The following is a summary of the EPR Properties (EPR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Total investments stood at $6.9 billion at quarter end, with 358 properties being 99% leased.

• EPR Properties invested an additional $85.7 million in the experiential portfolio for the quarter.

• Total revenue for this quarter was $167.2 million, a decrease from $171.4 million of the previous year, primarily due to the rental rate reductions from the Regal restructuring and a decrease in out-of-period deferral collections.

• Funds from Operations (FFO) as adjusted for the quarter was $1.13 per share, a decrease from $1.26 per share of the previous year.

Business Progress:

• EPR Properties focused on diversifying and strengthening its experiential property portfolio.

• Despite capital constraints, EPR is exploring potential investments aligning with their experiential property focus.

• The company noted a successful Q1 with the sale of their two Titanic Museums resulting in a combined $45 million in net proceeds.

• EPR Properties sold one theater in Q1, and have three of the eight remaining Regal's under contract for sale.

• They have begun to generate interest in the Escape theater discontinued at the end of Q4.

• EPR Properties established a new tenant relationship with Miraval and is in discussions with Topgolf for refurbishing existing locations.

More details: EPR Properties IR

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