EPR Properties (NYSE:EPR) Q3 2021 Earnings Conference Call November 4, 2021 8:30 AM ET Company Participants Brian Moriarty - Vice President, Corporate Communications Greg Silvers - President and Chief Executive Officer Greg Zimmerman - Chief Investment Officer Mark Peterson - Chief Financial Officer Conference Call Participants Todd Thomas - KeyBanc Capital Markets Katy McConnell - Citi Rob Stevenson - Janney Michael Carroll - RBC Capital Markets John Massocca - Ladenburg Thalmann Operator Good day and than ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|- ...

Supplemental Operating and Financial Data Second Quarter and Six Months Ended June 30, 2021 TABLE OF CONTENTS | --- | --- | |----------------------------------------------------------------------------------------------|-------| | SECTION | PAGE | | | | | Company Profile Investor Information | 4 5 | | Selected Financial Information | 6 | | Selected Balance Sheet Information | 7 | | | | | Selected Operating Data | 8 | | Funds From Operations and Funds From Operations as Adjusted Adjusted Funds From Operation ...

Financial Data and Key Metrics Changes - Adjusted FFO for the quarter was $0.68 per share compared to $0.41 in the prior year, and AFFO was $0.71 per share compared to $0.44 in the prior year [44] - Total revenue for the quarter was $125.4 million versus $106.4 million in the prior year, primarily due to improved collections and revenue from certain tenants [44][45] - Cash collections were approximately 85% of contractual cash revenue for the second quarter, exceeding the high end of previous guidance [55] Business Line Data and Key Metrics Changes - Total investments were approximately $6.5 billion with 357 properties in service and 95% occupied [15] - The experiential portfolio accounted for 91% of total investments, approximately $5.9 billion [15][16] - 99% of EPR theaters were open as of July 26, 2021, with strong box office performance noted [17][21] Market Data and Key Metrics Changes - Box office gross increased significantly, with June reaching $399 million and July expected to exceed $500 million, a 25% increase over June [21] - Year-to-date box office growth exceeded $1.5 billion compared to $2.1 billion for all of 2020 [22] - The company noted strong performance across non-theater segments, with attendance at or above 2019 levels in several areas [33][35] Company Strategy and Development Direction - The company aims to return value to shareholders and pursue external growth following the early termination of the covenant relief period [9] - Focus on deploying capital, increasing earnings, and growing dividends, with a resumption of monthly dividends anticipated [10][53] - The company is not looking to grow its theater portfolio but is open to diversifying its tenant base and pursuing various investment opportunities [65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the experience economy and the importance of theatrical releases for studios [12][29] - The company anticipates continued positive trends in cash collections and revenue recognition, with expectations of approaching 100% by the fourth quarter [40][56] - Management acknowledged the fluid environment but remains optimistic about the performance of high-quality properties [12][30] Other Important Information - The company has a strong liquidity position with $509.8 million in cash on hand and no scheduled debt maturities until 2022 [54][50] - The company has executed leases for all five previously unleased theaters, which are expected to reopen this year [19] - The company is actively pursuing new opportunities in experiential categories other than theaters [39] Q&A Session Summary Question: Can you provide more color on the sale process for the theater asset sold this quarter? - The company sold four theaters over the past year, with various contracts in place for different uses, and will provide updates on cap rates later [64] Question: Can you update on the types of opportunities you're seeing for external investment? - The company is looking to grow tenant diversity and is open to both one-off and portfolio deals, with a focus on experiential categories [65] Question: How does the 5% vacancy tie with leasing on vacant theaters? - The overall 5% vacancy includes properties being marketed for sale, with all expected leases accounted for [68][70] Question: What is the expected contribution from theater leases? - Theater leases are expected to contribute more next year, with current contributions primarily on a percentage rent basis [71][74] Question: Can you discuss the company's long-term leverage targets? - The company aims to return to a mid-five range for debt-to-EBITDA by the end of the year, consistent with historical targets [82] Question: How did the board settle on the $3 annual dividend? - The decision was based on taxable income considerations, with potential for meaningful increases next year [90][92] Question: What are the current valuations for theater properties? - The company is not actively looking at theater transactions, focusing instead on adaptive reuse opportunities [86][88]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|------ ...

Financial Data and Key Metrics Changes - FFO adjusted for Q1 2021 was $0.48 per share, down from $0.97 in the prior year [30] - AFFO for the quarter was $0.52 per share compared to $1.14 in the prior year [30] - Total revenue from continuing operations was $111.8 million, down from $151 million in the prior year, primarily due to restructured agreements and property dispositions [31] Business Line Data and Key Metrics Changes - Total investments at the end of Q1 were approximately $6.5 billion with 354 properties in service and 93% occupancy [13] - The experiential portfolio, comprising 280 properties, accounted for 91% of total investments, approximately $5.9 billion [14] - 71% of theaters were open as of April 30, with expectations that 98% will be open by the end of May [15] Market Data and Key Metrics Changes - Box office performance in April reached $189 million, a 66% increase from March's $113 million [16] - The strong performance was driven by films like King Kong Vs Godzilla, Mortal Kombat, and Demon Slayer [16] - Approximately 96% of non-theater operators are open, with strong performance in drive-to destinations and experiential lodging [21] Company Strategy and Development Direction - The company aims to exit covenant relief, reestablish dividends, and return to sustained growth [10] - Focus on capital recycling activities, including the acquisition of a Topgolf facility using deferred rent as currency [13][27] - The company is not looking to increase theater exposure but will focus on other experiential areas such as gaming and live entertainment [73] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in cash collection levels and consumer confidence due to vaccine deployment [8] - The company expects continued strong performance in the second half of 2021 as restrictions ease and consumer demand increases [40] - Management is optimistic about the film slate for 2021, anticipating strong box office numbers for upcoming releases [68] Other Important Information - Cash collections improved to 72% of contractual cash revenue for Q1 and 77% in April [36] - The company has $538.1 million in cash on hand and has paid down its revolving credit facility to zero [35] - The company expects to collect deferred rent and interest primarily over the next 36 months [37] Q&A Session Summary Question: Will new content pull up as more theaters reopen? - Management believes there is a chance, but most dates are settled now, with potential shifts occurring in the fourth quarter [42] Question: How comfortable is the company with investing additional capital during the covenant relief period? - Management indicated that capital deployment will ramp up in the second half of the year, with a focus on building a pipeline for execution [43] Question: What attendance levels are needed for theaters to cover contractual rents? - Management indicated a 35% to 45% reduction in revenue could sustain operations, with flexibility in expense structures [44] Question: What is the status of deferred rent collections? - Management noted that deferred accounts receivable is approximately $59 million, with expectations to normalize over the next 36 months [47] Question: What is the roadmap to exit covenant relief? - Compliance with covenants at the end of a quarter without waivers is necessary, with expectations to potentially exit in the second half of the year [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|----- ...

EPR Properties (NYSE:EPR) Q4 2020 Earnings Conference Call February 25, 2021 8:30 AM ET Company Participants Brian Moriarty – Vice President-Corporate Communications Greg Silvers – President and Chief Executive Officer Greg Zimmerman – Chief Investment Officer Mark Peterson – Chief Financial Officer Conference Call Participants Ki Bin Kim – Truist Anthony Paolone – JPMorgan Rob Stevenson – Janney Katy McConnell – Citi Joshua Dennerlein – BoA John Massocca – Ladenburg Thalmann Todd Thomas – KeyBanc Capital O ...

Investments Overview - Total investments as of December 31, 2020, were approximately $6.5 billion, with Experiential investments comprising $5.9 billion (91%) and Education investments at $0.6 billion (9%) [26][27]. - The Education segment included total investments of approximately $0.6 billion, with 100% leasing of the owned real estate portfolio of approximately 1.4 million square feet [61]. Real Estate Portfolio - The owned Experiential real estate portfolio was approximately 19.3 million square feet, with a leasing rate of 93.8% and included $57.6 million in property under development [32]. - The company aims to diversify its asset base by property type, geographic location, and tenant or customer [79]. Revenue Contributions - For the year ended December 31, 2020, total revenue from Cinemark, AMC, and Regal was approximately $42.1 million (10.1%), $30.0 million (7.2%), and $13.1 million (3.1%) respectively [40]. - Topgolf contributed approximately $80.7 million, or 19.5% of the total revenue for the year ended December 31, 2020 [42]. Growth Strategy - The company aims to build a premier experiential REIT focused on real estate venues that facilitate out-of-home leisure and recreation experiences [63]. - The growth strategy focuses on acquiring or developing experiential real estate venues, targeting opportunities that create value through leisure and recreation experiences [65]. - The company plans to continue developing and redeveloping properties consistent with its growth strategies, requiring signed leases before development [75]. Financial Performance and Stability - The company’s long-term objective is to enhance shareholder value by achieving predictable and increasing Funds From Operations As Adjusted (FFOAA) and dividends per share [64]. - The pandemic has temporarily impeded growth, but the company expects to return to growth as customer businesses recover and cash flows stabilize [69]. - The company emphasizes long-term leases for single-tenant properties to minimize lease-up risks and produce predictable income streams [70]. - The leasing arrangements are structured to achieve a positive spread between the cost of capital and rents paid by tenants, typically on a triple-net basis [71]. Dividend and Financial Management - The company temporarily suspended its monthly cash dividend to common shareholders in May 2020, with plans to reinstate dividends when conditions allow [87]. - The company must distribute at least 90% of its taxable income to maintain its REIT status [96]. Debt and Credit Facilities - As of December 31, 2020, the company had a $1.0 billion unsecured revolving credit facility with $590.0 million outstanding, and paid down $500.0 million subsequently [400]. - The company has a total estimated fair value of debt of $3.14 billion as of December 31, 2020 [404]. - The average interest rate for fixed-rate debt as of December 31, 2020, was 4.67% [404]. - The company has a 65% investment interest in two unconsolidated real estate joint ventures with a secured mortgage loan of $85.0 million, bearing interest at a minimum of 6.00% [401]. Risk Management - The company is exposed to foreign currency risk with four Canadian properties, utilizing fixed-to-fixed cross-currency swaps with a notional value of $200.0 million CAD [405]. - During the year ended December 31, 2020, the company entered into three USD-CAD cross-currency swaps with a total fixed original notional value of $100.0 million CAD and $76.6 million USD [406]. - The joint venture related to the two lodging properties received a three-month interest deferral due to the COVID-19 pandemic [401]. - The company is subject to various federal, state, and local regulatory requirements that may involve significant unanticipated expenditures [97]. - The company’s gaming facilities are subject to pervasive regulations impacting its gaming tenants and associated operations [96]. Community Support - The company raised over $47,000 through the "EPRcares" initiative to support local front-line workers during the COVID-19 pandemic [95]. Market Conditions - The ski properties were minimally impacted by the pandemic, with expectations for strong performance in 2021 due to their outdoor nature and convenient locations [49]. - Cultural investments have reopened after pandemic-related closures, with expectations for demand to return in a post-pandemic environment [57].

Financial Data and Key Metrics Changes - FFO as adjusted for the quarter was a loss of $0.16 per share compared to $1.46 in the prior year, and AFFO for the quarter was $0.04 per share compared to $1.44 in the prior year [34] - Total revenue from continuing operations for the quarter was down $55.3 million versus $169.4 million in the prior year [36] - Cash collections improved with tenants paying approximately 41% for the third quarter versus 24% for the second quarter [27][50] Business Line Data and Key Metrics Changes - The experiential portfolio comprises 284 properties with 44 operators and is 96.4% occupied, accounting for nearly $6 billion of total investments [16] - The education portfolio comprises 85 properties with 15 operators and was 100% occupied at the end of the quarter [17] - Approximately 93% of non-theatre operators are open, with performance generally exceeding operators' expectations despite the pandemic [23] Market Data and Key Metrics Changes - 63% of theatres were open as of November 3, with openings continuing under state and local government restrictions [17] - Cash collections for October were 43%, negatively impacted by Regal's decision to close most theatres [27] - The current 2020 major film slate includes titles like "The Croods" and "Wonder Woman 1984," with expectations for a strong 2021 film slate [19][20] Company Strategy and Development Direction - The company aims to acquire experiential properties that generate consistent cash flows, focusing on returning to growth post-pandemic [11] - The strategy includes ensuring strong liquidity and stabilizing tenant businesses, particularly in the theatre sector [9][10] - The company extended debt covenant waivers to the end of 2021 to provide additional flexibility during the pandemic [14][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the theatre exhibition industry will return as a dominant out-of-home entertainment experience [13] - The company anticipates that cash collections will exceed third-quarter collections in the fourth quarter [27] - Management noted that the lack of product and reopening restrictions have significantly impacted current and projected box office performance [28] Other Important Information - The company moved Regal and one attraction tenant to cash basis accounting due to the uncertainty of collecting receivables [34] - The company expects permanent rent reductions to total approximately 5% to 7% of annualized pre-COVID contractual cash rent [30] - The unsecured debt rating was downgraded by Moody's to Baa3, with subsequent downgrades by S&P and Fitch to BB+ [47] Q&A Session Summary Question: Can you provide numbers behind tenant performance and rent coverage? - Management indicated that many tenants are approaching 80% to 90% of pre-COVID numbers, with some outperforming [55] Question: What breaks the stalemate between releasing movies and theatres opening? - Management noted that the opening of major markets like New York City and LA is crucial, along with the availability of a vaccine [56][57] Question: Any updates on cash flow positive position in Q4? - Management expects to be close to breakeven with cash collections around 45% of pre-COVID contractual cash revenue [60] Question: Has there been a formal agreement with Regal? - Management confirmed a deferral agreement is in place with Regal, but no restructuring has been announced [62] Question: What percentage of theatres is now on a cash basis? - Approximately 35% of the theatres' ABR is on a cash basis, primarily involving AMC and Regal [90] Question: When will deferred amounts start flowing through? - Management expects repayments to begin in 2021, with some extending beyond that [93]