Epr Properties · NYSE:EPR
Epr Properties — Q2 2020 Earnings Presentation
19 slides from Epr Properties's earnings presentation, Aug 5, 2020
Slide 1: Second Quarter 2020 Earnings Call
Second Quarter 2020 Earnings Call August 6, 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 We are under no obligation to update or remove outdated information other than as required by applicable law or regulation. 3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 Q2 Update $6.7B Total Investments* Investment Spending $11.7M Occupancy at 97.3% 369 Properties * See investor supplemental for the applicable period for definitions and calculations of this Non-GAAP measure 5
Slide 6: Experiential Portfolio
EXPERIENTIAL PORTFOLIO PORTFOLIO HIGHLIGHTS $6.0B INVESTED* 97% OCCUPIED 284 PROPERTIES IN SERVICE THEATRES EAT & PLAY SKI ATTRACTIONS 3 PROPERTIES UNDER DEVELOPMENT EXPERIENTIAL GAMING CULTURAL FITNESS & LODGING WELLNESS 44 OPERATORS * See investor supplemental for the applicable period for definit
Slide 7: Portfolio Reopening: Theatres Reopening
PORTFOLIO REOPENING Theatres Reopening – Expected to begin mid- to late-August but dependent on studio release schedule • Planned timing is state by state and city by city • Operators are diligently developing health & safety measures 7
Slide 8: Portfolio Reopening: Theatres Film Slate
PORTFOLIO REOPENING Theatres Film Slate – Strong titles scheduled for remainder of 2020 and 2021 Planned 2020 Releases Planned 2021 Releases 8
Slide 9: Portfolio Reopening: Other Experiential and Education Reopening
PORTFOLIO REOPENING Other Experiential and Education Reopening – 88% of non-theatre properties are open 9
Slide 10: Collections and Deferral Agreements
COLLECTIONS AND DEFERRAL AGREEMENTS Collections • Collected 21% of Q2 & 28% of July 2020 pre-COVID contractual cash rent and interest payments Permanent Rent Adjustments • Anticipate permanent rent reductions, including AMC will total approximately 5-7% of annualized pre-COVID contractual cash rent
Slide 11: AMC Restructuring
AMC RESTRUCTURING Restructured AMC Lease Agreements – Reduces risk, improves collateral and enhances our position in the event of a reorganization in exchange for rent reduction and deferrals Key Features • Entered into Master Lease for 46 of our 53 AMC theatres o Extended our average lease term by
Slide 12: Financial Review
FINANCIAL REVIEW 12
Slide 13: Deferral Information: Classification of Customers
DEFERRAL INFORMATION Classification of Customers and Deferral Information ($ in millions) For the three months ended June 30, 2020 Deferrals Projected Annualized Deferrals Not Total Revenue1 Recognized Recognized Deferrals $ $ No Payment Deferral $ 115 18% $ - - - Payments Deferred and Recognized as
Slide 14: Deferral Information: Statistics
DEFERRAL INFORMATION Statistics for the $142M of projected total deferrals and the status of all agreements based on annualized pre-COVID contractual revenue: Average deferral period 12 months Average months deferred 5 months Average collection period 32 months Projected Total Annualized Deferrals R
Slide 15: Financial Highlights
FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended June 30, 2020 2019(1) $ Change % Change Total Revenue (Continuing Ops) $106.4 $161.7 ($55.3) (34%) Net Income - Common (69.0) 60.6 (129.6) (214%) FFO as adj. – Common* 31.4 105.2 (73.8) (70%) AFFO – Common* 33.3 105.6 (72.3) (68%) Net Income/
Slide 16: Capital Markets Update
CAPITAL MARKETS UPDATE Net Debt to Gross Assets was 41% at 6/30/20 • $3.9B total debt; $3.1B fixed rate or fixed through int. rate swaps at wtd. avg. = 4.50% • $750M drawn on $1B revolver • Weighted average debt maturity ~5 years; No scheduled debt maturities until revolver matures in 2022 • On 6/29
Slide 17: Expected Revenue Recognition and Collections
EXPECTED REVENUE RECOGNITION AND COLLECTIONS Last 2 Quarters Full Year of 2020 2020 % of pre-COVID contractual cash 65% - 75% 70% - 80% revenue to be recognized % of pre-COVID contractual cash 50% - 60% 55% - 65% revenue to be collected 17
Slide 18: Closing Comments
CLOSING COMMENTS 18
Slide 19: EPR Properties
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com