Q4 2024 EPR Properties Earnings Call Transcript
Key Points
- EPR Properties (EPR) reported a 3.4% earnings growth for the full year 2024, demonstrating resilience in a challenging macro environment.
- The box office performance in the second half of 2024 exceeded expectations, with a significant rebound in North American box office revenues.
- EPR Properties (EPR) successfully expanded its experiential portfolio, including investments in Topgolf and Andretti Indoor Karting and Gaming.
- The company announced a 3.5% increase in its monthly cash dividend to common shareholders, reflecting strong financial management.
- EPR Properties (EPR) maintained a strong balance sheet with a fixed charge coverage ratio of 3.2 times and a net debt to adjusted EBITDAre of 5.1 times.
- The company's education portfolio saw a 3% decrease in EBITDARM due to operating cost increases.
- EPR Properties (EPR) faced challenges with its operating properties, including significant increases in insurance costs.
- The company exited its investment in a Camp Margaritaville RV Resort due to underperformance and required capital infusions.
- EPR Properties (EPR) recognized noncash impairment charges of $40 million related to theater properties under contracts to sell.
- The volatility in performance and expense pressures led EPR Properties (EPR) to decide against pursuing certain types of investments.
Hello and welcome to the EPR Properties Q4 2024 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 of Corporate Communications.
Great. Thank you, Leila. Thanks for joining us today for our fourth-quarter and year-end 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,
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