The following is a summary of the EPR Properties (EPR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• EPR Properties reported a third quarter revenue of $180.5 million for Q3 2024, down from $189.4 million the previous year.

• AFFO for the quarter was $1.29 per share compared to $1.47 in the prior year.

• Total rental revenue decreased by $15.3 million versus the prior year, though partially offset by an increase in mortgage and other financing income by $3.4 million.

• FFO as adjusted was reported at $1.30 per share, a decrease from $1.47 per share in the prior year.

Business Progress:

• EPR Properties entered a new $1 billion revolving credit facility to enhance liquidity.

• Continued investment in diversified experiential assets, focusing notably on fitness & wellness including investments in hot springs and climbing gyms.

• Strong performance from Topgolf portfolio and anticipation of its strategic spin-off to enhance focus.

• Decline in theater coverage expected due to previous production disruptions but anticipated recovery with upcoming film releases.

Opportunities:

• Focus on building out a portfolio in non-commodity areas of the fitness & wellness industry, leveraging the growing demand for wellness-focused experiences.

• Continuation of high-quality opportunities for both acquisition and build-to-suit redevelopment and expansion across experiential categories.

Risks:

• Slight reductions in portfolio coverage ratios, driven by declines in theater productions expected from previous strikes impacting release schedules.

• Significant damage from hurricanes impacting hotel properties, leading to expectations of non-recovery of the assets and recognition of impairment charges.

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