Portfolio & Investment - Total portfolio investments stand at approximately $6.9 billion[11], spread across 330 properties[11] - Experiential portfolio accounts for roughly $6.5 billion, representing 94% of total investments[12] - Q3 investment spending reached $54.5 million[11], bringing the year-to-date total to $140.8 million[29] - The company anticipates disposition proceeds between $150 million and $160 million for 2025[33] Financial Performance - Total revenue for Q3 2025 was $182.3 million, a 1% increase compared to $180.5 million in Q3 2024[41] - Net income attributable to common shareholders for Q3 2025 increased by 49.3% to $60.6 million, compared to $40.6 million in Q3 2024[41] - For the nine months ended September 30, 2025, total revenue was $535.4 million, a 2.8% increase from $520.8 million in the same period of 2024[44] - Net income attributable to common shareholders for the nine months ended September 30, 2025, increased by 39.2% to $189.9 million, compared to $136.4 million in the same period of 2024[44] Guidance - The company revised its FFO as adjusted per share guidance to $5.05-$5.13[53] - Investment spending guidance remains between $225 million and $275 million[53]

Portfolio Performance - Total portfolio coverage increased to 2.1x in TTM June 2025, compared to 1.9x in YE 2019 [11] - The experiential portfolio consists of 274 properties with 52 operators, representing approximately $6.5 billion (94%) of total investments, and is 99% leased or operated [12] - The education portfolio consists of 55 properties with 5 operators and is 100% leased [12] - Total investments across 329 properties are approximately $6.9 billion, with 99% leased or operated [15] Box Office and Experiential Updates - First half of 2025 box office was $4.1 billion, a 15% increase over 2024, confirming 2025 estimates of $9.3 billion to $9.7 billion [19] - Q2 2025 box office was $2.7 billion, up 37% compared to 2024 [19] Investment and Capital Recycling - Q2 2025 investment spending was $48.6 million, bringing the year-to-date total to $86.3 million [15, 28] - 2025 investment spending guidance remains between $200 million and $300 million [29] - Revised 2025 disposition proceeds guidance is $130 million to $145 million, up from the prior guidance of $80 million to $120 million [34, 48] - Total proceeds from property sales were $35.6 million, with a net gain of $16.8 million [34] Financial Highlights - Total revenue for the quarter ended June 30, 2025, was $178.1 million, a 2.9% increase compared to $173.1 million in 2024 [38] - Net income attributable to common shareholders for the quarter was $69.6 million, a 78.0% increase compared to $39.1 million in 2024 [38] - Total revenue for the six months ended June 30, 2025, was $353.1 million, a 3.8% increase compared to $340.3 million in 2024 [41] - Net income attributable to common shareholders for the six months was $129.4 million, a 35.2% increase compared to $95.7 million in 2024 [41]