Q2 2024 EPR Properties Earnings Call Transcript
Key Points
- EPR Properties (EPR) reported solid Q2 2024 results, demonstrating continued momentum and progress in building a diversified experiential REIT.
- The company's experiential portfolio, comprising 284 properties, accounts for 93% of total investments and is 99% leased.
- AMC's recent refinancing transactions extend the majority of their 2026 debt maturities to 2029 and 2030, mitigating near-term debt maturity risk.
- EPR Properties (EPR) has strong liquidity and significant financial flexibility, with no balance drawn on their $1 billion revolver.
- The company is optimistic about the potential for multiple expansion and strong total shareholder returns as perceived risks are mitigated.
- FFO as adjusted for the quarter was $1.22 per share, down from $1.28 in the prior year, and AFFO was $1.20 per share, down from $1.31.
- The impact of the actors and writers strikes led to a 19% decrease in North American box office for the first half of 2024 compared to the same period in 2023.
- Expense pressures in experiential lodging and operating theaters are negatively impacting EBITDAre.
- The company recognized impairment charges of $11.8 million related to one operating theater property intended for sale.
- There is some industry weakness impacting experiential lodging, particularly in ADR and insurance costs, especially in Florida.
Good day, and thank you for standing by. Welcome to the Q2 2024 EPR Properties Earnings Conference Call. (Operator Instructions) Please be advised that today's conference call is being recorded.
I would now like to hand the conference over to your first speaker today, Brian Moriarty, Senior Vice President of Corporate Communications. Please go ahead.
All right. Thank you. Thanks for joining us today for our second 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
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