INVESTING IN LIFE'S ENDURING EXPERIENCES - INVESTOR PRESENTATION - JUNE 2017 - DATA IN THIS PRESENTATION IS AS OF 3/31/17 UNLESS OTHERWISE NOTED ...
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INVESTING IN LIFE’S ENDURING EXPERIENCES INVESTOR PRESENTATION – JUNE 2017 AMC THEATRE – COLUMBIA, MD BASIS INDEPENDENT SCHOOL – BROOKLYN, NY TOPGOLF – PHOENIX, AZ DATA IN THIS PRESENTATION IS AS OF 3/31/17 UNLESS OTHERWISE NOTED
DISCLAIMER Statements made in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements relate to, without limitation, the Company’s future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect,” "anticipate," "estimate," "continue" or comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed under the headings "Risk Factors" in the Company’s Annual Report on Form 10-K, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. Definitions and reconciliations of the non-GAAP financial measures used in this presentation are available in our investor supplemental dated March 31, 2017 available on our website at www.eprkc.com. 2
COMPANY OVERVIEW
EPR PROPERTIES
EPR IS A TRIPLE NET LEASE REIT, SPECIALIZING IN SELECT, NON-COMMODITY
REAL ESTATE SEGMENTS THAT ARE HIGHLY ENDURING
COMPANY SNAPSHOT*
NYSE: EPR, FOUNDED: 1997 LONG-TERM OUTPERFORMANCE**
LIFETIME TOTAL SHAREHOLDER RETURN
$8.4B TOTAL MARKET CAP
$5.7B EQUITY, $2.7B DEBT
$6.2B+ TOTAL INVESTMENTS
368 PROPERTIES, 43 STATES, DC & CANADA
*As of March 31, 2017, adjusted for CNL Transaction which closed subsequent to quarter end.
**Source: SNL, dates 11/18/1997 through 3/31/17
PRIMARY INVESTMENTS SEGMENTS
ENTERTAINMENT RECREATION EDUCATION
4
INVESTMENT THESIS AND CORE STRATEGIES
INVESTMENT THESIS CORE STRATEGIES
DIFFERENTIATED INVESTMENTS LONG TERM
STRONG RELATIONSHIP-BASED
GROWTH PIPELINE
KNOWLEDGE DRIVEN
WELL CAPITALIZED
BALANCE SHEET
FEWER CATEGORIES
GREATER DEPTH
UNDERLYING INVESTMENT
SEGMENT STRENGTH
TRIPLE NET STRUCTURE
CONSISTENT COVERAGE
5
HUMAN CAPITAL
OUR ORGANIZATIONAL DESIGN REFLECTS
OUR SEGMENT FOCUS
Builds centers of knowledge in each Creates competitive advantage to
of our primary segments identify key market trends
EXECUTIVE MANAGEMENT
CHIEF INVESTMENT
OFFICER
ENTERTAINMENT RECREATION EDUCATION
GROUP GROUP GROUP
6
EXPERIENCE EVOLUTION
ARTS, ENTERTAINMENT AND RECREATION INDUSTRY
MILLENNIALS CONTRIBUTION TO US GDP
Total Industry Output (IN TRILLIONS)
$1.4 As a percent of Total US GDP Output 4.1%
75.4M $1.2
4.0%
3.9%
people aged 18-34 3.8%
$1.0 3.7%
LARGEST 3.6%
population segment $0.8 3.5%
2010 2011 2012 2013 2014 2015
Source: US Bureau of Economic Analysis (BEA)
they value
EXPERIENCE “We are on the threshold… of the
over EXPERIENCE ECONOMY, a new economic
era in which businesses must orchestrate
OWNERSHIP memorable events for their customers.”
Source: US Census Bureau - The Experience Economy
7
PORTFOLIO
PORTFOLIO DETAIL 3/31/17
PROPERTY TYPE PROPERTIES NOI* % of TOTALS % LEASED
(IN MILLIONS)
MEGAPLEX THEATRES** 142 209.8 41.7% 100.0%
ENTERTAINMENT RETAIL CENTERS (ERCS) 8 42.7 8.5% 96.2%
FAMILY ENTERTAINMENT CENTERS (FECS) 8 9.2 1.8% 100.0%
TOTAL ENTERTAINMENT 158 261.7 52.0% 99.3%
GOLF ENTERTAINMENT COMPLEXES 25 49.5 9.8% 100.0%
METROPOLITAN SKI AREAS 11 21.6 4.3% 100.0%
ATTRACTIONS (WATERPARKS) 5 30.6 6.1% 100.0%
OTHER RECREATION 5 4.0 0.8% 100.0%
TOTAL RECREATION 46 105.7 21.0% 100.0%
PUBLIC CHARTER SCHOOLS 67 76.2 15.2% 98.0%
PRIVATE SCHOOLS 13 26.6 5.3% 100.0%
EARLY CHILDHOOD EDUCATION 53 25.0 5.0% 100.0%
TOTAL EDUCATION 133 127.8 25.5% 98.5%
ADELAAR 1 7.5 1.5% N/A
TOTAL OTHER 1 7.5 1.5% N/A
TOTAL 338 $502.7 100% 99.2%
* Represents
annualized GAAP NOI – see supplemental for quarter ended March 31, 2017 for definitions and reconciliation of certain
Non-GAAP financial measures
**Excludes 8 theatres in ERC’s
9
CNL LIFESTYLE PROPERTIES TRANSACTION
EPR acquired from CNL Properties (CNL) the Northstar
California Ski Resort and attractions portfolio, and provided
OVERVIEW debt financing to funds affiliated with Och-Ziff Real Estate
(OZRE) for the remainder of CNL’s ski portfolio.
TIMING Closed on April 6, 2017 following shareholder approval
NORTHSTAR AND ATTRACTIONS PORTFOLIO
EPR acquired Northstar and 15 attractions assets (waterparks
and amusement parks) for $455.5M (9.35% cap rate)
OZRE SKI PORTFOLIO
OUTCOMES EPR provided approximately $251.0M of five year financing at
8.5% for 14 ski and mountain lifestyle resorts acquired by OZRE
for $374.5M
FINANCING
Over 90% of EPR’s $706.5M investment was financed with
common shares.
Unless otherwise indicated throughout document:
A) Purchase price does not include pro-rations, transactions costs or closing adjustments
10 B) Amount of the OZRE note does not include any other future advances
C) Attractions portfolio information excludes 5 FECs that account for less than 1% of transaction and were sold at closingCNL LIFESTYLE PROPERTIES TRANSACTION
NORTHSTAR CALIFORNIA
• Leading regional destination mountain resort and
retail village, with a proven operator, Vail Resorts
• 5-year average rent coverage of ~1.6x*
• Year round resort with extensive co-investments
MOUNTAIN RESORT RETAIL VILLAGE
ATTRACTIONS PORTFOLIO
• Geographically diverse portfolio of 15 market-
leading waterparks and amusement parks
• Strong performance with underwritten 5-year
average rent coverage of ~1.8x**
PACIFIC PARK - SANTA MONICA WET N WILD PHOENIX
OZRE SKI PORTFOLIO
• 14 market-leading ski & mountain resorts across 9
states and B.C. Canada
• 1 conservatively structured note at 8.5% interest
rate, 65% LTV, cross-collateralized and ~2.5x
underwritten coverage*** BRIGHTON - UTAH OKEMO - VERMONT
*Historical EBITDAR/Historical Cash Minimum Rent Source: CNL Lifestyle Properties
11 **EBITDAR / Pro Forma Cash Minimum Rents
***Property-Level Rent / Mortgage Interest PaymentCNL TRANSACTION IMPACT
* **
TOTAL INVESTMENTS PRO FORMA TOTAL INVESTMENTS
Education
Education Other Other
3% 22%
25% 3%
$5.5B+ $6.2B+
Recreation Recreation
23% Entertainment 32% Entertainment
49% 43%
RECREATION PORTFOLIO RECREATION PORTFOLIO
(as of 3/31/17) (Pro forma after CNL Transaction)
Property # of $ Invested Property # of $ Invested
Types Properties (in millions) Types Properties (in millions)
Topgolf 25 $568 Topgolf 25 $568
Ski Areas 11 $257 Ski Areas 26 $658
Attractions 5 $356 Attractions 20 $683
Other Recreation 5 $50 Other Recreation 5 $50
*
As of 3/31/17
12 **
As of March 31, 2017, adjusted for CNL Transaction which closed subsequent to quarter end.FOCUSED GROWTH
TOTAL INVESTMENTS*
(IN MILLIONS)
OTHER $6,208
179
RECREATION $5,501
$5,307
EDUCATION 178
179
1,937
$4,606
ENTERTAINMENT 1,148
1,231
203
$4,040
$3,562 207 944
$3,120 $3,211 212 696 1,388 1,388
$2,969 1,303
$2,844 267 550
$2,717 395
335 728
1,006
421
$2,271 342 382 318 337 538
280 312 230 374
234 286
174
2,678 2,704 2,704
2,262 2,411 2,453
1,976 2,177 2,011 2,148
1,926 1,925
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 2017 Q1 2017
Pro
* Total Investments is a Non-GAAP financial measure. See investor supplemental for quarter Forma **
ended March 31, 2017 or Form 10-K’s as applicable for reconciliation of certain Non-GAAP
financial measures
** Pro Forma reflects the addition of $706.5M to Recreation as a result of the CNL Transaction
13PROPERTY MAP*
GEOGRAPHICALLY DIVERSE PORTFOLIO
*As of March 31, 2017, adjusted for CNL Transaction which closed subsequent to quarter end.
14DISTINCTIVE COMBINATION OF LEASE CHARACTERISTICS
CROSS DEFAULT/
DURATION 11+ YEARS
CREDIT SUPPORT
UNIQUE COMBINATION
STRONG RENT
ESCALATORS
COVERAGE
GENERALLY 2% OR 10%
PARTICIPATING RENT/ INTEREST EVERY FIVE YEARS
15CONTINUING TREND OF REDUCED CONCENTRATION
Top 5=
70% 64%
5%
60%
7%
Percent of Total Revenue
5% Top 5=
50% 7% 5% 6% 46%
9% 8%
6% Premier Parks
8% 8% 4%
9%
40% 9% 8% 7% Peak Resorts
8%
7%
9% 9% Topgolf
10% 9% 6%
30%
8%
7% 4%
Cinemark
6% 8%
20% Regal
34%
29%
25% Rave
23% 20% 23%
10% 20%
Imagine
0% AMC
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 Q1 2017
Post CNL
*
Transaction
*As of March 31, 2017, adjusted for CNL Transaction which closed subsequent to quarter end.
16ENTERTAINMENT
UPDATES
2017 BOX OFFICE REVENUE YTD UP 1% VS. LAST
YEAR’S RECORD-BREAKING RESULTS* MEGAPLEX THEATRES
THREE PRIMARY STRATEGIES – REDEVELOPMENT,
BUILD-TO-SUIT AND ACQUISITION
EPR PORTFOLIO
ENTERTAINMENT RETAIL CENTERS
158 $2.7B+
PROPERTIES INVESTED
IN SERVICE
6 **
22 ***
PROPERTIES OPERATORS
UNDER DEVELOPMENT
*Source: Box Office Mojo through May 2017 FAMILY ENTERTAINMENT CENTERS
**Properties not yet in service
***Does not include operators at ERCs
17MEGAPLEX THEATRES
LONG HISTORY OF STEADY GROWTH
150 MEGAPLEX
THEATRES*
3 UNDER
DEVELOPMENT**
*Includes theatres in ERCs
**Properties not yet in service
Source: BoxOfficeMojo
FUTURE LOOKS BRIGHT
MILLENNIALS ACCOUNT FOR
50%
MILLENNIALS JUST BECAME THE
LARGEST POPULATION SEGMENT
AND WILL CONTINUE TO GROW
OF FREQUENT MOVIEGOERS
Source: MPAA
18MEGAPLEX THEATRES
TRANSFORMING THE CUSTOMER EXPERIENCE
+40% AVERAGE INCREASES IN TOTAL REVENUE*
NEW LUXURY SEATING NEW FOOD AND BEVERAGE CONCEPTS
60% Seat
Reduction
Replaced with Lo unges and
In-T hea tr e Dining A lco ho l and
Luxury Seating E xp anded Menus Res taura n ts
Enhanced Customer Experience NEW SOUND AND VISUAL ENHANCEMENTS
Increased Attendance
INCREASED REVENUE
19 *
Renovated Theatres in EPR portfolio open a full yearENTERTAINMENT RETAIL CENTERS ( E R C s)
ONE STOP SHOPPING, DINING AND FUN 8 ENTERTAINMENT
RETAIL CENTERS
Theatre or live performance venue provides anchor
20FAMILY ENTERTAINMENT CENTERS ( F EC s)
ONE LOCATION.
A VARIETY OF ENTERTAINMENT OPTIONS.
8 FAMILY ENTERTAINMENT
CENTERS
Upscale venues work well for corporate and consumer events. 3 UNDER
DEVELOPMENT*
*Properties not yet in service
21RECREATION HIGHLIGHTS
RECREATION
UPDATES GOLF ENTERTAINMENT COMPLEXES
TOPGOLF MAINTAINED SUPERIOR PERFORMANCE
SKI SEASON REVENUE AND VISITATION
ANTICIPATED TO BE UP AT LEAST 15%* SKI AREAS
EPR PORTFOLIO**
76 $1.9B+ ATTRACTIONS
PROPERTIES INVESTED
IN SERVICE
7 ***
18
PROPERTIES OPERATORS
UNDER DEVELOPMENT
*Source: Tenant financial information OTHER RECREATION
**As of March 31, 2017, adjusted for CNL Transaction which closed subsequent to quarter end.
***Properties not yet in service
22GOLF ENTERTAINMENT COMPLEXES
GOLF ENTERTAINMENT COMPLEXES
REVOLUTIONIZE RECREATIONAL ACTIVITY
25 GOLF ENTERTAINMENT
COMPLEXES
Topgolf’s 2016 attendance grew over 30%**
5 UNDER
DEVELOPMENT*
*Properties not yet in service
**Source: Topgolf
23SKI AREAS
LEADING REGIONAL SKI AND RESORT
DESTINATIONS 26 SKI AREAS*
GEOGRAPHIC SNOWMAKING FOUR SEASON *Asof March 31, 2017, adjusted for
DIVERSITY CAPABILITIES APPEAL CNL Transaction which closed
subsequent to quarter end.
24ATTRACTIONS
PROVEN AND DURABLE RECREATION ACTIVITY 20 ATTRACTIONS*
Demonstrating a consistent track record of attendance and
revenue, the attractions industry is an enduring component of
2 UNDER
DEVELOPMENT**
the American lifestyle. *As of March 31, 2017, adjusted for CNL
Transaction which closed subsequent to
quarter end.
**Properties not yet in service
25OTHER RECREATION
ACTIVE EXPERIENCES CONSISTENT WITH
CONSUMER TRENDS. 5 OTHER RECREATION
PROPERTIES
Increased focus on fitness and wellness, along with participation in new
generation activities.
26EDUCATION
EDUCATION FACILITIES
UPDATES
CONTINUE TO SEE ATTRACTIVE OPPORTUNITIES
FOR INVESTMENTS ACROSS OUR EDUCATION PUBLIC CHARTER SCHOOLS
FACILITIES PLATFORM
PUBLIC CHARTER SCHOOLS
EPR PORTFOLIO
EDUCATION INVESTMENT SPENDING
133 $1.3B+
PRIVATE SCHOOLS
PROPERTIES INVESTED
IN SERVICE
18 *
57
PROPERTIES OPERATORS
UNDER DEVELOPMENT
EARLY CHILDHOOD EDUCATION
*Properties not yet in service
27PUBLIC CHARTER SCHOOLS *
DRIVEN BY PARENTAL DEMAND FOR CHOICE;
OVER 20 YEARS OLD AND GROWING STRONG
67 PUBLIC CHARTER
SCHOOLS
Started in 1992 2 UNDER
DEVELOPMENT**
Currently adopted in 42 states and D.C.
3.1M students growing at ~12% CAGR
6,900 schools growing at ~7% CAGR
Waiting list of over 1M students
*Source: NAPCS
**Properties not yet in service
28PRIVATE SCHOOLS
LIMITED QUALITY PRIVATE OPTIONS FUEL DEMAND
13 PRIVATE
SCHOOLS
In select markets, quality public and private school
options are limited
Non-sectarian private schools in the >$15K tuition level
have seen double-digit growth since 2008
Proven operators are capitalizing on the opportunity
by meeting the needs in gateway cities
PARENTS SEEK PRIVATE SCHOOLS
THAT OFFER
Academic Rigor
Strong Culture
Relative Affordability
Source: National Center for Education Statistics
29PRIVATE SCHOOLS PROVIDING AN ALTERNATIVE TO MEET THE DEMAND FOR QUALITY PRIVATE EDUCATION 30
EARLY CHILDHOOD EDUCATION
DEMAND FOR EDUCATION BEYOND DAYCARE 53 EARLY CHILDHOOD
EDUCATION CENTERS
Large number of dual income families
Increasing per capita disposable income/stabilizing 16 UNDER
DEVELOPMENT*
unemployment rate
Desire for quality education instead of daycare
According to the U.S. Census
Bureau, there are TRADITIONAL DAYCARE = PHYSICAL NEEDS
VS.
15.1M CHILDREN
EARLY
PHYSICAL ACADEMIC
under the age of six that require CHILDHOOD = +
Childcare NEEDS DEVELOPMENT
EDUCATION
*Properties not yet in service
31EARLYEARLY
CHILDHOOD EDUCATION
CHILDHOOD REDEFINED
EDUCATION
EARLY CHILDHOOD EDUCATION REDEFINED
Teaching kids through simulation of real world environments, utilizing technology as
part of the curriculum and providing opportunities to learn through play
32ADELAAR SUMMARY
• EPR is the land lessor on the casino parcel and two adjoining parcels.
o Empire Resorts expected to invest ~$800M in Montreign Resort
Casino
o Empire Resorts will now also fund improvements to both the golf
course and retail village
o EPR is expected to invest ~$155M for development of hotel
waterpark
o EPR is developing ~$97M in infrastructure for the development, of
which ~$88M is expected to be reimbursed through municipal IDA
bonds.
• EPR estimates that in 2017 the Adelaar development will generate
~$9.2M of GAAP revenue from ground leases and ~$7.5M in NOI
33ADELAAR UPDATE Steady progress towards planned opening of Montreign Resort Casino on or before March 31, 2018 Casino will be rebranded a Resort Worlds Property, an internationally- recognized hospitality and casino brand Development continues on the hotel waterpark site with projected opening in early 2019 34
FINANCIAL REVIEW
CAPITAL STRUCTURE AND FINANCIAL HIGHLIGHTS
CAPITAL STRUCTURE 3/31/17 CAPITAL STRUCTURE PRO FORMA*
(IN MILLIONS) (IN MILLIONS)
Common
Equity, Common
Secured $4,769 Secured Equity,
Debt, $180 2% Debt, $180 $5,421
62%
2% 64%
Unsecured
31% Unsecured 30%
Debt, Debt,
$2,496
$2,437 5% 4%
Preferred Preferred
Equity, Equity,
$346 $346
KEY RATIOS 3/31/17 Pro Forma*
Fixed Rate Debt 91% 89%
Unsecured Debt 93% 93%
Net Debt/Gross Assets 46% 42%
Net Debt/Adjusted EBITDA 5.9x 5.3x
*As of March 31, 2017, adjusted for CNL Transaction which closed subsequent to quarter end.
36WELL LADDERED DEBT MATURITY PROFILE*
$500
$450
$400
$350 $350
$300
$300 $275
$250
$192
$200
$140 $150 $148
$100
$12 $25
$0
Secured Debt Unsecured Term Loan Unsecured Senior Notes
Unsecured Credit Facility Private Placement
*Data in millions as of 3/31/17; excludes amortization
37OPERATING PERFORMANCE HISTORY
CONSISTENTLY STRONG OPERATING METRICS
FFOAA TOTAL REVENUE
$350 $600
$300 $500
$250 $400
$200
$300
$150
$100 $200
$50 $100
$0 $0
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
FFOAA PER SHARE NET INCOME TO COMMON
SHAREHOLDERS
$250
$6.00
$5.00 $200
$4.00 $150
$3.00 $100
$2.00
$1.00 $50
$0.00 $0
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
38 (in millions, except per share data)ANNUAL DIVIDENDS
ATTRACTIVE & GROWING ANNUAL DIVIDENDS
Dividend Yield of 5.6%*
*As of 5/1/17
39
** ProjectedFINANCIAL PERFORMANCE
YEAR ENDED 12-31,
2015 2016 $ CHANGE % CHANGE
Total Revenue $421.0 $493.2 $72.2 17%
Net Income - Common 170.7 201.2 30.5 18%
FFO – Common* 235.2 304.6 69.4 30%
FFO as adj. - Common* 260.3 308.0 47.7 18%
Net Income/share – Common 2.93 3.17 0.24 8%
FFO/share - Common* 4.03 4.77 0.74 18%
FFO/share - Common, as adj.* 4.44 4.82 0.38 9%
(In millions except per share data)
*See Form 10-K for year ended December 31, 2016 for certain Non-GAAP reconciliations.
40KEY RATIOS
QUARTER ENDED 3-31
KEY RATIOS*
2017
Pro Forma** 2017 2016
Fixed charge coverage 3.2x 2.8x 3.3x
Debt service coverage 3.5x 3.1x 3.7x
Interest coverage 3.7x 3.3x 4.0x
Net debt to Adjusted EBITDA 5.3x 5.9x 4.8x
FFO as adjusted payout 81% 86% 81%
INVESTMENT GRADE CREDIT RATINGS
S&P MOODY’S FITCH
Senior Notes BBB- Baa2 BBB-
*See investor supplementals for the applicable periods for definitions and calculations.
**As of March 31, 2017, adjusted for CNL Transaction which closed subsequent to quarter end.
412017 GUIDANCE
FFO AS ADJUSTED PER SHARE
$5.05 - $5.20
INVESTMENT SPENDING
$1.30B - $1.35B
DISPOSITIONS
$150M - $300M
42APPENDIX 43
MEGAPLEX THEATRES *
DRIVEN BY STRONG VALUE, THEATRES CONTINUE TO BE THE
DOMINANT CHOICE IN ADMISSIONS-BASED ENTERTAINMENT
ADMISSIONS-BASED ATTENDANCE RELATIVE VALUE
2015 ATTENDANCE
(IN MILLIONS) 2015 Average Ticket Price for a Family of Four (US$)
Sources: NATO, Sports Leagues, International Theme Park Services
1,400
1,321 NFL, 17.3
1,200 NHL, 21.5 NFL $343.32
1,000 NBA, 21.9 NHL $248.72
800 NBA $215.92
600 388 Theme Parks $209.44
400 MLB, 73.8
134 MLB $115.76
200
Theatres $33.72
-
Theatres Theme Parks Sports $- $100 $200 $300 $400
AVERAGE TICKET PRICE
10 Year Average Ticket Price CAGR is 2.6%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Average Ticket Price $6.55 $6.88 $7.18 $7.50 $7.89 $7.93 $7.96 $8.13 $8.17 $8.43
% Change vs. Previous Year 2% 5% 4% 4% 5% 1% 0% 2% 0% 3%
CPI % Change vs. Previous Year 3% 3% 4% 0% 2% 3% 2% 2% 2% 0%
44 *Source: MPAA Theatrical Market Statistics 2015PUBLIC CHARTER SCHOOLS
CURRENT
FAMILY PROFILE SCHOOL PROFILE TARGET STATES
Parents who want an Strong organizational leadership
ARIZONA
alternative to traditional and governance
public schools COLORADO
Favorable market analysis of FLORIDA
Highly engaged enrollment and waiting list
CALIFORNIA
High potential for expansion NEW JERSEY
NORTH CAROLINA
SOUTH CAROLINA
EPR POTENTIAL MARKET
TENNESSEE
GEORGIA
COMPRISED OF
MARKET NEW YORK
OPPORTUNITY $5 - $25
$2.5 MILLION
BILLION
TRANSACTIONS
45PRIVATE SCHOOLS
FAMILY PROFILE OPERATOR PROFILE
HIGH POTENTIAL
Mid to high affluence Nonsectarian schools MARKETS
Strong academic Branded school group with NEW YORK
orientation history of success SAN FRANCISCO BAY
AREA
High parental education Academically rigorous at
LOS ANGELES
achievement moderate price point
CHICAGO
Select markets WASHINGTON D.C.
HOUSTON
EPR POTENTIAL MARKET DALLAS
SAN DIEGO
COMPRISED OF SEATTLE
MARKET
ATLANTA
OPPORTUNITY $20 - $50
$2 MILLION
BILLION
TRANSACTIONS
46EARLYEARLY
CHILDHOOD EDUCATION
CHILDHOOD REDEFINED
EDUCATION
FAMILY PROFILE OPERATOR PROFILE MARKET PROFILE
Dual income Academic Focus Suburban areas of major
MSA’s
High income Multi-site operations
Target segment growth
Well-educated parents Superior real estate execution
Underserved trade areas
Children ages 0-5 (lack of competition)
EPR POTENTIAL MARKET
COMPRISED OF
MARKET
OPPORTUNITY $5 - $20
$1 MILLION
BILLION
TRANSACTIONS
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