinemark, 1 managed by Phoenix • All open,
Slide 8: Theatres: Box Office Continued Recovery
8 THEATRES *BoxOfficeMojo Box Office Continued Recovery* Q3 Box Office • $7B for Q1-Q3 2023, 26% increase over 2022 • $955M combined box office from Barbie and Oppenheimer • $2.6B Q3 box office, 38% increase over 2022 Q4 Box Office • Taylor Swift: The Eras Tour grossed $93M opening weekend, the seco
Slide 9: Portfolio Update: Experiential
9 PORTFOLIO UPDATE Experiential Lodging Revenue & EBITDARM growth across portfolio Eat & Play Q3 portfolio revenue & EBITDARM up Attractions & Cultural Attractions saw increased gains with some EBITDARM pressure; City Museum attendance up 11%, Titanic Museums see growth Fitness & Wellness Continued
Slide 10: Capital Recycling and Investment Spending
1 0 CAPITAL RECYCLING AND INVESTMENT SPENDING Capital Recycling • During the Quarter o Sold 2 KinderCare locations for use as schools for proceeds of $13.8M & gain of ~$1.5M; have sold 3 of 5 with a signed purchase agreement for 4th o Sold former Cinemex theatre in Hialeah, FL for a non-theatre use
Slide 11: Financial Review
FINANCIAL REVIEW
Slide 12: Financial Highlights
1 2 (In millions except per-share data) *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2023 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended September 30, 2023 2022 $ Change % Change Total R
Slide 13: Cash-Basis Deferral Collections
1 3 CASH-BASIS DEFERRAL COLLECTIONS (In millions) Q1 2022 A Q2 2022 A Q3 2022 A Q4 2022 A 2022 A Q1 2023 A Q2 2023 A Q3 2023 A Q4 2023 E 2023 E 2024 E Cash-Basis Deferral Collections (1) $1.6 $4.7 $5.2 $6.2 $17.7 $6.5 $7.3 $15.5 $0.3 $29.6 $0.8 Regal Sept Stub Rent(2) $ - $ - $ - $ 0.7 $0.7 $1.9 $0.
Slide 14: Financial Highlights: Key Ratios
1 4 FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended September 30, 2023 Fixed charge coverage 3.8x Debt service coverage 4.5x Interest coverage 4.5x Net Debt to Adjusted EBITDAre 4.4x Net Debt to Gross Assets 38% AFFO payout 56% *See Supplemental Operating and Financial Data for the Third Quarter Ende
Slide 15: Capital Markets Update: Debt and Liquidity
1 5 Debt • $2.8B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.3% • Weighted avg. debt maturity of 4.5 years; no scheduled debt maturities in 2023 and only $136.6M due in 2024 Liquidity Position at 9/30/2023 • $173.0M unrestricted cash • No balance on $1B revol
Slide 16: 2023 Guidance
1 6 2023 GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2023 for definition and calculation of this non-GAAP measure FFO AS ADJUSTED PER SHARE* Revised Guidance $5.10 - $5.18 Prior Guidance $5.05 - $5.15 INVESTMENT SPENDING Revised Guidance $225M -
Slide 17: FFO as Adjusted Per Share Guidance Reconciliation
1 7 FFO AS ADJUSTED PER SHARE* GUIDANCE RECONCILIATION *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2023 for definition and calculation of this non-GAAP measure $ in millions 2023E Prior FFO As Adjusted Per Share Guidance at Midpoint $5.10 Favorable Straig
Slide 18: FFO as Adjusted Per Share Without Deferral Collections
1 8 FFO AS ADJUSTED PER SHARE* WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2023 for definition and calculation of this non-GAAP measure $ in millions 2022 A $ in millions 2023 E (1) Growth FFO As Adjusted Per Share $4.69 $5.14
Slide 19: Closing Comments
CLOSING COMMENTS
Slide 20: EPR Properties contact details
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com