Summary of EPR Properties Conference Call Company Overview - **Company**: EPR Properties (NYSE:EPR) - **Industry**: Real Estate Investment Trust (REIT) focused on experiential properties - **Key Participants**: - Greg Silvers - CEO - Mark Peterson - CFO - Greg Zimmerman - CIO - Brian Moriarty - SVP of Corporate Communications Core Points and Arguments - **Unique Positioning**: EPR is described as the only truly diversified experiential REIT, focusing on properties that provide experiences rather than products, such as theaters, ski resorts, and museums [3][4] - **Valuation**: The company is trading at a highly discounted multiple compared to historical levels, with rent coverage above pre-COVID levels [3][4] - **Growth Guidance**: EPR expects growth of 3% to 4% for the year, alongside an 8% dividend yield, indicating a strong total shareholder return (TSR) potential [4] - **Deferred Rent Collections**: EPR successfully collected $150 million in deferred rents post-COVID, which contributed to a cleaner financial story moving into 2024 [7][9] - **Theater Portfolio**: The theater coverage ratio is back to 1.7 times, aligning with pre-COVID levels, despite lower box office revenues [14][24] - **Strategic Reduction in Theater Exposure**: EPR aims to reduce theater exposure to below 15% of overall earnings, currently at approximately 37% [22][24] - **Diversification Strategy**: The company is focusing on expanding into areas such as Fitness & Wellness, Attractions, and Eat & Play, while reducing reliance on theaters [26][27] - **Investment Plans**: EPR plans to invest $250 million in 2024, with a significant portion coming from existing relationships and ongoing projects [43][46] - **Cap Rate Insights**: Recent sales of experiential properties, such as Titanic exhibits, were completed at a 6% cap rate, indicating strong market demand for experiential assets [60][61] Important but Overlooked Content - **AMC Lease Restructuring**: EPR has restructured its lease with AMC, which is viewed as stronger than Regal's lease, providing confidence in future performance [18][20] - **Education Assets**: EPR plans to exit its education platform, which currently consists of 70 properties, as it does not align with its experiential focus [50][51] - **Market Dynamics**: The company does not see significant competition from larger players in the net lease space, focusing instead on smaller, less marketed deals [41][42] - **Future Opportunities**: EPR is exploring opportunities in the gaming industry as part of its diversification strategy, although current market conditions limit its involvement [68][69] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting EPR Properties' unique market position and future growth plans.

EPR Properties (NYSE:EPR) Citi's 2024 Global Property CEO Conference Call March 5, 2024 9:35 AM ET Company Participants Greg Silvers - Chairman and Chief Executive Officer Mark Peterson - Chief Financial Officer Greg Zimmerman - Chief Investment Officer Brian Moriarty - SVP of Corporate Communications Conference Call Participants Smedes Rose - Citi Research Smedes Rose Okay. Welcome to Citi’s 2024 Global Property CEO Conference. I am Smedes Rose with Citi Research. We are pleased to have with us EPR Proper ...

Earning passive income is the pathway to financial freedom. As you generate more passive income, you'll become less reliant on your job to support your lifestyle. That could give you the freedom to work fewer hours or change to a more rewarding career.Investing in dividend stocks is an easy way to start collecting passive income. Realty Income (O 0.90%), EPR Properties (EPR 0.57%), and Gladstone Land (LAND 0.15%) are three great options because they pay monthly dividends instead of the typical quarterly sch ...

billyhoiler EPR Properties (NYSE:EPR) just hiked its monthly cash dividend by 3.6% to $0.285 per share, this is $3.42 per share annualized and means an 8.2% dividend yield for the internally managed experiential property REIT. EPR's dividend yield north of 8% is abnormally high for a triple-net lease REIT and reflects continued market angst around the solvency of EPR's third-largest tenant, AMC Entertainment (AMC). The lackluster market reaction to the dividend hike came as AMC reported earnings that de ...

skynesher EPR Properties (NYSE:EPR) is the largest REIT position in my portfolio exceeding such names as Realty Income (NYSE:O) and Simon Property Group (NYSE:SPG). The reason for that is a more favorable mix of key fundamental characteristics, which are vital for income producing portfolios: Attractive monthly dividend yield of ~8%. Conservative FFO payout ratio, which gives both protection and better opportunities to grow in an organic fashion (i.e., without equity dilution or excessive debt loads). ...

RELEASE Investment Update The Company remains focused on maintaining strong liquidity and financial flexibility. The Company had $78.1 million of cash on hand at quarter-end, no borrowings on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed interest rates with only $136.6 million maturing in 2024. The Company's Experiential portfolio (excluding property under development and undeveloped land inventory) consisted of the following property types (owned ...

EPR Properties (EPR) reported $148.74 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 2.6%. EPS of $1.16 for the same period compares to $0.48 a year ago.The reported revenue represents a surprise of +2.28% over the Zacks Consensus Estimate of $145.43 million. With the consensus EPS estimate being $1.18, the EPS surprise was -1.69%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to dete ...

EPR Properties (EPR) came out with quarterly funds from operations (FFO) of $1.16 per share, missing the Zacks Consensus Estimate of $1.18 per share. This compares to FFO of $1.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.69%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.44 per share when it actually produced FFO of $1.47, delivering a surprise of 2.08%.Over the last four quart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | | Trading | Name of each exchange on | | --- | --- | --- | | Title of each class | symbol(s) | which registered | | Common shares, par value $0.01 per share | EPR | New ...

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