EPR Properties

Good day, and thank you for standing by. Welcome to the third quarter 2023 EPR Properties 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 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Moriarty, Vice President, Corporate Communications. Please go ahead.

Okay. Thank you, Victor. Thanks for joining us today for our third 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. 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 the operations may vary materially from those contemplated by such forward-looking statements. Some of these factors that could cause results to differ materially from these 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 gap 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. And I'll turn the call over to Greg Silvers.

Greg Silvers Thank you, Brian. Good morning, everyone, and thank you for joining us on today's third quarter 2023 earnings call-in webcast. I'm happy to report another strong quarter highlighted by top-line revenue growth of approximately 17% and FFO as adjusted per share growth of approximately 27% versus the same quarter prior year. These results were driven by continued strong results in our experiential properties along with significant deferral collections. With these results as a backdrop, we are pleased to announce that we are increasing our 2023 earnings guidance. A few matters on tenant help. As we previously announced, during the quarter we significantly enhanced our theater portfolio as we entered into a comprehensive restructuring agreement with Regal, anchored by a new master lease. Additionally, Southern Theaters, our fourth largest theater tenant, was acquired by Santicos Entertainment, who paid the full remaining deferred rent owed by Southern Theaters. While the actor's strike is still ongoing, resolution of the writer's strike was an important milestone as theatrical exhibition continues its strong recovery. As of last weekend, year-to-date box office has already surpassed 2022 total box office revenues. As we emphasized previously, compelling content translates into theater attendance. Most recently, the Barbenheimer event highlighted the power of theatrical exhibition as it brought in cohorts from diverse age and gender demographics. Additionally, it brought back many who hadn't been to the theater in years. With the Taylor Swift era's mature movie, we're seeing the true power of theatrical experience combined with highly engaging content. This is an excellent example of alternative content brought to life in a theatrical environment. Many in the industry are seeing the success of this movie as an indicator of opportunities for other genres and performers to bring their content to this entertainment platform. Our non-theater portfolio continues to demonstrate strength, and our coverage remains strong, with many tenants seeing increases in both attendance and revenue. While the macro environment remains challenging for REITs broadly, consumers continue to value experiences, and their spending on these activities remains resilient. Accordingly, we are confident in our plan and our ability to identify and capitalize on compelling opportunities. With a committed development and redevelopment pipeline of approximately $235 million to be funded over the next two years, with $173 million of cash on hand and no borrowings on our $1 billion unsecured revolving credit facility, we are well-positioned to continue our growth without having to issue equity. Our current value proposition is strong with a solid balance sheet, well-covered dividend, and significant near-term catalysts with a recovering box office and the potential to realize meaningful percentage rent. Additionally, we are the only diversified REIT focusing on the highly resilient experiential economy. We specialize in experiential real estate and, as such, have developed unique industry knowledge in the segments we target for growth. This allows us to develop long-term relationships and provides the ability to be selective in the spaces in which we invest. As we continue to execute our plans, we anticipate an improvement in our cost of capital, which should allow us to achieve increased levels of growth. Now I'll turn it over to Greg Zimmerman for more details on the quarter.