EPR Properties

Good day, and thank you for standing by. Welcome to the EPR Properties First Quarter 2023 Earnings Conference Call. At this time, all participants are in a 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 11 on your telephone. You'll then hear an automated message advising you that your hand is raised. To withdraw your question, simply press star 11 again. Please be advised that today's conference is being recorded. And without further ado, I would like to now hand the conference over to your first speaker today, Brian Moriarty, Vice President, Corporate Communications. Brian, please go ahead.

Okay, thank you, Eric. Thanks for joining us today for our first quarter 2023 earnings call and webcast. Participants on today's call are Greg Silvers, Chairman and CEO, Greg Zimmerman, Executive Vice President and CIO, and Mark Peterson, Executive Vice President and CFO. We'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 those 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. Reconciliation of these measures to the most directly comparable GAAP measures are included in today's earnings release and 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 Greg Silvers.

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's first quarter 2023 earnings call and webcast. We are pleased to start the year with continued momentum, highlighted by 9% growth in total revenue and 15% growth in FFOAA per share versus the same quarter prior year. We have also collected all scheduled rent from Regal due in 2023 through April, as well as the scheduled deferral payments due from all customers for the same period. These results provide further evidence of our theme of recovery and highlight the resilience of our experiential investments. Additionally, during the month of April, Cineworld reported that it had entered into a restructuring support agreement with its secured lenders and subsequently filed a plan of reorganization. The proposed timeframe within the plan indicates that Cineworld should emerge from bankruptcy in early July. While we cannot comment on the status of our negotiations, the filing of the proposed plan defines the timeframe for resolution. At an industry level, we are encouraged by the continued substantial growth in box office revenues as content production ramps up. Additionally, we are excited to see the significant news of both Amazon and Apple committing to spend $1 billion a year toward movies with theatrical releases. As we've stated many times, this firmly speaks to the importance of theatrical distribution in maximizing economics and building brands. In reviewing our experiential portfolio, we're seeing sustained demand highlighted by our eat and play, experiential lodging, and ski properties. Additionally, we are pleased to see our overall rent coverage continues to remain above 2019 levels. Our strong liquidity position allows us to deploy capital in a disciplined manner across a variety of experiential properties, including having a committed pipeline that we will fund in the coming quarters. With a durable income stream, an ongoing recovery, and additional growth from our investment pipeline, we're encouraged by our outlook for the year. Now I'll turn the call over to Greg Zimmerman to review the business in more detail.