EPR Properties

Welcome to EPR Properties Q3 2025 earnings call. All participants will be in a listen-only mode until the question and answer session begins. As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to Brian Moriarty, Senior Vice President of Corporate Communications.

Thank you, Sophie. Thanks for joining us today for our third 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 as defined in the private securities litigation. 1995 identified by such words as will be, intend, continue, believe, may, expect, hope, anticipate, or other such 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 report 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 Silver.

Thank you, Brian. Good morning, everyone, and welcome to our third quarter of 2025 earnings call and webcast. The third quarter marked another period of steady progress as we continue to position a 5.4% increase in FFO as adjusted per chair versus the same quarter last year, and an increase at the midpoint in our FFO as adjusted guidance for the current year. Our disciplined deployment strategy is enabling us to both existing relationships and new partnerships, and we have a pipeline of investments that are actionable over the next 90 to 120 days. However, given the fluidity of timing, we felt it prudent to not raise investment spending guidance at this time. Larger opportunities are now accessible During the quarter, we also made continued progress on our strategic capital recycling program. This program has largely been focused on planned non-core theater and opportunistic education dispositions with targeted reinvestment in growth experiential sectors. Our work here has materially strengthened our portfolio and provided for accretive reinvestments. Turning to our portfolio and industry health, our third quarter consolidated coverage remains continued portfolio stability. At the box office, we anticipate a robust fourth quarter and expect 2025 to set a new post-COVID high. The continued recovery of the box office has led to a significant increase in percentage rent from our regal lease. We believe this percentage rent feature has strong upside in the future as we anticipate continued growth at the box office. We continue to be pleased with the resilience that our tenants have to mitigate potential economic pressures on consumers, many of our tenants have launched new initiatives. These include annual pass programs with bundled discounts, dynamic day part pricing, and group discount offerings. We're also seeing widespread adoption of enhanced technology across our tenant base, which has the potential to both improve the customer experience and create greater efficiencies. I'd also like to remind everyone that we've successfully navigated many economic cycles over the past 25 years. During this time, we've witnessed the importance and resilience of congregate value-oriented entertainment and leisure in the daily lives of consumers. Lastly, I would like to comment on the status of the proposed transaction involving the sale of our Catskills land affiliated with the resort's World Gaming property. We've been advised that the bond transaction, which we understand would be used to fund the exercise of the purchase option, will be delayed pending the recently announced proposed merger among Genting Gaming entities. While our tenant has indicated their desire to complete a bond transaction and option exercise in 2026, the timing and outcome of such a transaction remains uncertain. Regardless of whether the option is exercised, our strong balance sheet includes Now, I'll turn it over to Greg Zimmerman to go over the business in greater detail.