Epr Properties · NYSE:EPR
Epr Properties — Q4 2019 Earnings Presentation
18 slides from Epr Properties's earnings presentation, Feb 24, 2020
Slide 1: Fourth Quarter and Year End 2019 Earnings Call
Fourth Quarter and Year End 2019 Earnings Call February 25, 2020
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 We are under no obligation to update or remove outdated information other than as required by applicable law or regulation. 2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: Strategic Refocus Creates a Stronger Company
HEADLINES 1. Strategic Refocus Creates a Stronger Company 3
Slide 4: Headlines: Experiential Opportunity Sets the Stage for Growth
HEADLINES 1. Strategic Refocus Creates a Stronger Company 2. Experiential Opportunity Sets the Stage for Growth 4
Slide 5: Headlines: Concerted Acquisition Process Begins Paying Off
HEADLINES 1. Strategic Refocus Creates a Stronger Company 2. Experiential Opportunity Sets the Stage for Growth 3. Seizing the Opportunity – Concerted Acquisition Process Begins Paying Off 5
Slide 6: Headlines: Introducing Guidance for 2020
HEADLINES 1. Strategic Refocus Creates a Stronger Company 2. Experiential Opportunity Sets the Stage for Growth 3. Seizing the Opportunity – Concerted Acquisition Process Begins Paying Off 4. Introducing Guidance for 2020 6
Slide 7: Portfolio Update
PORTFOLIO UPDATE 7
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW Portfolio Snapshot Q4 Update $6.7B Total Investments* Investment Spending $110M Occupancy at 99% Proceeds from Dispositions 370 Properties, 65 Operators $492.7M overall ** Company-level rent coverage 1.92x $477.3M from charter school sales * See investor supplemental for the appli
Slide 9: Experiential Portfolio
EXPERIENTIAL PORTFOLIO PORTFOLIO HIGHLIGHTS 282 PROPERTIES IN SERVICE 48 OPERATORS 99% OCCUPIED $6B Investment Spending INVESTED* • Alyeska Resort for $37M • 3 Theatres for $48.6M 2 PROPERTIES UNDER DEVELOPMENT * See investor supplemental for the applicable period for definitions and calculations of
Slide 10: Investing Strategy
INVESTING STRATEGY Industry F ll rT Experiential Alignment / Location Quality |- Demonstrated Success Proven Business Model [- Competitive Position - Commitment ~ Equity & Operational Enduring Value Location Rent Coverage | Quality of Character Addressable Real Estate Opportunity — Cash Flow Durabil
Slide 11: Financial Review
FINANCIAL REVIEW 11
Slide 12: Financial Highlights: Quarter Financial Performance
FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended December 31, 2019 2018 $ Change % Change Total Revenue (Continuing Ops) $170.3 $150.9 $19.4 13% Net Income - Common 30.3 48.0 (17.7) (37%) FFO – Common* 93.0 97.7 (4.7) (5%) FFO as adj. – Common* 99.7 105.1 (5.4) (5%) Net Income/share – Commo
Slide 13: Financial Highlights: Year Financial Performance
FINANCIAL HIGHLIGHTS Financial Performance* Year ended December 31, 2019 2018 $ Change % Change Total Revenue (Continuing Ops) $652.0 $639.9 $12.1 2% Net Income - Common 178.1 242.8 (64.7) (27%) FFO – Common* 338.6 414.3 (75.7) (18%) FFO as adj. – Common* 423.2 460.4 (37.2) (8%) Net Income/share – C
Slide 14: Financial Highlights: Key Ratios
FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended December 31, 2019 2018 Net debt to Adjusted EBITDA 4.7x 5.5x Fixed charge coverage 3.3x 3.3x Debt service coverage 3.8x 3.8x Net debt to gross assets (book) 35% 43% Net debt to gross assets (market) 31% 37% FFO as adjusted payout 89% 78% * See investor
Slide 15: Capital Markets Update
CAPITAL MARKETS UPDATE Total Debt is $3.1B at 12/31/19 • All is fixed rate or fixed through int. rate swaps; wtd. avg. = 4.3% • No balance on $1B revolver; $528.8M unrestricted cash • Weighted average debt maturity ~7 years; No debt maturities until 2023 Low Cost Equity Issuance Through DSPP • Issue
Slide 16: Introducing 2020 Guidance
INTRODUCING 2020 GUIDANCE 2020 Guidance FFO AS ADJUSTED PER SHARE $5.19 - $5.39 INVESTMENT SPENDING $1.6B - $1.8B DISPOSITION PROCEEDS $50M - $100M 16
Slide 17: Closing Comments
CLOSING COMMENTS 17
Slide 18: EPR Properties contact details
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com