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EPR Properties reported strong financial results for the second quarter of 2025, surpassing analyst expectations with an EPS of $0.91 compared to the forecasted $0.69, marking a 31.88% surprise. The company also exceeded revenue forecasts, reporting $178.1 million against the expected $144.56 million. With an impressive gross profit margin of 91.48% and a solid financial health score rated as "GOOD" by InvestingPro, EPR continues to demonstrate operational excellence. Despite these positive results, EPR Properties’ stock price declined by 1.45% during regular trading hours and further dropped 2.42% in premarket trading, closing at $55.32, suggesting the stock may be undervalued according to InvestingPro’s Fair Value model.
Key Takeaways
- EPR Properties’ Q2 EPS and revenue both exceeded analyst expectations.
- The stock price fell despite strong financial performance.
- The company is investing heavily in experiential real estate projects.
- EPR Properties reported a significant increase in percentage rents.
- The company maintains a strong competitive position in the market.
Company Performance
EPR Properties demonstrated robust performance in Q2 2025, with adjusted funds from operations (FFO) rising by 3.3% year-over-year to $1.26 per share. The company’s total revenue increased to $178.1 million from $173.1 million in the previous year, driven by higher rental revenues and percentage rents. With a strong current ratio of 1.26 and a 29-year track record of maintaining dividend payments, EPR’s financial stability stands out. The company’s strategic investments in experiential assets, such as traditional golf and eat-and-play venues, have positioned it well in the market. InvestingPro analysis reveals 8 additional key insights about EPR’s financial strength and growth potential, available to subscribers.
Financial Highlights
- Revenue: $178.1 million, up from $173.1 million YoY
- Earnings per share: $0.91, exceeding the forecasted $0.69
- Adjusted FFO: $1.26 per share, a 3.3% increase YoY
- Percentage rents: $4.6 million, up from $2.0 million in the prior year
Earnings vs. Forecast
EPR Properties reported an EPS of $0.91, significantly beating the forecasted $0.69. This 31.88% surprise is notable compared to previous quarters, indicating strong company performance and effective strategic initiatives. Revenue also surpassed expectations, with a 23.18% surprise.
Market Reaction
Despite EPR Properties’ impressive earnings beat, the stock declined by 1.45% during regular trading hours and continued to fall by 2.42% in premarket trading. This movement might reflect broader market trends or investor concerns about future growth prospects. However, the stock has shown strong momentum with a 32.43% year-to-date return. The stock’s current price is closer to its 52-week low of $41.75 than its high of $61.24. Dive deeper into EPR’s valuation metrics and growth potential with InvestingPro’s comprehensive research report, part of its coverage of 1,400+ US stocks.
Outlook & Guidance
EPR Properties has set an investment spending guidance of $200-$300 million for 2025, with expected disposition proceeds of $130-$145 million. The company anticipates increased percentage rents in the coming quarters and remains focused on strategic capital recycling.
Executive Commentary
CEO Greg Silvers highlighted the company’s improved cost of capital, stating, "With an improved cost of capital, larger deals are now becoming a possibility." CIO Greg Zimmerman expressed optimism in the experiential sector, noting, "We see a lot of momentum and investment potential in the hot spring space."
Risks and Challenges
- Market volatility affecting stock performance despite strong earnings.
- Potential oversaturation in experiential real estate investments.
- Economic factors impacting consumer spending in entertainment sectors.
- Dependence on box office performance for revenue growth.
- Challenges in maintaining high occupancy rates in leased properties.
Q&A
During the earnings call, analysts inquired about EPR’s potential for larger deals and the recovery of the box office. Management addressed the performance of tenants and explored the possibility of asset sales in the education and theater segments, emphasizing a strategic capital allocation strategy.
Full transcript - EPR Properties (EPR) Q2 2025:
Abigail, Conference Call Operator: Hello, and welcome to the EPR Properties q two twenty twenty five earnings call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. I will now hand the call over to Brian Moriarty, senior vice president corporate communications.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: Thank you, Abigail. Thanks for joining us today for our second quarter twenty twenty five 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. We’ll start the call by informing you that this call may include forward looking statements identified 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 those contemplated by such forward looking statements.
Discussion of these factors that could cause results to differ materially from these forward looking statements are contained in the company’s SEC filings, including the company’s reports on Form 10 ks and 10 Q. Additionally, this call will contain references to certain non GAAP measures, which we believe are useful in evaluating the company’s performance. A reconciliation of these measures to the most directly comparable GAAP measures are included in today’s earnings release and supplemental information furnished to the SEC under Form 10 ks. If you wish to follow along, today’s earnings release, supplemental and earnings call presentation are available in the Investor Center page of the company’s website, www.eprkc.com.
Greg Silvers, Chairman and CEO, EPR Properties: Now I’ll turn the call over to Greg Silvers. Thank you, Brian. Good morning, everyone, and thank you for joining us on today’s second quarter twenty twenty five earnings call and webcast. Our second quarter results underscore sustained momentum across our diversified portfolio, highlighted by solid earnings growth and a disciplined approach to capital allocation. Additionally, we’ve seen a significant improvement in our cost of capital supported by the strong appreciation of our equity valuation.
During the first half of the year, our elevated cost of capital dictated a measured approach to capital in our capital deployment. However, we have a robust pipeline of opportunities, including more than a 100,000,000 committed to experiential development and redevelopment projects in the coming quarters. While our investment spending guidance remains unchanged, our improved cost of capital positions us to accelerate our future investment spending. Although the full impact of these efforts will play out over future quarters, our deployment strategy has clearly shifted within the last sixty days as our team has taken a more aggressive growth posture to pursue new opportunities. Our pipeline includes both opportunities with both existing and new partners, spanning a broad range of deal sizes.
However, with an improved cost of capital, larger deals are now becoming a possibility. We are also pleased with our ongoing progress in our strategic capital recycling, which is advancing ahead of our expectations. This initiative is pivotal as we further position our portfolio with productive and diversified experiential assets. Turning to our existing portfolio, our second quarter consolidated coverage was up slightly versus first quarter from two point zero to 2.1. The box office remains a source of meaningful optimism.
We are seeing sustained momentum and resilience as major releases have generally met or exceeded their expectations, reinforcing positive consumer demand for theatrical exhibition. Notably, we anticipate that the Regal master lease will land near our percentage rent expectations, which is expected to generate a significant increase from 02/2024, an encouraging outcome driven by continued box office recovery and the enhanced economic alignment embedded in the revised lease structure. While the broader macroeconomic environment presents ongoing crosscurrents, our differentiated strategy provides both resilience and opportunity anchored by a sustained consumer orientation toward experiential spending. Now I’ll turn it over to Greg Zimmerman to go over the business in greater detail. Thanks, Greg.
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: At the end of the quarter, our total investments were approximately $6,900,000,000 with three twenty nine properties that are 99% leased or operated, excluding vacant properties we intend to sell. During the quarter, our investment spending was $48600000.0.100 percent of the spending was in our experiential portfolio. Our experiential portfolio comprises two seventy four properties with 52 operators and accounts for 94% of our total investments or approximately $6,500,000,000 And at the end of the quarter, excluding the vacant properties we intend to sell, was 99% leased or operated. Our education portfolio comprises 55 properties with five operators, and at the end of the quarter was 100% leased. Turning to coverage.
The most recent data provided is based on a June trailing twelve month period. Overall, the portfolio coverage remained strong at 2.1 times, an increase over last quarter. Turning to the operating status of our tenants. The rebound in the North American box office continues. Q two box office was 2,700,000,000.0, up 37% compared to q two twenty twenty four, driven by a full slate of strong performing titles.
Six titles grossed over 175,000,000, including a Minecraft movie at 424,000,000 to date, Lilo and Stitch at 419,000,000 to date, Sinners at 279,000,000 today, and How to Train Your Dragon at 254,000,000 today. For q three, three titles are projected to gross over 200,000,000, Jurassic World Rebirth, Superman, and the Fantastic Four First Steps. Jurassic World has already grossed over 286,000,000, and Superman is at 260,000,000. Fantastic Four opened last weekend to 118,000,000. We are also very pleased with the success of Apple’s f one, which has grossed nearly a $160,000,000 to date, making it the most successful Apple theatrical release.
The slate for fourth quarter is anchored by three additional films projected to gross over 200,000,000, Zootopia two, Wicked, For Good, and Avatar Fire and Ash. Box office through the first half of the year was 4,100,000,000.0, a 15% increase over the 2024. Our estimate of North American box office for calendar year 2025 remains between $9,300,000,000 and $9,700,000,000 Turning now to an update on our other major customer groups. Andretti Karting opened in Oklahoma City on July 15. Construction continues in Kansas City and Schaumburg with openings scheduled respectively for late twenty twenty five and early twenty twenty six.
Notwithstanding some macro pressures on consumers, our eat and play coverage remains strong and above pre COVID levels. Importantly, across our portfolio, our operators are continually refining and developing promotional initiatives to attract customers and deliver value. Our attractions are open for the summer. We are very pleased with the performance of Bavarian Inn. Our major expansion was open for all Q2 and is driving performance.
Throughout the rest of the portfolio, early season performance has been varied because of weather conditions, but historically, they tend to even out over the course of the season. USA Today recently ranked each of our three hot springs resorts in the top 10 of all hot springs resorts in The United States. Our recently expanded springs resort at Pagosa Springs is number one. Our Murrieta Hot Springs resort in Murrieta, California is number three, and our Iron Mountain Hot Springs in Glenwood Springs, Colorado is number five. We are leaders in this industry and have spent a lot of time focused on building a foundation with strong performing assets.
We see a lot of momentum and investment potential in the hot spring space as people across the demographic spectrum focus on wellness. The expansion in our Jellystone Cozy Rest RV Resort near Pittsburgh is complete, and early season performance shows gains over Q2 twenty twenty four, driven by the increased number of available rental units. Our education portfolio continues to perform well. Our customers’ trailing twelve month revenue and EBITDARM across the portfolio for Q1 was essentially flat. Our investment spending for Q2 was $48,600,000 entirely experiential assets and includes funding for projects that we have closed but are not yet open.
Our year to date investment spending is $86,300,000 During the quarter, we made our first investment in the traditional golf space, acquiring the land for $1,200,000 and providing $5,900,000 in mortgage financing, secured by the improvements to Evergreen Partners for an existing private club in Georgia. We have spent a lot of time analyzing traditional golf while building deep relationships, and we are delighted to announce our foray into what we think is an exciting growth opportunity in a resilient space for the growing operator. We also acquired our second Penn Stack Eat And Play venue in Northern Virginia for 1,600,000.0 with a commitment to provide built to suit financing for 19,000,000. This project is expected to open in 2026. Pinstack features bowling, food and beverage, and redemption games.
As our cost of capital continues to recover, we are increasing our investment spending cadence as we head into the 2025 and for 2026. We continue to see high quality opportunities for both acquisition and build to suit development in our target experiential categories. As we have mentioned frequently, we are especially bullish on the fitness and wellness space given our deep relationships, the increased focus on fitness and wellness among multiple generations and demographics, and a wide range of investment opportunities from Hot Springs to spas to fitness. Ramping up takes time, so we are maintaining our investment spending guidance for funds to be deployed in 2025 in the range of 200,000,000 to $300,000,000 We have committed over $100,000,000 for experiential development and redevelopment projects that have closed but are not yet funded to be deployed over the next eighteen months. We anticipate approximately $43,000,000 of this amount will be deployed in 2025, which is included at the midpoint of our 2025 guidance range.
We continue to execute our strategy to focus our portfolio on diversified experiential assets. To that end, in q two, we sold a vacant former Regal Theater in California to Costco for net proceeds of $24,000,000 demonstrating the value of good real estate. We also sold two theater properties at a nine cap to a smaller operator who leased those locations from us. Total proceeds from these three theater transactions were $35,600,000 with a net gain of 16.8. Finally, subsequent to the end of the quarter, we sold our last vacant AMC theater in Hamilton, New Jersey to the Children’s Hospital of Philadelphia for net proceeds of approximately $16,000,000 and a gain of approximately 3,000,000 In the past four years, we have sold 31 theaters.
We have one remaining vacant. Year to date, we have sold approximately 130,000,000 of assets. We are revising our 2025 disposition guidance to the range of $930,000,000 to $145,000,000 from a range of $80,000,000 to $120,000,000 I now turn it over to Mark for a discussion of the financials. Thank you, Greg. Today, I
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: will discuss our financial performance for the second quarter, provide an update on our balance sheet and close with an update on 2025 guidance. FFOs adjusted for the quarter was $1.26 per share versus $1.22 in the prior year. And AFFO for the quarter was $1.24 per share compared to 1.2 in the prior year, both an increase of 3.3%. Now moving to the key variances. Total revenue for the quarter was $178,100,000 versus 173,100,000.0 in the prior year.
Within total revenue, rental revenue increased 5,300,000.0 versus the prior year, mostly due to the impact of investment spending and higher percentage rents. Percentage rents for the quarter were 4,600,000.0 versus 2,000,000 in the prior year, and the increase was due primarily to percentage rent recognized from one of our theater tenants. The increase in mortgage and other financing income of 1,900,000.0 was due to additional investments in mortgage notes over the past year. Both other income and other expense relate primarily to our consolidated operating properties, including the Kartrite Hotel and indoor water park and our operating theaters. The decrease in other income and other expense versus prior year is due primarily to the sale of three operating theater properties in the first half of this year.
On the expense side, g and a expense for the quarter increased to $13,200,000 versus $12,000,000 in the prior year due primarily to higher payroll costs, including noncash share based compensation expense as well as higher franchise taxes. As you may recall, in the prior year, there was a legislative tax change that created a onetime benefit in franchise taxes. Interest expense net for the quarter increased by 426,000 compared to the previous year due to an increase in our weighted average interest rate on outstanding debt due to additional borrowing on our unsecured revolving credit facility to pay off lower rate senior unsecured notes at their maturity. With regard to dispositions for the quarter, net proceeds totaled $35,600,000 We recognized a net gain on sale of 16,800,000.0 Note that this gain is excluded from FFO as adjusted and AFFO. FFO as adjusted for the six months ended June 30 was $2.45 per share compared to $2.34 in the prior year, and AFFO for the same period was $2.44 per share compared to $2.33 in the prior year, both an increase of both an increase of 4.7%.
To the next slide, I will review some of the company’s key credit ratios. As you can see, our coverage ratios continue to be strong with fixed charge coverage at 3.3 times and both interest and debt service coverage ratios at 3.9 times. Our net debt to adjusted EBITDAre was 5.1x for the quarter. We adjust this ratio to include the annualization of investments placed in service, investments required or disposed of during the quarter and the annualization of percentage rent and participating interest as well as other items, this ratio was 5x at quarter end, which is at the low end of our targeted range. Additionally, our net debt to gross assets was 39% on a book basis at quarter end, and our common dividend continues to be very well covered with an AFFO payout ratio of 71% for the second quarter.
Now let’s move to our balance sheet, which is in great shape. At quarter end, we had consolidated debt of $2,800,000,000 of which $2,400,000,000 is either fixed rate debt or debt that has been fixed through interest rate swaps with an overall blended coupon of approximately 4.3%. On April 1, we repaid 300,000,000 in senior unsecured notes at maturity using funds available under our revolver. We have no other debt maturities in the next twelve months. Our liquidity position remains strong with $13,000,000 cash on hand at quarter end and $4.00 $5,000,000 drawn on our $1,000,000,000 revolver.
We are pleased to see the recent significant improvement in our cost of capital. While our leverage is at the low end of our range and our 2025 guidance continues to have no equity issuance assumed, we are we are excited to announce that we are in the process of establishing an ATM program, which will provide us an additional tool in our toolbox for sources of capital. We are confirming our 2024 FFOs adjusted per share guidance of $5 to $5.16 represent an increase over the prior year of 4.3% at the midpoint. We’re also confirming our 2025 investment spending guidance of $200,000,000 to $300,000,000 We’re increasing guidance for disposition proceeds for 2025 to a range of $130,000,000 to $145,000,000 from a range of $80,000,000 to $120,000,000 On the next slide, we are confirming our percentage rent and participating interest income of $21,500,000 to $25,500,000 and our g and a expense of $53,000,000 to $56,000,000 We’re also confirming the guidance for our consolidated operating properties, which is provided by giving a range for other income and other expense. Guidance details can be found on Page 23 of our supplemental.
Now with that, I’ll turn it back over to Greg for his closing remarks. Thank you, Mark.
Greg Silvers, Chairman and CEO, EPR Properties: Lastly, I wanted to comment on Greg Zimmerman’s planned retirement and the transition of the Chief Investment Officer role to Ben Fox, who will join the company in August as Executive Vice President. We are pleased that Greg will be staying into the 2026 to ensure a smooth transition. Although it’s not quite yet time to say goodbye to Greg, I would like to thank him for the significant contributions he has made to the company. While instilling a disciplined and thoughtful approach as CIO, he has also helped to navigate the company through some very challenging times, and we’re thankful for his efforts. We’re also very pleased to welcome Ben Fox to EPR Properties.
Ben brings substantial experience and expertise in the net lease REIT business, having served in senior positions at Realty Income and most recently in the net lease division of Ares Management Corporation. Ben will work with Greg during his remaining tenure, helping to ensure continuity, knowledge sharing, and continued success. With that, why don’t I open it up for questions? Abigail?
Abigail, Conference Call Operator: Thank you. At this time, if you would like to ask a question, please click on the raise hand button, which can be found on the black bar at the bottom of your screen. When it is your turn, you will receive a message on your screen from the host allowing you to talk, and then you will hear your name called. Please accept, unmute your audio, and ask your question. If you’re on a mobile device using the app, simply tap into the three dots or more button to find the raised hand feature.
And lastly, if you are calling in today, star nine will activate the raised hand and use star six to mute and unmute. We will wait just one moment to allow the queue to form. Our first question comes from Rob Stevenson with Janney Montgomery Scott. Rob, please unmute your line and ask your question.
Rob Stevenson, Analyst, Janney Montgomery Scott: Good morning, guys. Can you hear me okay?
Greg Silvers, Chairman and CEO, EPR Properties: We can, Rob. Thank you. Good morning, Rob.
Rob Stevenson, Analyst, Janney Montgomery Scott: Perfect. Thank you. So, Greg or Greg, is there a significant amount of assets out there for sale at reasonable prices that you’d wanna own, or does expanding your pipeline going forward here in the at least in the near term mean expanding the development pipeline as much or more than acquisitions? How should we be thinking about the acquisition market that you guys are in for quality assets at this point?
Greg Silvers, Chairman and CEO, EPR Properties: Sure. And I’ll let Greg comment as well, but I think we’re still seeing a robust amount of opportunities. I I mean, again, as we’ve talked about, when you have limited amount of capital, you’re being very discerning in, yeah, you know, what is the best targeted of that. It doesn’t mean they’re not good deals. It’s just, you you know, you’re you’re trying to deploy that in the best manner supporting existing tenants and otherwise.
But I think we still feel there’s really good opportunities, and
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: I think Greg would say that we’re starting to see that growing. Yeah. A 100%, Greg. Rob, I I would say well over half of our pipeline is acquisitions. To Greg’s point, we’ve been unable to participate in some higher deal volume acquisitions just because we were being careful.
And, again, we’re always mindful of balancing development with acquisitions. So to answer your question directly, I I don’t see us turning to a a lot more development in the future to grow the pipeline. Don’t think that’ll be.
Rob Stevenson, Analyst, Janney Montgomery Scott: Okay. And then how are you guys thinking about dispositions in the back half of this year and the early part of next year? You guys have been selling a decent amount of assets. Is there still more stuff that you wanna do there and take advantage of the market and use that as capital? Or, you know, where acquisitions dispositions this year, you know, sort of more front end loaded, and we’ll see that sort of petering out in the back half of this year and into ’26?
Greg Silvers, Chairman and CEO, EPR Properties: I mean, I think, Rob, we’ve talked about yeah. Yeah. You know, we’ve already kind of at the low end of our guidance on that. So there could be, but we we have as a strategic objective to lower our theater exposure. You saw the first element of selling operating theaters now.
We will continue to look at that opportunistically, as as an opportunity to, achieve that strategic objective and generate what we think could be meaningful capital. But, again, the the range kinda says we’re we’re we’re pretty much close to being done with our targeted disposition. But as I said, we we have strategic objectives that we will continue to pursue. And, Rob,
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: that would also include education. Yeah. So, you know, we we sold an education portfolio this year, and we’re always just opportunistic about that. So if we get a good deal, we’ll execute.
Greg Silvers, Chairman and CEO, EPR Properties: I I think the
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: good news is we’re we only have one remaining theater, a vacant theater, and and there’s no vacant education. So the asset management team has done an excellent job of selling, you know, the vacant figures. And as Greg said, there’s as far as the plan, there’s not much to accomplish given the midpoint isn’t of our range isn’t much higher than what we’ve done today at a 130,000,000. So some some to come for the remainder of the year, but not not much more in our plan.
Rob Stevenson, Analyst, Janney Montgomery Scott: Okay. And then last one for me, Mark, since I’ve got you. How are you thinking about the balance sheet over the next year? You moved the 300,000,000 of notes onto the line. You’ve got another 630 of notes coming due next year in August to December.
Are you thinking about doing something in the near term? Do you wait until the, you know, sometime in ’26 and potentially lower rates to do something? How are you sort of thinking about balance sheet strategy over the sort of short and intermediate term here?
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: Sure. Yeah. Good question. As we look over the remainder of the year, you know, if you look at our investment spending, we’ve got about a 164,000,000 left to hit our midpoint of guidance as far as uses. We’ll generate through remaining dispositions subsequent to $6.30 plus free cash flow probably nearly a 100,000,000.
So there’s a net use there of about 64,000,000. Our line is at 405,000,000. So I think the point is we have flexibility in that we’d be less than half drawn even if we didn’t do a bond transaction. That said, in the last half of the year, we do have a bond transaction comp contemplated, which would bring down that that line balance heading into next year and and bring it down to a pretty low number. And then as we head into next year, of course, as those as we look to those bond maturities later in ’26, you know, we’d likely have another bond transaction to refinance those as well.
So that’s that’s kind of how we’re looking at it in the near term.
Rob Stevenson, Analyst, Janney Montgomery Scott: Okay. Thanks, guys. Appreciate the time this morning.
Greg Silvers, Chairman and CEO, EPR Properties: Thank you, Our
Abigail, Conference Call Operator: next question comes from John Kilachowski with Wells Fargo. John, you may now unmute your audio and ask your question.
John Kilachowski, Analyst, Wells Fargo: Good morning. Can you hear me, team?
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: Yes. Yes.
John Kilachowski, Analyst, Wells Fargo: Awesome. Thank
Unnamed Speaker: You know, on the the disposition activity, it looked like pretty good execution on the theaters that you sold out of nine, and these are noncore assets. How should we think about the demand for these assets and maybe pricing for your more core assets?
Greg Silvers, Chairman and CEO, EPR Properties: I think what we would say is, you know, we’re seeing the beginning of activity in the theater space with recovery in the box office. I mean, these are clearly not these were not major markets nor was it a major operator. How that translates, we’ll just have to see. But, clearly, there is more interest in the space, and we’re starting to see more activity in the acceptance of it again as a as an asset class. But, Greg, maybe Yeah.
And more broadly, John,
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: I would say, you know, within the past two years, we told we sold to Titanic Museums for cap rate in the low sixes, and we sold a theater portfolio for cap rate in the low sevens, if that helps on, you know, the non theater portion. What’s that? An education portfolio. No. Education.
Yeah. Got
Unnamed Speaker: it. And then maybe on the percentage rent side of things, I could just to sort of bifurcate it into the theater and non theater portions. It sounded like your commentary around theaters felt very positive. I’m curious how the box office today stands maybe from your beginning of the year expectations and if there’s some conservatism in not moving up your expectations around it. Then sort of part two of that would be what comprises maybe the other half or the other part of percentage rent?
Are there any maybe opportunities for upside that you’re seeing that you just haven’t baked in yet?
Greg Silvers, Chairman and CEO, EPR Properties: I think what we what I’d say is we’ve got a a really good Greg and his team has a really good group of people who understand the market and and predict, are very good at their predictions. And I think, as my comments indicated, we’re coming at or right on top of what we thought was our our, early predictions. Now I would tell you honestly, it’s it’s an over the river and through the woods. Some movies we thought would do well didn’t, and some that we didn’t have predicted, actually do quite well. And so it they balance each other out.
But overall, we feel, yeah, yeah, you know, pretty good, in that side. I think for the rest of the year, I mean, it’s it’s coming from everywhere. It it’s coming from ski. It’s coming from attractions. It’s coming from education.
So, again, we’ll we’ll see how it plays out if there’s additional upside in that. But, I think, like I said, Greg and then Mark and his team and putting together the the ranges and the estimates, we feel really good about kinda how we’ve approached that, and that’s why we haven’t moved that yet.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: And and from a mixed perspective, theaters represent about roughly a third of our kind of the midpoint of guidance. So you kinda get a perspective that a lot of it’s coming from a lot of other categories, as Greg mentioned, eat and play, ski, attractions, gaming, fitness. We get it from a lot of different areas, so we’ll put some context around it.
John Kilachowski, Analyst, Wells Fargo: Mhmm. Got it. Thank you.
Greg Silvers, Chairman and CEO, EPR Properties: Thank you, John.
Abigail, Conference Call Operator: Our next question will come from Yupal Rana with KeyBanc Capital Markets. Yupal, you may now unmute your audio and ask your question.
Yupal Rana, Analyst, KeyBanc Capital Markets: Hey. Good morning, everyone. You know, Greg, you mentioned larger deals are are more likely in your prepared remark.
Greg Silvers, Chairman and CEO, EPR Properties: We probably lost you.
Yupal Rana, Analyst, KeyBanc Capital Markets: Hey. Can you hear me now?
Greg Silvers, Chairman and CEO, EPR Properties: Yes. We can hear you now. Sorry. Could you start your question over, please?
Yupal Rana, Analyst, KeyBanc Capital Markets: Sure. You know, Greg, you mentioned, you know, larger deals are more likely. You know, could you give us a sense of what, what’s out there in the market and that’s attracted to you, and what what do you, potential cap rates, on those deals potentially look like?
Greg Silvers, Chairman and CEO, EPR Properties: Again, I’ll let Greg jump in. I I I I don’t know that I think it’s broadly. I mean, without going into too much detail over specific transactions, I think we’re seeing it pretty much across the board and and and seeing opportunities. And I think we’re still comfortably in the in the eights on on where we’re looking to, Greg. Yeah.
A 100% comfortably in the eights. And, you know, we’re always looking at deals in a wide spectrum of, ranges. So we’re looking at deals in
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: the 10,000,000 range, and we’re looking at deals in the 700. And there are deals in in those categories. And as we both said in our scripts, we’re seeing opportunities in all of our verticals open. Yeah.
Yupal Rana, Analyst, KeyBanc Capital Markets: Okay. Great. That was that was helpful. And then, you know, I I had a question on on fuel costs. You know, it’s it’s down about 10% this year, and I’m I’m curious if, this has any impact on your customers and their willingness to either visit more of your properties or or spend, spend spend more of your properties.
So just wanna get your thoughts there.
Greg Silvers, Chairman and CEO, EPR Properties: Again, I think anything that creates additional discretionary income is is positive, and and it’s helping to offset some inflationary, factors for the consumer. So, you you know, I don’t know that there’s any direct correlation that we’re seeing, but, you you know, it it’s probably welcome in the pocketbooks of our consume of our consumers, and that’s much appreciated. And I’d say
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: in today’s world, we feel like being in the experiential space is a positive because people still wanna get out and do things.
Yupal Rana, Analyst, KeyBanc Capital Markets: Okay. Great. Thank you.
Greg Silvers, Chairman and CEO, EPR Properties: Thank you.
Abigail, Conference Call Operator: And the next question will come from Anthony Powerloan with JPMorgan. Anthony, you may now unmute your audio and ask your question.
Anthony Powerloan, Analyst, JPMorgan: Okay. Thank you. The first question relates to just the deal pipeline. You mentioned some larger transactions that you’re starting to see as well. Can you maybe just give us some sense as to what definition of larger would be for you all?
I
Michael Carroll, Analyst, RBC Capital Markets: think
Greg Silvers, Chairman and CEO, EPR Properties: for us, we would think of it as $100,000,000 plus. I I think, you you know, when you are when we were thinking of a midpoint of 250, looking at a $100,000,000 transaction, takes, you know, nearly 40% of of of your deal. So we were, I and I know Greg and his team were a little bit hesitant to deploy that in one thing. But with our with our cost of capital becoming more favorable, I think we’re looking at, those. So I I would say that’s the the the term I would the the the dimensionalizing I would use.
But, Greg, no. I agree. Yeah. Tony, I
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: think the best way to think of it is in terms of, you know, relation to our guidance. So, yeah, 100,000,000 and some in the high tens, millions. Yeah.
Anthony Powerloan, Analyst, JPMorgan: Okay. And then on these transactions, you mentioned your better capital costs make you more competitive. But if we think about the last, I don’t know, few quarters or so, have these deals been occurring away from you in the market? Or have they just not happened and they might still be out there? Just trying to understand like who’s being competitive as before your capital costs improved here.
Greg Silvers, Chairman and CEO, EPR Properties: Yeah. I actually think that these have been more that are just starting to come to the market, that people are are gaining more acceptance that we’re not going back to, you you you know, substantial low cap rates. But there have been kind of major transactions that that that have have occurred. If you look in the look in the attraction space, Park Greene, did a 700,000,000 attractions deal that, we were solicited for a bid on and and really couldn’t participate. So there there were big transactions.
I think that ended up going on a debt route, But there were transactions that were occurring out there, and, we we were asked to be part of of a solution and really just couldn’t, but we feel now that those are starting to open up for us.
Anthony Powerloan, Analyst, JPMorgan: Okay. And if I could just sneak one in for Mark. Given where the stock is now, I think you’re kind of in the money on the two convertible preps. Is there anything for you all to do there? Like, can you convert them?
Does that make sense? Or can you call them? Just just noticing that, you know, it’s been a while since spending the money on those.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: Yeah. They’re not really callable. You could go in the market and tender for them, but that would be at a pre in the It really doesn’t make sense. It’s also hard to cobble together any meaningful amount.
We’ve looked at that in the past. So wouldn’t expect wouldn’t expect anything happening on those two preferreds.
Greg Silvers, Chairman and CEO, EPR Properties: Okay. Thank you.
Abigail, Conference Call Operator: Thank you, Justin. Next question will come from Smedes Rose with Citi Global Markets. Smedes, you may now unmute your audio and ask your question.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties0: Hi. Thank you. I wanted to ask you just a little bit more about, establishing the ATM program. You know, as you think about potentially, you know, raising new equity, you know, what what kind of spreads are sort of, like, maybe a minimum between cap rates and how you think about your weighted cost of capital? Do
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: you
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties0: look at kind of consensus NAV or an internal NAV? Kind of maybe just help us think about, you know, when you would pull the trigger on issuing, new equity?
Greg Silvers, Chairman and CEO, EPR Properties: And I’ll let Mark jump in on this. But, Smedes, historically, we look at all those things. We we we look for to to be able it’s actually a balance of of what we can buy assets at and accretive accretively deploy. Historically, it’s that’s kinda required a a minimum of a 100 basis points that we’ve looked at. And I I think what Mark will tell you is, again, I think we’re getting we’re getting prepared.
It doesn’t mean, as he said in his comments, that we have any imminent equity issuance, but the idea that we want this toolbox this tool in the toolbox as we go forward And as we begin to continue to execute on our plan, it will create the optionality that we’re looking for. But, Mark?
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: No. I’d agree. We we we generally look at cost of capital, and probably in the primary sense, is it accretive to deploy, you know, equity into a deal kind of on a sixty forty basis, 60% equity, 40% debt. So does it make sense to raise equity? As Greg said, we generally look for that 100 basis points of spread, initial, initial spread.
You know, it’s not to say we could do less than that to further diversify our portfolio, but that’s generally how we look at it. I think the ATM provides us another source of capital. We’ve used the direct share purchase plan, which is another, you know, of the ability to the direct share purchase plan to dribble out shares. And I think we’ve raised over the since I’ve been here, probably in excess of 700,000,000 in in that regard through that plan, but the ATM provides us the ability to do kinda larger blocks issuances and also to look at, you know, the ability to do forward. So like Greg said, no eminent issuance in our plan.
We’re at the low end of leverage, and we don’t have any equity in our plan, but this will get this will just give us another tool as we go forward.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties0: Okay. Thank you. And then I just I wanted to ask you. I’m sorry. You might have said this, but does your guidance still contemplate, a bond deal later this year to pay down the, credit line?
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: Yes. It still does.
John Kilachowski, Analyst, Wells Fargo: Okay.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties0: Okay. Thank you. Appreciate it.
Greg Silvers, Chairman and CEO, EPR Properties: Smedes. Thank you, Smedes.
Abigail, Conference Call Operator: Our next question comes from Yana Gallen with Bank of America. Yana, you may now unmute your line and ask your question.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties1: Thank you. Good morning. It’s great to see the Good coverage improve quarter over quarter given the continued headlines on kind of the pressured more pressured consumer. I was curious if you could talk a bit on how coverage ranges between your different concepts or segments. And then, at the eat and play locations, I think last quarter, you mentioned that, you know, everyone was showing up but maybe not eating as much.
I’m just curious if that trend is continuing this summer.
Greg Silvers, Chairman and CEO, EPR Properties: Again, I think it’s always and we’ve seen this jump spread, that that, you you know, the consumer is is aware and and looking for value, but I also think our eat and play tenants are responding to that and creating different ways to engage with the consumer and creating value. I I think, overall, coverages have been relatively stable. You you you know that the the uptick is probably more about the recovery and the continuing recovery of the theater space. But, again, given the fact that that’s only 37%, that means the other part of that has to be relatively stable. And I think, we’ve seen that.
I think not as much as the consumer, weather and heat and then rain have impacted some attractions, but that’s kind of normal. Kind of that that those are kind of the things that are that are normally incurred, but we’re still seeing really good resilience in the consumer as as evidenced by some of the recent Fed and GDP growth that we’ve seen, generally.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties1: Thank you.
Abigail, Conference Call Operator: Our next question will come from Catherine Graves with UBS. Catherine, you may now unmute your line and ask your question.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties2: Great. Good morning. Thank you for taking my questions. Can you all hear me?
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: Yes. Good morning.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties2: Oh, awesome. Thank you. Great. So my first question, you mentioned that you have no vacant education centers at this point. You didn’t sell any in the second quarter.
I was wondering if you could just talk a little bit more about what makes an education center a good candidate for sale, what you’re seeing as far as interest in those assets, and would you be looking to do, you know, primarily more portfolio sales, or would you be willing to sell some on a one off basis?
Michael Carroll, Analyst, RBC Capital Markets: Yeah. I mean, I I
Greg Silvers, Chairman and CEO, EPR Properties: think what makes a good sale is a very attractive cap rate. I mean, it it’s just that candid. And, yeah, you you know, we we continue to field calls, for people who are who are interested in the space. I think the way our our remaining tenants are set up, they’re probably gonna be more in portfolios, meaning we would sell a tenant exposure. Just kind of somebody the the way those are are grouped together.
Now that probably means, Greg, they’re probably in the 40 to a $100,000,000 range. I mean, you would dispose of those. Yeah. So, yeah, you you know, some of that is, just, candidly, Catherine, just being, opportunistic. But that’s a space that’s been very, very resilient.
I mean, COVID created actually strength in that space with the, kind of the elimination of kind of a lot of at home, child care options. And so, we’re not unhappy at all with the space. As Greg talked about in his comments, it’s performing very well. And we look at that as opportunistically, when things, are presented to us, we’ll we’ll evaluate them and see if
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: they make sense for us. And and to amplify that there’s a broad market for the for them. So we we’re not really concerned about the ability to transact.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties2: Got it. That’s helpful. Thank you. And then my second question, there’s been a couple of headlines of Six Flags closing or or preparing to close a couple of their parks. And I was just wondering if you could provide some color on how you’re thinking about your exposure to that tenant, and and just sort of your comfort with with that tenant going forward.
Greg Silvers, Chairman and CEO, EPR Properties: Yeah. I mean, I I think we see those in our discussions with them, and they they will comment on their own as as, you you know, this is a continuation of the merger of of kinda rationalizing their their fleet of locations and candidly, opportunistically selling, and and and deployment of of what we think are will be accretive transactions for them. I mean, people forget that often these locations are in and around major metropolitan areas with somewhere in the neighborhood of, you know, 300 to 400 acres. And when you look at some of the areas they’re in, sometimes there’s just a higher and better use that generates, yeah, yeah, you know, a great sell price. And I commend them for, aggressively looking at their overall strategy to lower their their debt level.
And when they can sell out at a property and and make substantial gains and and lower and create a better credit tenant for us, that’s a positive.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties2: Got it. That’s really helpful. Thanks so much for the color.
Greg Silvers, Chairman and CEO, EPR Properties: Thank you.
Abigail, Conference Call Operator: Our next question will come from Ryan Caviola with Green Street. Ryan, you may now unmute your audio and ask your question.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties3: Lance Spencer here. Hi, guys. Just one for me. I was hoping you could good morning. I was hoping you guys could provide an update on the competitive landscape.
And then I was also wondering, do you guys tend to see more or less competition for deals as you go up and check size?
Greg Silvers, Chairman and CEO, EPR Properties: Again, I think it’s it changes. I I what we see is, especially on 50,000,000 or less, it’s a lot more we occasionally see some of the other REITs, but also family office. As you move up in deal size, it becomes that group kind of falls away in the sense that anytime with private equity, their second question is how do I exit this in three to five years? And a lot of these are kind of long term capital. So, I think we start to see a different set of of competitors.
And, you know, that’s nothing new for us, Spencer, that’s been that ways for our, you know, twenty seven, twenty eight years. I think it’s, it’s not I wouldn’t say the the number of competitors are more robust, but I would say the interesting thing is the credit funds and their need to deploy capital becomes more into that side of the equation when it’s larger. But, Greg,
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: I don’t know. I think you I I agree.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties3: K. That’s helpful. And do you guys get inbounds from sellers often, especially if maybe just for the some of the larger deals and or ever just get, like, a first look just given your your brand in the space?
Greg Silvers, Chairman and CEO, EPR Properties: No doubt. That those are those are the calls we love.
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: And I’d say, well, honestly, Spencer, more often than not, I mean, we we see most deals, for sure.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties3: K. Great. Thank you, guys.
Abigail, Conference Call Operator: Thank you. Our next question will come from Michael Carroll with RBC Capital Markets. Michael, you may now unmute your line and ask your question.
Michael Carroll, Analyst, RBC Capital Markets: Yep. Thanks. Mark, given that we’re pretty much at the July right now, will the regal percentage rents that were reported in prior presentations and after the bankruptcy matching what the box office is doing, Is that still a pretty good, ballpark of what we expect could be reported, in July, related to those percentage rents?
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: Yeah. Correct. I think that chart that we put out initially is still, you know, in line with our expectations.
Michael Carroll, Analyst, RBC Capital Markets: And then how many how much percentage rents have been recorded so far in February? Because I know that there is it’s gonna largely straddle between February and March. So how much of a pickup could we expect in 3Q related to the percentage rents and and the box office that we’ve already seen?
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: Yeah. We don’t get that specific as far as tenants and what’s in one quarter versus the next. I can tell you overall for the quarter, we had $4,600,000 of percentage rents. Obviously, looking at our midpoint, that’s gonna ratchet up in q three and q four, probably fairly evenly between the two to achieve that midpoint of 23 and a half million. So, the bigger chunk of Regal hits in q three, But, I think between q and q two three with respect to Regal, it’s kinda in line with our expectations.
Michael Carroll, Analyst, RBC Capital Markets: Okay. And then just lastly on on the Regal topic, I know you get paid based off of what the revenues at the Regal Box is. Right? So how have those assets been performing relative to market? I mean, is it largely in line, and and do you typically see a lot of deviations between specific theaters within a market depending on how well they’re doing or not?
Does that vary very much?
Greg Silvers, Chairman and CEO, EPR Properties: Yeah. No. That’s that’s exactly correct because it it ends up being what is the market share of the individual theaters. Now some of this, both good and bad, is is impacted, and this is really positive as we go forward is Regal’s investing back into these theaters and adding features. And some of those that causes some disruption, so there may be auditoriums that are shut down.
But as we’ve talked about, we still think we’re hitting plan, but we’re getting new IMAX’s put in at some of our theaters and things like that, which really bode well as we go forward because the consumer has kinda clearly demonstrated the demand for that type of product. But, Greg
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: Yeah. And and, Michael, I I would say we’re very pleased with they they recaptured market share coming out of bankruptcy, come back to where we sort of thought they would. And as as we’ve shared with you before, it’s it’s it’s very granular. I mean, it it gets down to the number of, hyper you know, large format screens in any given theater depending on the film, and and we monitor that closely. So, the takeaway is we’re pleased with, how they’ve recaptured market share and how they perform.
Michael Carroll, Analyst, RBC Capital Markets: Right now, and the and those investments are are Regal largely making those investments by themselves?
Greg Silvers, Chairman and CEO, EPR Properties: Well, there’s Regal making investments. And then remember, as part of our deal, we we agreed to make certain investments with them as limited over a period of years, but it’s at least 50% or more of Regal’s investment. Yeah. And, again, they’re they’re required to
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: prove that it’ll be revenue enhancing before we are required to invest.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: K. Great. Thank you.
Yupal Rana, Analyst, KeyBanc Capital Markets: So that
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: in other words, that we get more percentage rent. That’s the that’s the idea.
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: Got it.
Abigail, Conference Call Operator: Our next question will come from Kyle Bonke with Truist Securities. Kyle, you may now unmute your audio and ask your question.
John Kilachowski, Analyst, Wells Fargo: Thanks. Good morning. Can you guys hear me?
Greg Silvers, Chairman and CEO, EPR Properties: Yes. Great.
John Kilachowski, Analyst, Wells Fargo: So the box office guidance implies some acceleration into the second half of the year. And I think most of that was addressed in the opening comments. But curious how the production pipeline looks today, more of a forward basis versus where you guys were last year and if you expect to see a continued acceleration in number of releases.
Greg Silvers, Chairman and CEO, EPR Properties: I I think we’re very encouraged if you saw what came out of of the industry kind of discussions is that more films are are being developed. You you and as Greg said, the success for Apple having an f one is encouraging for them. So it’s too early for us right now to to give you our opinion on ’26, but nothing has changed our optimism about the direction that, the industry is moving. And I would
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: add significantly, Amazon, couple months ago announced that they were going to participate more in theatrical production over time.
John Kilachowski, Analyst, Wells Fargo: Gotcha. Understood. I think some of the performance at the TRS operating properties is or looks to be ahead of last year. And I imagine some of that is due to the improving theater performance. But it appears to be, I guess, trending ahead of neutral earnings contribution.
Is it do you think that’s fair to say at this point?
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: I think second quarter was a great quarter for theaters versus prior year quarter, which was fairly rough. And keep in mind, we sold it’s kinda apples to oranges because we sold three theaters since since last year. So, yes, we did do quite a bit better quarter over quarter, and it’s mostly due to theaters, as you said. That said, for the year, the contribution will be fairly similar to the prior year. It had a nominal increase, a nominal difference last year between other netting other income minus other expense.
We expect a similar result as as guidance implies kind of a breakeven theaters being ahead and offset by Kartrite being somewhat behind as far as, you know, FFO. So I think, you know, our guidance implies kinda similar net results to for the year. But certainly for the quarter, we benefited by a quarter over quarter big improvement in theaters.
John Kilachowski, Analyst, Wells Fargo: Okay. Understood. Thanks for the time.
Greg Silvers, Chairman and CEO, EPR Properties: Thank you.
Abigail, Conference Call Operator: Our last question will come from Anthony Powerloan with JPMorgan. Anthony, you may now unmute your audio and ask your question.
Anthony Powerloan, Analyst, JPMorgan: Thanks for for the follow ups here. Just two, for me. One is just is there any cap rate spread between larger and smaller deals?
Greg Silvers, Chairman and CEO, EPR Properties: Go ahead, Greg. You you Yeah.
Greg Zimmerman, Executive Vice President and CIO, EPR Properties: For sure, Tony. I mean, I I think, you know, you’re probably looking at, 25 basis points to 50 basis points spread. And I think Mark mentioned, you know, obviously, we’re always looking for a spread of a 100 basis basis points, but, you know, there are some strategic decisions we have to make too in terms of, you know, expanding, our diversity and and getting into spaces.
Anthony Powerloan, Analyst, JPMorgan: Is so 25 to 50 basis points better on the
Brian Moriarty, Senior Vice President Corporate Communications, EPR Properties: larger I would say so. Do you agree with that?
Greg Silvers, Chairman and CEO, EPR Properties: No. No, I think that’s realistic. Okay.
Anthony Powerloan, Analyst, JPMorgan: And then just second one. The current rate, I think, still makes up the bulk of the other sort of revenue and expenses and just seems to still be a breakeven ish type asset. Can you maybe give us a sense of if there’s anything to do there to monetize it or maybe even hazard a guess as to what that might be worth despite it not really doing much for earnings right now?
Greg Silvers, Chairman and CEO, EPR Properties: Yeah. I mean, again, Tony, what we’ve said before is the I mean, candidly, we’ve struggled with the the the operating cost, the union that that is there that’s ’s makes it very, very difficult relative to we see how our other water park hotels operate. As far as value, again, it’s nothing we would speculate on right now. We look at the project in its entirety with the with the gaming ground lease, because, you know, the one was done to activate the other. But, again, it’s not for lack of us working hard at trying to improve that.
It’s just some of the the challenges that we’re facing. We continue no. But when we zig, there’s zag kind of responses. Okay. Thank you.
Thank you. Thanks.
Abigail, Conference Call Operator: There are no further questions, so I will now turn the call back over to Greg Silvers for any closing remarks.
Greg Silvers, Chairman and CEO, EPR Properties: I just wanna say thank you, everyone. We look forward to, to talking with you in the in the coming months, and have a great day. Thanks, everyone. Thank you.
Abigail, Conference Call Operator: You for joining EPR Properties q two twenty twenty five earnings call. This concludes today’s call. You may now disconnect.
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