EPR Properties restructures Regal lease portfolio: new $65M base rent master lease for 41 theatres, 16 surrendered

EPR PROPERTIES

Master lease for 41 Regal theatres: $65M annual base rent, 10% escalator every 5 years, weighted avg term extended to 13 years.
EPR takes back 16 theatres; Cinemark to operate 4, Phoenix Theatres 1, and 11 to be sold.
Projected 96% of pre-bankruptcy Regal rent in 2024 on Master Lease properties, assuming $9.4B NABOG.
$51.8M deferred rent forgiven after 15 years if no default; otherwise due immediately.
Non-cash impairment charge of ~$50M expected in Q2 2023 on surrendered theatres.

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