Slide 1: Earnings Call Presentation Q4 2024
EARNINGS CALL PRESENTATION Q4 2024
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 Annual Report on Form 10-K is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking sta
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS
Slide 4: Portfolio
PORTFOLIO
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 68 Properties; 8 Operators Leased at 100%** *See Annual Report on Form 10-K for the year ended December 31, 2024 for definition and calculation of this non-GAAP measure **Excluding vacant properties EPR intends to sell Experiential Portfolio 278 Properties; 5
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE TTM Sept. 2024 YE 2019 Theatre Coverage 1.5x 1.7x Non-Theatre Coverage 2.5x 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's minimum rent or interest (excludes non
Slide 7: Portfolio Update: Box Office Updates
7*BoxOfficeMojo PORTFOLIO UPDATE Box Office Updates* North American Box Office Gross (NABOG) rebounding – Q4 box office was $2.3B (up 26% vs. 2023) with 2024 at $8.6B (down only 4% vs. 2023) Number of titles returning after strikes – box office ties to numbers of titles released and there are 138 sc
Slide 8: Portfolio Update: Other Experiential Property and Operator Updates
8 Attractions & Cultural – many properties closed seasonally; waterpark at Bavarian Inn to open in Q1 Fitness & Wellness • Expansion project at The Springs Resort expected to open Spring 2025 • Across portfolio increases in revenue and EBITDARM vs. prior year Other Experiential Property and Operator
Slide 9: Portfolio Update: Consolidated and JV Properties
9 Consolidated properties – operating theatres showing improvement with box office recovery; offset by revenue and expense pressures at our Kartrite Hotel and Indoor Waterpark St. Pete Beach hotels – continue to work with JV partners/lender to identify a path forward for 2 St. Pete Beach hotels sign
Slide 10: Investment Spending
1 0 INVESTMENT SPENDING Q4 Investment spending was $49.3M; 2024 total was $263.9M 2025 Investment Spending Guidance $200M-$300M
Slide 11: Update on Dispositions
1 1 Completed Transactions • Sold 3 vacant properties – former Regal, former Xscape theatre and former KinderCare for net proceeds of $9.3M, resulting in net gain of ~$112K • 2024 disposition proceeds totaled $74.4M; net gain on sale of $16.1M Update on Dispositions Education Properties • Subsequent
Slide 12: Financial Review
FINANCIAL REVIEW
Slide 13: Financial Highlights: Quarter
1 3*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS (In millions except per-share data) Note: Each of the measures above for the quarter ended December 31, 2023, inc
Slide 14: Financial Highlights: Year
1 4*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS (In millions except per-share data) Note: Each of the measures above for the year ended December 31, 2023, includ
Slide 15: FFO as Adjusted Per Share Without Deferral Collections
1 5*See Supplemental Operating and Financial Data for the applicable period for definition and calculation of this non-GAAP measure. FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS $ in millions 2023 $ in millions 2024 2023 vs. 2024 Growth FFO As Adjusted Per Share* $5.18 $4.87 (6.0%) Less: D
Slide 16: Financial Highlights: Key Ratios
1 6*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended December 31, 2024 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest covera
Slide 17: Capital Markets Update
1 7 Debt • $2.9B total debt; $2.7B fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4% • Only $300.0M of scheduled debt maturities in 2025 Liquidity Position at 12/31/2024 • $22.1M unrestricted cash • $175.0M outstanding on $1B revolver CAPITAL MARKETS UPDATE
Slide 18: 2025 Guidance
1 8*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures 2025 GUIDANCE FFO AS ADJUSTED PER SHARE* Guidance $4.94 - $5.14 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Guidan
Slide 19: 2025 Guidance, Continued
1 9See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures 2025 GUIDANCE, CONTINUED OTHER INCOME Guidance $42.0M - $52.0M OTHER EXPENSE Guidance $42.0M - $52.0M 3.5% MONTHLY DIVIDEND INCREASE Mo
Slide 20: Closing Comments
CLOSING COMMENTS
Slide 21: EPR Properties contact details
mq EPR Vans Properties® The Diversified Experiential REIT° EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com (816) 472-1700