Financial Performance - For the three months ended March 31, 2023, total revenue increased by 9% to $171.4 million compared to $157.5 million in the same period of 2022 [137]. - Net income available to common shareholders per diluted share rose by 44% to $0.69 from $0.48 year-over-year [137]. - Funds From Operations As Adjusted (FFOAA) per diluted share increased by 15% to $1.26 compared to $1.10 in the prior year [137]. - Total revenue for the three months ended March 31, 2023, was $171.396 million, an increase of $13.924 million (8.8%) compared to $157.472 million in the same period of 2022 [142]. - Minimum rent increased by $11.577 million (8.9%) to $141.852 million, primarily due to improved collections and property acquisitions [142]. - For the three months ended March 31, 2023, the funds from operations (FFO) available to common shareholders was $95,239,000, compared to $81,824,000 for the same period in 2022, representing a 16.3% increase [172]. - The diluted FFO per common share for the three months ended March 31, 2023, was $1.25, up from $1.09 in the same period of 2022, reflecting a 14.7% increase [173]. - The adjusted funds from operations (AFFO) available to common shareholders for the three months ended March 31, 2023, was $98,734,000, compared to $87,845,000 for the same period in 2022, indicating a 12.3% increase [172]. - The company reported a net income available to common shareholders of $51,624,000 for the three months ended March 31, 2023, compared to $36,159,000 for the same period in 2022, which is a 42.7% increase [172]. Assets and Investments - As of March 31, 2023, total assets were approximately $5.8 billion, with total investments at approximately $6.7 billion, comprising $6.2 billion (92%) in Experiential and $0.5 billion (8%) in Education properties [126]. - The owned Experiential real estate portfolio consisted of approximately 20.0 million square feet, which was 98% leased, including $85.8 million in property under development [127]. - Investment spending for the three months ended March 31, 2023, totaled $66.5 million, significantly up from $24.4 million in the same period of 2022 [140]. - The company had commitments for 15 development projects totaling approximately $200.5 million, with $86.6 million expected to be funded in 2023 [160]. - Total investments increased to $6,736,710 as of March 31, 2023, from $6,686,186 at the end of 2022, marking a growth of approximately 1% [185]. Debt and Financial Obligations - Total outstanding debt was $2.8 billion, with 99% being unsecured [151]. - As of March 31, 2023, the company's debt to total assets ratio was 49%, net debt to adjusted EBITDAre ratio was 5.0x, and net debt to gross assets ratio was 39% [167]. - The company’s net debt to adjusted EBITDAre ratio is a key measure used to evaluate capital structure, with a current ratio of 5.0x [182]. - As of March 31, 2023, the company's net debt increased to $2,744,791, up from $2,517,468 in 2022, reflecting a year-over-year increase of 9% [184]. - The company had no outstanding balance under its $1.0 billion unsecured revolving credit facility as of March 31, 2023 [154]. - The joint ventures related to two lodging properties had a secured mortgage loan with an outstanding balance of $105.0 million, bearing interest at SOFR plus 3.65% [189]. Operational Insights - The economic environment has led to increased cost of capital and reduced investment spending, with future investments expected to be funded primarily from cash from operations [136]. - The company plans to reduce exposure to theatre properties and diversify its experiential property types moving forward [130]. - The company plans to be more selective in investments and acquisitions due to increased cost of capital resulting from a challenging economic environment and a theatre tenant's bankruptcy [166]. - Cash and cash equivalents stood at $96.4 million as of March 31, 2023, with no uninsured deposits [150]. - Net cash provided by operating activities was $121.530 million, a decrease from $128.087 million in the prior year [158]. Interest and Expenses - Interest expense decreased by $1.538 million (4.6%) to $31.722 million compared to $33.260 million in the previous year [146]. - The interest rate cap agreement limits the variable portion of the interest rate on a $25.0 million bond to 2.5325% until September 30, 2026, mitigating interest rate risk [192]. - The company entered into three USD-CAD cross-currency swaps with a total fixed original notional value of $150.0 million CAD and $118.7 million USD to hedge foreign currency risk [193]. Joint Ventures and Equity - Equity in loss from joint ventures increased by $1.879 million, primarily due to losses from two experiential lodging properties acquired in 2022 [149].

Financial Data and Key Metrics Changes - The company reported a significant increase in coverage for its non-theater portfolio, rising from 2.0 pre-pandemic to 2.7 in the last quarter, indicating strong consumer support for experiential properties [4] - The company is generating over $100 million in free cash flow beyond its dividend, which is well-covered [6] Business Line Data and Key Metrics Changes - The theater business is recovering but slower than other sectors due to a content issue, with wide releases dropping from 135 in 2019 to 75 last year, but expected to rise to 95 next year and 110-120 in 2024 [10][11] - The average per capita food and beverage spend in theaters has increased from $4.20 to $7.40, indicating a shift towards higher-margin revenue streams [10] Market Data and Key Metrics Changes - The box office is projected to recover to the $9 billion to $10 billion range in 2024, which is still 10% to 20% below pre-pandemic highs [10] - The company is focused on experiential properties, which are seeing strong consumer interest and growth potential [4] Company Strategy and Development Direction - The company aims to reduce its exposure to theaters by selling assets once the market stabilizes, rather than growing out of the theater segment [18] - The company has a $1 billion pipeline and closed $600 million in transactions last year, focusing on experiential categories that are performing well [22] Management's Comments on Operating Environment and Future Outlook - Management believes that the theater industry will stabilize and return to pre-pandemic coverage levels, driven by improved content flow and consumer demand [11] - The company is cautious about issuing new equity due to a depressed equity multiple and is focused on using internal cash flow for investments [52] Other Important Information - The company is enhancing its tenant reporting for ESG initiatives and has made progress with its Corporate Responsibility Report [56] - The company has a strong balance sheet with low debt maturities and is well-positioned to navigate potential economic challenges [52] Q&A Session Summary Question: What are the top three reasons to buy your stock today? - The company is trading at a historically low equity multiple, has a well-covered dividend, and presents a strong growth profile in the experiential space [6] Question: What is the strategy behind adding John Case to the board? - The addition is not a shift in strategy but aims to leverage his expertise in the net lease space to enhance board composition [8] Question: Why is the theater recovery slower compared to other sectors? - The recovery is primarily a content issue, with fewer wide releases impacting box office performance [10] Question: Will valuations for theaters recover? - If the market stabilizes and content flow improves, there will be a market for theater assets [16] Question: What are the best acquisition opportunities today? - The company sees strong opportunities across various experiential categories, with a focus on organic growth [22] Question: What is the company's approach to balance sheet management in a high-rate environment? - The company has a strong cash flow and low debt maturities, allowing it to avoid accessing capital markets [52] Question: What is the top ESG priority this year? - The focus is on improving tenant reporting and enhancing the company's ESG narrative [56]

EPR Properties (NYSE:EPR) Q4 2022 Results Conference Call February 23, 2023 8:30 AM ET Company Participants Brian Moriarty - VP, Corporate Communications Greg Silvers - Chairman, CEO Mark Peterson - EVP, CFO Greg Zimmerman - EVP, CIO Conference Call Participants John Massocca - Ladenburg Thalmann Joshua Dennerlein - BofA Securities Ki Bin Kim - Truist R.J. Milligan - Raymond James Rob Stevenson - Janney Montgomery Scott Aditi Balachandran - RBC Capital Markets Operator Good day, and thank you for standing ...

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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 EPR PROPERTIES (Exact name of registrant as specified in its charter) | Maryland | 43-1790877 | | --- | --- | | (State or other jurisdict ...

EPR Properties (NYSE:EPR) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET Company Participants Brian Moriarty - VP of Corporate Communications Greg Silvers - CEO & Chairman Greg Zimmerman - EVP & CIO Mark Peterson - EVP, CFO & Treasurer Conference Call Participants Joshua Dennerlein - Bank of America Merrill Lynch Nick Darrant - Citi Anthony Paolone - JPMorgan RJ Milligan - Raymond James Michael Carroll - RBC Capital Markets John Massocca - Ladenburg Thalmann Operator Good day, and thank you fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|- ...

EPR Properties (NYSE:EPR) Q2 2022 Earnings Conference Call August 2, 2022 8:30 AM ET Company Participants Craig Evans - EVP, General Counsel & Corporate Secretary Gregory Silvers - CEO & Chairman Gregory Zimmerman - EVP & CIO Mark Peterson - EVP, CFO & Treasurer Conference Call Participants Anthony Paolone - JPMorgan Chase & Co. Nicholas Joseph - Citigroup Todd Thomas - KeyBanc Capital Markets Michael Carroll - RBC Capital Markets Joshua Dennerlein - Bank of America Merrill Lynch John Massocca - Ladenburg T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|------ ...

EPR Properties (NYSE:EPR) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET Company Participants Brian Moriarty - VP of Corporate Communications Greg Silvers - President and CEO Greg Zimmerman - EVP and CIO Mark Peterson - EVP and CFO Conference Call Participants Nick Joseph - Citigroup RJ Milligan - Raymond James John Massocca - Ladenburg Thalmann Michael Carroll - RBC Capital Markets Operator Welcome to the Q1, 2022 EPR Properties Earnings Call. My name is Richard, and I’ll be your operator for toda ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|----- ...