EPR Properties

Welcome to the EPR Properties Q1 2025 earnings call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. I will now hand the call over to Brian Moriarty, Senior Vice President, Corporate Communications.

Great, thank you. Thanks for joining us today for our first quarter 2025 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 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 intended to continue to 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 such poor-looking statements. Discussion of those factors that could cause results to differ materially from those poor-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 a 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 on Form 8K. If you wish to follow along today's earnings release, supplemental, and earnings call presentation, 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 2025 earnings call and webcast. I am happy to report that our first quarter results reflect continued strength in our portfolio, with top-line revenue up 4.7%, and FFO has adjusted per share up 5.3% year over year. Additionally, we are pleased to announce that we are increasing our 2025 earnings guidance. During the quarter, we made progress with our investment pipeline, deploying capital into accretive opportunities that support our long-term growth strategy. As part of our investment spending during the quarter and subsequent to quarter end, we are introducing two new experiential asset types to our portfolio, a construction-themed attraction and a private golf club with expansive amenities. We are delighted to add these properties to our portfolio as they reflect the attributes we seek in our experiential investments. While we remain prudent in our investment spending given the current cost of capital, we are encouraged by our ability to continue to find attractive investments. We also advanced our capital recycling strategy, focused on the sale of theater and education assets and accretively redeploying this capital into target experiential properties. This strategy remains a top priority for us as we continue to refine our portfolio with the goal of further expanding our experiential portfolio across high-quality properties. Turning to an overview of our portfolio, our first quarter consolidated coverage remains at 2-0, which is consistent with the reported coverage on our year-end call. We are pleased with the momentum and resilience we're seeing at the box office. Thus far, we've seen success around multiple genres, including original content, as most recently evidenced by the performance of Sinners, franchise films, including Captain America, Brave New World, and Mufasa, The Lion King, and animated features like Dog Man and Milena 2. The upcoming film slate is strong, and we remain optimistic about seeing continued solid performance in theatrical exhibition. Our ski properties also delivered solid results, supported by robust season pass sales and favorable weather conditions. As we've discussed previously, our snowmaking capabilities at these properties help to mitigate weather risk. While our play sector experience some year-over-year declines, our coverage in the space remains healthy and we are confident about the sector's resilience. Lastly, amid ongoing uncertainty, We wanted to highlight the long-term resiliency of experiential spending in many of these sectors that we invest in. As is highlighted on the chart, spending on these experiences has consistently grown over the last 25 years throughout macro cycles. Additionally, the data illustrates that these sectors are resilient during challenging economic periods and have the potential to exhibit robust recoveries. We believe that consumers often seek away-from-home entertainment and leisure options even during more challenging period due to a mix of psychological, behavioral, and economic factors. These types of experiences offer affordable escapism by providing value-oriented entertainment and a temporary escape. History suggests there is also some substitution effect whereby consumers may trade down rather than opt out opting for local, more budget-friendly experiences instead of expensive vacations or high-end purchases. This trade-down effect can make our venues more appealing during downturns. With that, I'll turn it over to Greg Zimmerman to go over the business in greater detail.