Epr Properties · NYSE:EPR
Epr Properties — Q1 2019 Earnings Presentation
20 slides from Epr Properties's earnings presentation, Apr 29, 2019
Slide 1: Q1 2019 Earnings Call April 30, 2019
Q1 2019 EARNINGS CALL APRIL 30, 2019
Slide 2: 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 We are under no obligation to update or remove outdated information other than as required by applicable law or regulation. 2
Slide 3: Headlines
HEADLINES 1. Solid Fundamentals, Continued Investment Spending Momentum 3
Slide 4: Headlines
HEADLINES 1. Solid Fundamentals, Continued Investment Spending Momentum 2. Investment Segments Remain Healthy 4
Slide 5: Headlines
HEADLINES 1. Solid Fundamentals, Continued Investment Spending Momentum 2. Investment Segments Remain Healthy 3. New Leadership for Focused Growth 5
Slide 6: Headlines
HEADLINES 1. Solid Fundamentals, Continued Investment Spending Momentum 2. Investment Segments Remain Healthy 3. New Leadership for Focused Growth 4. Significant Growth Capacity 6
Slide 7: Portfolio Update
PORTFOLIO UPDATE 7
Slide 8: Portfolio Statistics
PORTFOLIO STATISTICS $6.9B+ TOTAL INVESTMENTS 395 PROPERTIES IN SERVICE 99% OCCUPANCY $174.6M Q1 INVESTMENT SPENDING 1.86X RENT * Coverage is weighted average for the segments. Theatres and Family Entertainment Centers data is COVERAGE* TTM December 2018. Golf Entertainment Complexes and Other Recre
Slide 9: Entertainment Segment Highlights
ENTERTAINMENT SEGMENT HIGHLIGHTS UPDATES • As anticipated Q1 2019 Box Office revenue softer vs. prior year − 2018 period included Black Panther which made for a difficult comp $3.1B • Avengers: Endgame largest opening weekend in history of North INVESTED American Box Office* 175 PROPERTIES IN SERVIC
Slide 10: Recreation Segment Updates
RECREATION SEGMENT UPDATES HIGHLIGHTS • Ski attendance up 16% and revenue up 14% through February • Investment spending $2.3B INVESTED – Kartrite Waterpark Hotel grand opening scheduled for May 10 – Anticipate Schlitterbahn mortgage note will be paid off during Q2 o Extended the maturity to June 1,
Slide 11: Education Segment Updates
EDUCATION SEGMENT UPDATES HIGHLIGHTS • Received $33.7 million in disposition proceeds • Investment spending of $12.3M primarily on build-to-suit $1.4B developments and redevelopments INVESTED 140 PROPERTIES IN SERVICE 4 PROPERTIES UNDER DEVELOPMENT* PUBLIC CHARTER SCHOOLS 57 OPERATORS 1.37x RENT COV
Slide 12: Financial Review
FINANCIAL REVIEW 12
Slide 13: Financial Highlights: Financial Performance
FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE Quarter ended March 31, (In millions except per-share data) 2019 2018 $ CHANGE % CHANGE Total Revenue $164.5 $155.0 $9.5 6% Net Income - Common 59.3 23.5 35.8 152% FFO – Common* 93.1 61.0 32.1 53% FFO as adj. – Common* 102.6 94.0 8.6 9% Net Income/share – C
Slide 14: Lease Accounting Impact of Adoption
LEASE ACCOUNTING IMPACT OF ADOPTION ASC 842 - LEASES (In millions) Adoption Entries – January 1, 2019 Operating lease right-of-use asset $215 Straight-line receivable $24 Operating lease liability $239 Quarter Ended – March 31, 2019 Rental revenue $7.9 Operating ground lease expense (property $5.7 o
Slide 15: Financial Highlights: Key Ratios
FINANCIAL HIGHLIGHTS KEY RATIOS Quarter ended March 31, 2019 2018 Fixed charge coverage 3.2x 3.2x Debt service coverage 3.7x 3.7x Interest coverage 3.7x 3.7x Net debt to Adjusted EBITDA 5.7x 5.8x FFO as adjusted payout 83% 86% *See investor supplementals for the applicable periods for definitions an
Slide 16: Capital Markets & Liquidity Update
CAPITAL MARKETS & LIQUIDITY UPDATE 16
Slide 17: Capital Markets Update
CAPITAL MARKETS UPDATE TOTAL DEBT IS $3.0B AT 3/31/19 • $2.9B is fixed rate or fixed through interest rate swaps, wtd. avg. = 4.6% • $70M outstanding on $1B revolver at 3/31/19; $11.1M unrestricted cash • Weighted average debt maturity of ~7 years; No debt maturities until 2022 LOW COST EQUITY ISSUA
Slide 18: Confirming 2019 Guidance
CONFIRMING 2019 GUIDANCE 2019 GUIDANCE FF0 AS ADJUSTED PER SHARE Guidance $5.30 - $5.50 INVESTMENT SPENDING Guidance $600M - $800M DISPOSITION PROCEEDS Revised Guidance $300M - $400M Prior Guidance $100M - $200M 18
Slide 19: Closing Comments
CLOSING COMMENTS 19
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