EPR Properties Q4 FY2025 earnings call

• Actively pursuing activities across multiple targets. - Boliolio properties show stability and anticipate growth. - Expanding diversity and seeing balance of sectors. - Investment spending details including $147,147 during the quarter. - Education portfolio leasing status. - Coverage being strong at two times. - Operating status and box office related details. - Importance of virtualization. - Higher margin revenues and major releases correlation. - Positive on other major customer groups and their contracts. - Bullish on business since 2024 with $150 million investment. - Education portfolio growth. - Investment spending continuing for projects not yet open and redevelopment. - Announcement of investments in 2026 range of $400 million to $500 million. - Total revenue and expense side changes in prior year. - Credit ratings and debt details. - Dividend increase announcement

Boliolio properties broadly demonstrate broad stability of the American box office and anticipate further growth by 2017; education portfolio was 55% leased at the end of the quarter and 100% leased at another point; coverage was strong at two times most recently; investment spending was $147,147 during the quarter with 100% in expense report; 2025 box office was 8.5% compared to 2.4, grossed $337,337,000 and exceeded $420,000 to date; higher margin revenues with higher percentage; number of major releases directly correlates and tends to increase over time changing average 10% in range of 70 million; investment spending continues including for projects not yet open and committed 85,000 experience in redevelopment projects expected to fund in 2026; sold two investments during the quarter; total revenue in prior year was $7.8 million, increase due to hiring for certain roles; coverage ratio was 3.4 times debt service coverage ratio; consolidated debt at year - end was $2.9 billion with $1 billion revolver; introduced 2020 first - year guidance for 5.1% increase in AFFO per share, first quarter expected to be lower by about 11 cents per share, guidance for 2025 proceeds 25 million to 75 million; monthly dividend increase announced with 2020 dividend expected to be well - covered at about 70% based on guidance

• Introduced 2020 first - year guidance for 5.1% increase in AFFO per share, noting first quarter expected to be lower by about 11 cents per share. - Provided guidance for 2025 proceeds 25 million to 75 million. - Announced monthly dividend increase, with 2020 dividend expected to be well - covered at about 70% based on guidance

• Q: Consistent with last quarter, where are you? $400 million. With your guidance. What you're targeting, what you're targeting, it represents a, it represents a, it's trying to get a sense of, you know, what you're looking at, what you're looking at, your confidence level, your confidence level, $4,500,000, $5,000,000 in acquisition.

A: I clearly, I say, you know, we don't want to put it out there, we don't put it out there, we don't put it out there, we don't put it out there, we don't put it out there, Not only hitting our neighbors, but hitting our neighbors throughout the year. So I think that we build really good about where we're working here. I think we're working at opportunities across associations, not all of our successors. I think, again, I feel like we have particular need access to the area. - Q: My first question is, when does it start making sense to tap I think that works. We're doing things, and we know we're doing things, and we know we're doing things, and we know we're doing things. I think it's important for us to take that away and get back on that flywheel, get back on that flywheel, get back on that flywheel. leverage at the point that we execute, but what it does is, but what it does more is, and maybe we can do more, I think it gives us a lot of options. It gives us a lot of options. Yeah, I think what Greg said, I think what Greg said is that it could be critical, particularly in spending, in higher spending. As Greg said, as Greg said, in the 50s, we'll see in the 50s, we'll see Low to mid - sevenths. Cost of capital. Nearly near the greatest points on the GATE. Of course, on the side of the GATE. It's quite a new factor in our red bumps. So I feel good about that and the opportunity that lies ahead.

A: Those are very helpful things. Those are very helpful things along the same lines. Let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, I think there are opportunities. - Q: I was just wondering if you had any updates on what's going on in the county? The ability to sell the ground lease that came up a while ago. And then I was just wondering, you know, when we look in our world, you know, there seems to be a certain amount of disruption going on. I'm just wondering, are they showing us as a possibility solution to some of the issues they might be facing.

A: I would say, I would say, you know, it's not, it's not built into our plans. You know, our plan is utilized on its own. conversations with the operator. Okay, thanks. I think it's a very, very reasonable approach. - Q: Is that the spending outline there? Is that five million that you guys talk about in the presentation? Or do you put those together? Do you put those together? Yeah, no, that's what I was watching. Yeah, no, it's three million. It's only three million of those projects that you started at the end of the year. So at the end of the year, the difference between that and the five million projects that you started at the end of the year. So if you're looking at that, We're looking at what's spoken for, kind of at $85 million, $85 million, and then if we add, you know, the climate budget, we're sort of sitting at around $119 million right now. And as Greg said, I think the amounts that we'll add to get to $50 million is going to be mostly acquisition - oriented.

A: Okay. Okay. Got it. Got it. Okay. - Q: We see things kind of laying out. Okay, okay. And then on the regal perspective, what you put in guidance, what did you assume would be the box office at least for the mid - July, mid - July, mid - July, prior years, kind of a similar box office, kind of a similar box office for a REGAL to be, kind of in line with what it was last year? And then just last one for me, I know you mentioned a little bit about the investment options you have, all your property types. Are there any specific properties or other types of activity that you could pursue?

A: Yeah, I think it's slightly, yeah, I think it's slightly consistent with kind of, it's probably kind of two And again, Mike, and again, the regal race is here, and the race is here. You're not going to have the fall season. Yeah, yeah, I got that, I got that. I think as we've talked about, I would say it's a top three. I would say it's a top three. Because it's a wellness attraction. It's a wellness attraction. And we can look at those. We're still seeing the game. We're still seeing the game. But we're not getting as much. It's not as much as it is. So those are two, three, I think are going to be. And what are our investments going to come from? And Mike and I, when we say that, that's a very, that's a very obvious deal. We've done a couple golf deals now. We did a golf deal, a lime and gin deal. We did a lime and gin deal. It's a regular basis, a regular basis. and the aperture in that space. - Q: And it's much, much smaller part of your portfolio. And it's much, much smaller part of your portfolio. They just provide an education portfolio. Education portfolio. And they're really changing trends. They have a private school. And Again, I think, again, I think, again, A: Thank you. And also wanted to congratulate Greg.