Epr Properties · NYSE:EPR

Epr Properties — Corporate Update (June 2023)

12 slides from Epr Properties's corporate update, Jun 28, 2023

  1. Slide 1: Regal Restructuring Agreement

    REGAL RESTRUCTURING AGREEMENT June 28, 2023

  2. Slide 2: Disclaimer

    2 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 Ex

  3. Slide 3: Opening Comments

    OPENING COMMENTS

  4. Slide 4: Level Set and Goals

    4 LEVEL SET AND GOALS Pre-Bankruptcy • 57 Regal theatres • ~$86.3M in total annualized revenues (including annual fixed rent, CAM and ground rent, and excluding deferred rent) • Represented ~13% of total revenue Transaction Goals • Limit revenue reduction • Participate in exhibition recovery • Maint

  5. Slide 5: Comprehensive Restructuring Agreement

    5 COMPREHENSIVE RESTRUCTURING AGREEMENT Master Lease Properties: 41 properties will continue to be operated by Regal; master lease in 3 tranches with a weighted average lease term of 13 years, an increase of 4 years Rent and Charges: $65M annual fixed rent + ~$3.5M third party charges paid to EPR; R

  6. Slide 6: Additional Terms & Benefits

    6 ADDITIONAL TERMS & BENEFITS Other terms of Master Lease & Related Agreements • Guaranty: parent entity of Regal will provide guaranty of obligations • Deferred Rent Note: deferred rent will be forgiven unless default occurs • Capital Commitment: will reimburse Regal for 50% of revenue- enhancing i

  7. Slide 7: Box Office Recovery

    7 BOX OFFICE RECOVERY Source: BoxOfficeMojo for 2017-May 2023 * Median of multiple analysts for 2023 and 2024 $11.4 $9.0 $9.8 $0 $2 $4 $6 $8 $10 $12 $14 2017 2018 2019 2020 2021 2022 TTM May 2023 2023 2024 Annual Box Office Recovery • Since the low in 2020, NABOG has recovered rapidly with year-over

  8. Slide 8: Recovery as Box Office Ramps

    8 RECOVERY AS BOX OFFICE RAMPS (1) $9.4B of NABOG equals the average of the median of multiple analysts’ estimates of NABOG for 2023 and 2024 (i.e. estimate of NABOG for first year of Regal master lease) (2) Estimated rent coverage calculated by dividing Regal anticipated EBITDAR for the Master Leas

  9. Slide 9: Projections: Regal Portfolio Financial Information

    9 PROJECTIONS Regal Portfolio Financial Information (Unaudited, dollars in thousands) 2023 2024 Estimate Estimate (1) Minimum rent and CAM 78,200$ 68,500$ Deferral and stub rent payments 14,600 - (2) Percentage rent - 8,700 (3) Other income (5 operating theatres) 9,800 29,600 (4) Non-cash revenue (S

  10. Slide 10: Projections: Regal Portfolio Financial Information Footnotes

    1 0 PROJECTIONS Regal Portfolio Financial Information Footnotes (Unaudited, dollars in thousands) (1) (2) $9.0B $9.4B $9.8B $10.2B Estimated percentage rent for Regal 7,100$ 8,700$ 10,100$ 11,600$ (3) $9.4B $9.8B $10.2B $10.6B Other income 28,400$ 29,600$ 30,800$ 32,000$ Other expense 22,900 23,400

  11. Slide 11: In Summary - Goals Met

    1 1 IN SUMMARY - GOALS MET Goals: Limit revenue reduction  Positioned to fully recover previous Regal revenues as box office continues to rebound Participate in exhibition recovery  Meaningful percentage rent Maintain quality portfolio  Significantly enhanced tenant credit  Sale of 11 surrendere

  12. Slide 12: EPR Properties contact details

    ~~ EPR as Properties® The Diversified Experiential REIT™ EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com (816) 472-1700 info@eprkc.com

EPR Properties — Corporate Update (June 2023) on 6ix