EPR Properties

Good day and thank you for standing by. Welcome to the EPR Properties 3rd Quarter 2021 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised, today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Brian Moriarty, Vice President of Corporate Communications. You may go ahead.

Okay, great. Thank you. Thanks for joining us today for our third quarter 2021 earnings call and webcast. Participants on today's call are Greg Silvers, President and CEO, Greg Zimmerman, Executive Vice President and CIO, and Mark Peterson, Executive Vice President and CFO. I'll start the call by informing you that this call may include forward-looking statements as defined in the Private Securities Litigation Act of 1995, identified by such words as will be, intend, continue, believe, may, expect, hope, anticipate, or other comparable terms. The company's actual financial condition and the results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of these factors that could cause results to differ materially from those forward-looking statements are contained in the company's SEC filings, including the company's reports on Form 10-K and 10-Q. Additionally, this call will contain references to certain non-GAAP measures, which we believe are useful in evaluating the company's performance. The reconciliation of these measures to the most directly comparable GAAP measures are included in today's earnings releasing supplemental information furnished to the SEC under Form 8-K. If you wish to follow along, today's earnings release, supplemental, and earnings call presentation are all available on the Investor Center page of the company's website, www.eprkc.com. Now I'll turn the call over to company's president and CEO, Greg Silvers.

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's third quarter 2021 earnings call and webcast. Third quarter was highly productive. With our strong cash collection results and the meaningful steps we took to further solidify our balance sheet and strengthen our liquidity, we reinforced our position to pursue additional investment growth. We were pleased to report cash collections which exceeded our expectations, driven by the accelerated recovery across our experiential properties. We believe that increased vaccination levels and new protocols have translated to increased levels of confidence as people are again going out and seeking memorable experiences. Consumers are returning to the theater in a significant way, driven by highly appealing content as studios reestablish a rhythm of releasing major titles in theaters. Strong momentum has been established with the box office, with pandemic area records being broken. This demand for the theater experience has also provided studios much greater clarity around the economic value that box office contributes. We look forward to seeing this momentum continue as studios have committed to exclusive theatrical releases and a strong slate of titles remain in 2021 and going into 2022. We are also continuing to see a sustained rebound across our non-theater experiential properties. From Eat and Play to Experiential Lodging, The common attributes of value and drive-to locations provide choice, allowing consumers to spend a few hours or a few days outside the home. On the capital markets front, we were pleased to once again receive an investment grade rating with a stable outlook from S&P, while Moody's raised its investment grade rating to a stable outlook in October, recognizing our meaningful progress. Additionally, we further solidified our balance sheet as we completed a new $1 billion revolving credit facility and $400 million debt issuance. These actions have certainly enhanced our liquidity profile and positions us well to reaccelerate our growth. Mark will provide greater detail on this. All of this progress established a strong backdrop for us to pivot to pursuing growth, and we made progress in reestablishing our investment spending momentum. As Greg will speak to, we have reengaged in discussions across many of our experiential property types. Lastly, I want to bring to your attention our updated company tagline and logo. The new tagline, the Diversified Experiential REIT, highlights diversification as an important attribute that we will continue to build on. We are migrating from a recovery opportunity to a sustained growth opportunity. as it is our strategic intention to grow across each of the eight property types as defined in our investor presentation as target experiential property types. We believe we are uniquely positioned to capture these opportunities. We are seeing ample evidence of consumer demand for experiential properties, and we have the only team in the industry with proven capabilities across the entire spectrum of experiential concepts. With this backdrop of demand combined with our team and focus, we believe we truly offer a unique alternative for investors to gain diversified exposure to experiential real estate and the experiential economy. Now I'll turn it over to Greg Zimmerman.