Epr Properties · NYSE:EPR
Epr Properties — Corporate Update (January 2016)
17 slides from Epr Properties's corporate update, Jan 5, 2016
Slide 1: Adelaar Update Call January 5, 2016
ADELAAR UPDATE CALL JANUARY 5, 2016 Exhibit 99.1
Slide 2: Disclaimer
DISCLAIMER Statements made in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements relate to, without limitation,
Slide 3: Discussion Points
3 • ADELAAR OPPORTUNITY • MONTREIGN RESORT CASINO − TERMS OF GROUND LEASES − ESTIMATED GAAP REVENUE • WATERPARK RESORT − TERMS OF EXPECTED LEASE • ADELAAR FINANCIAL PROJECTIONS • INFRASTRUCTURE – EXPECTED BOND FINANCING • PROJECT TIMELINE • EPR UPDATES DISCUSSION POINTS
Slide 4: Significant Opportunity: Over 25M Potential Visitors Within 100 Miles
4 SIGNIFICANT OPPORTUNITY OVER 25M POTENTIAL VISITORS WITHIN 100 MILES 2016 AVAILABLE MARKET 0-25 MILES 258,000 25-50 MILES 1,490,000 50-100 MILES 23,311,000 TOTAL POTENTIAL VISITORS (0-100 MILES) 25,059,000 SOURCE: CLARITAS, SMITH TRAVEL RESEARCH AND JB RESEARCH COMPANY Activities for all ages: • M
Slide 5: Adelaar Site Plan
ADELAAR SITE PLAN P<] EPR Properties
Slide 6: Montreign Resort Casino
6 MONTREIGN RESORT CASINO MONTREIGN RESORT CASINO MONSTER GOLF COURSE
Slide 7: Montreign Resort Casino: Casino & Hotel, Entertainment Village, Golf Course
7 MONTREIGN RESORT CASINO CASINO & HOTEL CASINO • 90K SF GAMING FLOOR WITH 2,150 SLOT MACHINES • 102 TABLE GAMES WITH A 14-16 TABLE PRIVATE POKER ROOM • 6 PRIVATE GAMING SALONS ON VIP LEVEL HOTEL • 305 LUXURY SUITES • 12 PENTHOUSE SUITES • 7 TWO-STORY TOWNHOUSE VILLAS AND 8 GARDEN SUITES ENTERTAINME
Slide 8: Terms of Ground Leases
8 Casino and Hotel Golf Course and Ent. Village Term: • 70 year ground lease terminable at year 20, 30, 40, 50 and 60 • 70 year ground lease terminable at year 20, 30, 40, 50 and 60 Minimum Rent: • January - February 2016: $500K/month • March 2016 - February 2017: $667K/month (satisfied by option pa
Slide 9: Estimated GAAP Revenue from Ground Leases
9 ESTIMATED GAAP REVENUE FROM GROUND LEASES ~$8.6M 2016 Revenue* ~$9.2M/yr Remaining Lease Term Revenue* TBD Percentage Rent *Revenue = Straight Line Rent
Slide 10: Waterpark Resort
WATERPARK RESORT 4 lanl EPR Properties
Slide 11: Waterpark Resort: Waterpark & Hotel and Amenities
11 WATERPARK RESORT WATERPARK & HOTEL WATERPARK LODGE • 300-ROOM LODGE; 12 UNIQUE ROOM LAYOUTS • 75K SF INDOOR WATERPARK FOOD & BEVERAGE • 3 DISTINCTLY THEMED VENUES FAMILY ENTERTAINMENT CENTER • MINIATURE GOLF AND BOWLING • LASER TAG, CLIMBING WALL, ROPES COURSE, PARTY ROOMS ADVENTURE PARK • TUBING
Slide 12: Expected Triple Net Lease Terms
12 Expected Triple Net Lease Terms Investment: • EPR investment spending: ~$100M - $120M • Tenant Investment: ~$30M • Estimated EPR investment spending is 25% in 2016, 50% in 2017, and 25% in 2018 Term: • 20 years • Renewals up to 48 years Minimum Rent: • ~9% of EPR investment spending • Considerati
Slide 13: Adelaar Financial Projections
13 2016 All Parcels Complete Revenue: ~$8.6M* ~$20.0M/yr* Expenses: <$1.0M ~$1.5M/yr Capitalized Interest: ~$1.9M** - Percentage Rent: n/a TBD ADELAAR FINANCIAL PROJECTIONS * Minimum rent on straight line basis over 20 year non-cancellable lease terms ** Relates to waterpark resort only
Slide 14: Infrastructure: Expected Bond Financing
14 INFRASTRUCTURE—EXPECTED BOND FINANCING Expected Terms Amount of Issue: • ~$106M tax-exempt bond for construction of Infrastructure • Special Districts formed for Roads, Drainage, Water, Sewer, and Lighting payable by Special Allocation to all Benefited Users in each District Issuer: • County of S
Slide 15: Project Timeline
15 PROJECT TIMELINE Key Dates Events 12/21/15 • Casino license awarded to Montreign Resort Casino 12/28/15 • Casino, golf course and entertainment village leases signed; cancellable until 3/1/16 3/1/16 • Latest date on which Montreign Resort Casino license is effective and casino, golf course and en
Slide 16: Summary
SUMMARY 16 • Ground leases upon which our tenant has agreed to invest a minimum of $651M • A waterpark resort under a triple net lease that continues and expands a relationship with a highly successful tenant • ~600 acres of developable land.
Slide 17: EPR Updates
17 *Subject to formal declaration by the Board EPR UPDATES $628M TOTAL 2015 ESTIMATED INVESTMENT SPENDING 2016 PLANNED MONTHLY COMMON DIVIDEND INCREASE OF ~6%* ENTERTAINMENT $101M RECREATION $243M EDUCATION $273M OTHER $11M $2.60 $2.80 $3.00 $3.16 $3.42 $3.63 $3.84* $0.00 $1.00 $2.00 $3.00 $4.00 201