Financial Data and Key Metrics Changes - The company's first quarter revenue increased by 4.7% year over year, reaching $175 million, compared to $167.2 million in the prior year [5][27] - FFO as adjusted per share rose by 5.3% to $1.19, up from $1.13 in the previous year, while AFFO increased by 8% to $1.21 from $1.12 [5][26] - The company is increasing its 2025 earnings guidance, with FFO as adjusted per share expected to range from $5.00 to $5.16, representing a 4.3% increase at the midpoint compared to the prior year [5][31] Business Line Data and Key Metrics Changes - The experiential portfolio comprises 276 properties, accounting for 94% of total investments, which are 99% leased or operated [10][6] - The education portfolio consists of 55 properties, which were 100% leased at the end of the quarter [10] - Investment spending for the quarter was $37.7 million, all directed towards the experiential portfolio [10][21] Market Data and Key Metrics Changes - The North American box office for Q1 was $1.4 billion, down 11.6% year over year, primarily due to the underperformance of "Snow White" [11] - However, Q2 box office through early May reached $1.1 billion, marking a 17.1% increase year to date compared to the same period in 2024 [12] - The company estimates the North American box office for 2025 will be between $9.3 billion and $9.7 billion [15] Company Strategy and Development Direction - The company is focusing on capital recycling, selling theater and education assets to reinvest in experiential properties [6][23] - New investments include a construction-themed attraction and a private golf club, reflecting the company's strategy to diversify its experiential portfolio [6][22] - The company aims to maintain disciplined investment spending, with a guidance range of $200 million to $300 million for 2025 [23][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term resilience of experiential spending, noting that such spending has consistently grown over the past 25 years [8] - The company highlighted the importance of a strong film slate for box office recovery, with 78 major studio releases anticipated in 2025 [14][78] - Management remains cautious about potential impacts from tariffs on development projects but noted that current pricing is locked in [82] Other Important Information - The company sold 10 leased early education centers, generating net proceeds of $70.8 million and recognizing a gain of $9.4 million [24] - The company has no vacant early childhood education centers and only three vacant theaters, two of which are under contract [25] - The common dividend was increased by 3.5% to $3.54 per share, expected to be well covered with an AFFO payout ratio of 71% [33] Q&A Session Summary Question: Can you provide more details on the golf investment? - Management indicated that the golf investment is in a private club, which offers reliable income flow due to the scarcity of golf courses [39][40] Question: What is the nature of the buyers for recent dispositions? - Management noted a robust process with multiple bids from quality buyers, including a private fund specializing in education [42] Question: How is the company addressing the potential impact of tariffs on development? - Management stated that current projects have locked-in pricing, but future discussions will consider the impact of tariffs on costs [82] Question: What is the outlook for consumer spending? - Management observed resilience in consumer spending, particularly in experiential sectors, despite some pressure on food spending [95][96]

EARNINGS CALL PRESENTATION Q1 2025 DISCLAIMER The financial results in this document reflect preliminary, unaudited results, which are not final until the Company's Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, a ...