Epr Properties · NYSE:EPR

Epr Properties — Entertainment Properties Trust — Non-Deal Roadshow (May 2006)

28 slides from Epr Properties's roadshow presentation, May 2006

  1. Slide 1: Entertainment Properties Trust

    ENTERTAINMENT PROPERTIES TRUST

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement Except for historical information, the statements made in this presentation are forward-looking statements involving significant risks and uncertainties. These risks and uncertainties, including those related to the Company’s future results, levels of activity and performance,

  3. Slide 3: Agenda

    Agenda • Exhibition Industry Review • EPR Properties Overview • Financial Results Review • Share Value Analysis

  4. Slide 4: Exhibition Industry Review

    Exhibition Industry Review

  5. Slide 5: Box Office Revenues

    $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 19 85 19 8 19 6 8 19 7 8 19 8 89 19 90 19 9 19 1 9 19 2 93 19 94 19 95 19 9 Box Office Revenues 19 6 9 19 7 98 19 99 20 0 20 0 0 20 1 0 20 2 03 20 04 20 05

  6. Slide 6: Box Office Revenue CAGR

    Box Office Revenue CAGR 9.0% 5 Y R C A GR s 10 Y R C A G R s Linear ( 10 Y R C A G R s) 8.0% Linear ( 5 Y R C A G R s) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 85 87 89 91 93 95 97 99 01 03 05 19 19 19 19 19 19 19 19 20 20 20

  7. Slide 7: Admission (Ticket) Prices

    $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 19 19 8 5 19 8 6 1 98 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 1 99 3 19 9 4 19 9 5 19 9 6 Linear 1 99 7 CHANGE (CHANGE) 1998 Avg. Ticket 20 9 9 20 0 0 2 00 1 Admission (Ticket) Prices 2002 20 0 3 20 0 4 05 0% 2% 4% 6% 8% -4% -2% 10%

  8. Slide 8: Admissions

    - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 19 92 19 93 19 94 19 95 Admissions 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05

  9. Slide 9: Break Even Analysis

    Break Even Analysis Approx. COGS Portfolio Total Full Variable Average Portfolio Variable Only Admission Revenue 69% 450 221 305 Concessions 29% 190 93 128 Other Revenue 2% 10 6 9 Total Revenue 100% 650 321 -51% 442 -32% Film Cost -37% (240) (117) (162) Concessions Cost -3% (20) (11) (15) Gross Marg

  10. Slide 10: EPR Properties Overview

    EN TERTAINM™MEN T PROPERTIES TRUST EPR Properties Overview

  11. Slide 11: Portfolio Information

    Portfolio Information EPR’s Portfolio 67 Megaplex Theatres Other ¾ 1,359 screens Entertainment 2% Retail Centers 13% Megaplex ¾ 100% occupancy Theatres 85% ¾ 5.9 MM total SF ¾ Avg. screens = 20 ¾ Avg. age < 5 years ¾ ~700 acres

  12. Slide 12: Property Map

    Property Map Geographically diverse portfolio in 24 states & Canada - Indicate asset locations

  13. Slide 13: Portfolio Metro Rankings

    Portfolio Metro Rankings „ 36% @ #1 † e.g. LA, Chicago, Miami, DC, Denver, San Diego, Detroit, KC, Raleigh, Little Rock „ 63% @ #1-3 † e.g. Houston, Phoenix, Dallas, Chicago, Toronto, San Antonio, Tampa „ 91% @ Top 10 † New York, Philadelphia, St. Louis, Toronto, Houston, Miami, Dallas

  14. Slide 14: Financial Results Review

    Financial Results Review

  15. Slide 15: Balance Sheet Highlights

    Balance Sheet Highlights 3 YR 5 YR 2002 2003 2004 2005 CAGR CAGR Assets $ 730 $ 966 $ 1,213 $ 1,414 25% 22% Asset Growth Rate 25% 32% 26% 17% Debt $ 347 $ 507 $ 593 $ 715 27% 24% Leverage % 47% 52% 49% 51%

  16. Slide 16: Operating Performance History

    Operating Performance History CAGR- CAGR- 2002 2003 2004 2005 3 Yr 5 Yr Revenue $ 71.6 $ 93.5 $ 133.3 $ 164.8 32% 25% Revenue growth rate 31% 31% 43% 24% Net Income $ 27.9 $ 32.1 $ 48.3 $ 57.7 27% 25% FFO $ 42.1 $ 49.9 $ 71.6 $ 85.0 26% 19% FFO per common share $ 2.37 $ 2.62 $ 3.03 $ 3.33 12% 7% FFO

  17. Slide 17: General and Administrative Expense

    General and Administrative Expense 2002 2003 2004 2005 Revenue $ 71.6 $ 93.5 $ 133.3 $ 164.8 General & Admin Expense $ 3.3 $ 4.8 $ 6.1 $ 7.2 (includes stock based comp) % of Revenue 5% 5% 5% 4% Employees 7 9 11 13 Revenue per Employee $ 10.2 $ 10.4 $ 12.1 $ 12.7 ƒ We outsource property management, l

  18. Slide 18: Capital Market Access for Megaplex Theatre Property Financing

    Capital Market Access for Megaplex Theatre Property Financing… Not Mission Impossible

  19. Slide 19: Capital Structure – March 31, 2006

    Capital Structure – March 31, 2006 Debt Fixed $ 581 (Avg rate – 5.9%) Variable 140 (Libor + 130-175 pts.)* Total Debt $ 721 Equity Preferred – Series A $ 57 (Div = 9.5% - callable in 2007) Preferred – Series B 80 (Div = 7.75% - callable in 2010) Common 595 (01/06 Equity Raise - $41.25/share) Deficit

  20. Slide 20: Historical Financial Results Summary

    Historical Financial Results Summary „ Conservative Balance Sheet Management „ Sustained Double Digit Growth in Assets, Revenues and Profits „ Significant Annual Dividend Increases „ Low Overhead/Variable Cost Structure „ Ready Access to Capital Markets/Decreasing Cost of Capital

  21. Slide 21: Share Value Analysis

    EN TERTAINM™MEN T PROPERTIES TRUST Share Value Analysis

  22. Slide 22: EPR Comparative Performance

    EPR Comparative Performance Total Return – Five Years Total Return – Three Years 1. Entertainment Ppts Tr 264.0% 1. Agree Realty Corp 88.3% 2. Getty Realty Corp 199.0% 2. Entertainment Ppts Tr 79.9% 3. Correctional Pptys 185.2% 3. Plum Creek Timber 79.0% 4. Agree Realty Corp 182.3% 4. Getty Realty C

  23. Slide 23: Triple Net REITS – Total Return

    Triple Net REITS – Total Return 300% 264% 250% 199% 200% 185% 182% 5 Year 3 Year 149% 150% 143% 139% 112% 100% 93% 88% 85% 80% 79% 68% 59% 48% 50% 46% 37% 42% 26% 0% EPR GTY CPV ADC NNN OLP LXP O PCL TSY

  24. Slide 24: Still undervalued relative to peers

    Despite this history of strong financial performance and excellent shareholder returns, we still appear to be undervalued relative to our peers…

  25. Slide 25: Triple Net REITS – Valuation

    Triple Net REITS – Valuation Price/2006 Projected FFO Price/2007 Projected FFO 1. Gladstone Com Corp 13.6x 1. Getty Realty Corp 13.4 x 2. Getty Realty Corp 13.5x 2. Comm Net Lease Realty 12.7x 3. Realty Income Corp 13.4x 3. Realty Income Corp 12.7x 4. Comm Net Lease Realty 13.2x 4. Agree Realty Corp

  26. Slide 26: Triple Net REITS – Valuation

    Triple Net REITS – Valuation 14 13.6 13.55 13.5 13.41 13.16 Price/2006 Projected 13 12.89 FFO (Multiple) 12.5 12 11.52 11.5 11.2 11.11 11 10.67 10.57 10.5 10.44 10 GOOD GTY O NNN ADC PCL EPR LXP TSY CPV OLP

  27. Slide 27: EPR Comparative Performance

    EPR Comparative Performance Current Yield AFFO Payout Ratio 1. Plum Creek Timber 4.41% 1. Entertainment Ppts Tr 78.3% 2. Comm Net Lease Realty 6.18% 2. Lexington Corp Ppts 78.5% 3. Realty Income Corp 6.19% 3. One Liberty Ppts 79.0% 4. Agree Realty Corp 6.23% 4. Correctional Ppts 79.3% 5. One Liberty

  28. Slide 28: Triple Net REITS – Multiple vs. Growth

    Triple Net REITS – Multiple vs. Growth 16.0% 14.0% 11.11 LXP 12.0% High Growth, Low Price High Growth, High Price 10.0% 11.20 EPR 8.0% 13.16 6.0% NNN 10.57 CPV 13.41 4.0% 12.08 O 12.89 SFC ADC 2.0% Low Growth, Low Price Low Growth, High Price 0.0% 10 10.5 11 11.5 12 12.5 13 13.5 14

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