Slide 1: Earnings Call Presentation Q2 2023
FOURTH QUARTER 2022 EARNINGS CALL February 23, 2023 EARNINGS CALL PRESENTATION Q2 2023
Slide 2: Forward-looking statements disclaimer
2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS Properties*
Slide 4: EPR Properties
™ EPR tad Properties
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 73 Properties; 8 Operators Occupancy at 93% *See Quarterly Report on Form 10-Q for quarter ended June 30, 2023 for definition and calculation of this non-GAAP measure Experiential Portfolio 290 Properties; 51 Operators Occupancy at 98% $6.2B (92%) Total Inves
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM March 2023 YE 2019 Theatre Coverage 1.3x 1.7x Box Office* $7.7B $11.4B Non-Theatre Coverage 2.7x 2.0x Total Portfolio Coverage 2.0x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR'
Slide 7: Theatres: Tenant and Operator Updates
7 THEATRES Tenant and Operator Updates Regal – emerged from bankruptcy on July 31 • Received July rent & deferred rent from Regal • Have received bankruptcy payments comprising substantially all of our claims Managed Properties – all 5 surrendered Regals operating through management agreements opene
Slide 8: Theatres: Box Office Continued Recovery
8 THEATRES *BoxOfficeMojo, Variety, Hollywood Report and The Wrap Box Office Continued Recovery* $4.4B BOX OFFICE THROUGH Q2 ‘23 20% OVER 2022 BOX OFFICE SAME TIME Q2 Q3 Sound of Freedom $150M YTD 19 Titles GROSSED OVER $100M $5.7B BOX OFFICE GROSS BARBENHEIMER HIGHEST GROSSING 3-day weekend since p
Slide 9: Portfolio Update
9 PORTFOLIO UPDATE Ski Skier visits up 27% over last season driven by increases in season pass visits Eat & Play Q2 portfolio revenue up 9% & EBITDARM up 2% Attractions & Cultural Amusement & water parks open for summer, City Museum attendance up 8% Experiential Lodging Revenue & EBITDARM growth acr
Slide 10: Capital Recycling
1 0 CAPITAL RECYCLING During the quarter • Sold one of five KinderCare locations for use as a school for proceeds of $4.3M; recorded loss of $575K Subsequent to quarter end • Sold two more KinderCare locations for use as schools for combined proceeds of $13.8M; gain of $1.5M • Sold former Cinemex th
Slide 11: Investment Spending
1 1 INVESTMENT SPENDING Q2 Investment spending was $32.2M bringing YTD total to $98.7M • First investment in financing the first Good Surf in Dallas – standalone, standing wave concept developed in an urban U.S. market; combines surfing, food & beverage, and outdoor entertainment into a unique exper
Slide 12: Financial Review
FINANCIAL REVIEW
Slide 13: Financial Highlights
1 3 (In millions except per-share data) *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2023 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended June 30, 2023 2022 $ Change % Change Total Revenue $1
Slide 14: Financial Highlights: Key Ratios
1 4 FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended June 30, 2023 Fixed charge coverage 3.5x Debt service coverage 4.1x Interest coverage 4.1x Net Debt to Adjusted EBITDAre 5.0x Net Debt to Gross Assets 39% AFFO payout 63% *See Supplemental Operating and Financial Data for the Second Quarter Ended Ju
Slide 15: Capital Markets Update
1 5 Debt • $2.8B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.3% • Weighted avg. debt maturity of ~5.0 years; no scheduled debt maturities in 2023 and only $136.6M due in 2024 Liquidity Position at 6/30/2023 • $99.7M unrestricted cash • No balance on $1B revol
Slide 16: Providing 2023 Guidance
1 6 PROVIDING 2023 GUIDANCE *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2023 for definition and calculation of this non-GAAP measure FFO AS ADJUSTED* $5.05 - $5.15 INVESTMENT SPENDING $200M - $300M DISPOSITION PROCEEDS $31.0M - $41.0M PERCENTAGE RENT $11.0M -
Slide 17: Deferral and Other Revenue Collections
1 7 DEFERRAL AND OTHER REVENUE COLLECTIONS (In millions) Q1 2023 Q2 2023 Q3 2023 Q4 2023 YTD 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 YTD 2024 Cash-Basis Deferral Collections $6.5 $7.3 $14.3 $0.3 $28.4 $0.3 $0.3 $0.1 $0.1 $0.8 Regal Sept Stub Rent(1) $1.9 $0.7 $2.5 $ - $5.1 $ - $ - $ - $ - $ - Regal Pre
Slide 18: Closing Comments
CLOSING COMMENTS EPR r
Slide 19: EPR Properties contact details
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com