EPR Properties

Good day and thank you for standing by. Welcome to the EPR Properties third quarter 2024 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 this session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Brian Moriarty. Please go ahead.

Thank you. Thanks for joining us today for our third quarter 2024 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 operations may vary materially from those contemplated by such forward-looking statements. Discussion of those 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. A 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 third quarter 2024 earnings call-in webcast. In the third quarter, we continued to make meaningful and steady progress in further positioning the company for continued growth. A key milestone was entering into a new $1 billion revolving credit facility that enhances our already strong liquidity profile while providing more favorable terms. This facility underscores the confidence our banking partners have in our strategic direction and strengthens our financial health as we invest in select experiential properties. Our investment strategy remains on track as we continue recycling proceeds from the sale of non-core assets and use free cash flow to invest in diversified experiential assets. We are excited about our newest investment in fitness and wellness as we continue to build out our portfolio of investments of premier hot springs properties, capitalizing on the growing demand for wellness focused experiences. As evidenced by our investments in well-located climbing gyms, our deliberate focus on growing non-commodity areas of the fitness and wellness industry affords us the opportunity to source these proven investments. Overall, our coverage remains strong, although it moderated slightly, moving from 2.2 to 2.1 times. Our non-theater coverage was unchanged, highlighting sustained consumer demand, while we did see a decline in our theater coverage as we had anticipated due to the production calendar. Quarterly momentum continues to build in theater exhibition, with key titles delivering very strong results. Separately, we were also pleased to hear the announcement by the National Association of Theater Owners that eight of the largest theater chains will be investing more than $2.2 billion to modernize and upgrade theaters of all sizes over the next three years. It's expected that these updates will include adding the latest projection and sound technology, along with upgraded seating and key maintenance areas such as air conditioning, signage, and lighting. all further enhancing the movie-going experiences for audiences nationwide. Also during the quarter, Topgolf Callaway announced its intention to spin off Topgolf into a separate entity. We believe that this will be a positive event for Topgolf as it will enhance the company's strategic focus as a highly successful eat-and-play brand. The spinoff is expected to leave Topgolf well-capitalized and debt-free, positioning it for success. We have continued to see strong performance from our Topgolf portfolio and have a great relationship with the Topgolf management team. We look forward to their continued success as they move forward with their strategic plan. Lastly, our hearts are with those impacted by the recent hurricanes. Our hotel properties in St. Petersburg Beach were significantly impacted, and we recognize the devastation these events have had on the lives of those who work and live in the area. Now I'll turn it over to Greg Zimmerman for more detail on the quarter.