EPR Properties

Hello and welcome to the EPR Properties Q2 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.

Thank you, Abigail. Thanks for joining us today for our second 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 the call by informing you that this call may include forward-looking statements identified 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 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-GAP measures, which we believe are useful in evaluating the company's performance. A reconciliation of these measures, the most directly comparable GAP measures, are included in today's earnings release and supplemental information furnished to the SEC under Form 10-K. If you wish to follow along, today's earnings release, supplemental, and earnings call presentation are available in the Investor Center page of the company's website, .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 second quarter 2025 earnings call and webcast. Our second quarter results underscore sustained momentum across our diversified portfolio, highlighted by solid earnings growth and a disciplined approach to capital allocation. Additionally, we've seen a significant improvement in our cost of capital, supported by the strong appreciation of our equity valuation. During the first half of the year, our elevated cost of capital dictated a measured approach to capital in our capital deployment. However, we have a robust pipeline of opportunities, including more than 100 million committed to experiential development and redevelopment projects in the coming quarters. While our investment spending guidance remains unchanged, our improved cost of capital positions us to accelerate our future investment spending. Although the full impact of these efforts will play out over future quarters, our deployment strategy has clearly shifted within the last 60 days as our team has taken a more aggressive growth posture to pursue new opportunities. Our pipeline includes both opportunities with both existing and new partners, spending a broad range of deal sizes. However, with an improved cost of capital, larger deals are now becoming a possibility. We are also pleased with our ongoing progress in our strategic capital recycling, which is advancing ahead of our expectations. This initiative is pivotal as we further position our portfolio with productive and diversified experiential assets. Turning to our existing portfolio, our second quarter consolidated coverage was up slightly versus first quarter from 2.0 to 2.1. The box office remains a source of meaningful optimism. We are seeing sustained momentum and resilience as major releases have generally met or exceeded their expectations, reinforcing positive consumer demand for theatrical exhibition. Notably, we anticipate that the regal master lease will land near our percentage rent expectations, which is expected to generate a significant increase from 2024. An encouraging outcome driven by continued box office recovery and the enhanced economic alignment embedded in the revised lease structure. While the broader macroeconomic environment presents ongoing cross currents, our differentiated strategy provides both resilience and opportunity anchored by a sustained consumer orientation toward experiential spending. Now I'll turn it over to Greg's number two over the business in greater detail. Thanks,