Q1 2024 EPR Properties Earnings Call Transcript
Key Points
- EPR Properties (EPR) continued to execute investment spending across target experiential property types, maintaining strong coverage levels indicative of the resilience in customer experiences.
- The company has diversified and strengthened its portfolio of experiential properties, which now comprises 288 properties with 51 operators, accounting for 93% of total investments.
- EPR Properties (EPR) reported a high-quality balance sheet with significant free cash flow, allowing funding for anticipated investment spending and support for a well-covered monthly dividend.
- The company has a robust pipeline with new and existing customers and concepts, maintaining investment spending guidance for 2024 in the range of $200 million to $300 million.
- EPR Properties (EPR) achieved a strong box office rebound last year and anticipates a significant improvement in 2025, with the box office expected to be between $8 billion and $8.4 billion for 2024.
- EPR Properties (EPR) faces constraints in capital deployment, which limits the company's ability to fully capitalize on new investment opportunities.
- The 2024 box office is projected to be slightly down compared to 2023, attributed to delays in title releases rather than a decrease in consumer demand.
- Increases in fixed costs, including labor, insurance, and taxes, continue to pressure EBITDARM for many operators within EPR Properties (EPR)'s portfolio.
- Some locations have experienced a pullback in attendance from post-COVID highs, which could impact revenue and profitability.
- The company is still dealing with vacant properties that are not income-producing and incur costs, which impacts overall financial performance.
Good day, and thank you for standing by. Welcome to the Q1 2024 EPR Properties Earnings Conference Call.
(Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand your conference over to your first speaker today, Brian Moriarty, Senior VP of Corporate Communications. Brian, the floor is yours.
Thank you, Stacy. Thanks for joining us today for our first quarter 2024 earnings call and webcast. Participants on today's call are Greg Silvers, Chairman and CEO; Greg Zimmerman, Executive Vice President and CIO; and Mark Peterson, Executive Vice President and CFO.
I'll start the call by informing you that this call may include forward-looking statements as defined in the Private Securities Litigation Act of 1995, identified by such words as will be, intend, continue, believe, may, expect, hope, anticipate or other comparable terms. The company's actual financial condition and the results of operations may vary materially from
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