EPR Properties (NYSE:EPR) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET

Company Participants

Brian Moriarty - Vice President, Corporate Communications

Greg Silvers - Chairman and Chief Executive Officer

Greg Zimmerman - Executive Vice President and Chief Investment Officer

Mark Peterson - Executive Vice President and Chief Financial Officer

Conference Call Participants

Joshua Dennerlein - BofA Securities

Todd Thomas - Keybanc Capital Markets

Eric Wolfe - Citibank

RJ Milligan - Raymond James

Mitch Germain - JMP Securities

Operator

Good day, and thank you for standing by. Welcome to the Q2 2023 EPR Properties Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Brian Moriarty, Vice President of Corporate Communications. Please go ahead.

Brian Moriarty

Okay, great. Thanks for joining us today for our second quarter 2023 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 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 those contemplated by such forward-looking statements. Discussion of those factors that could cause results to differ materially from those forward-looking statements are contained in the company's SEC filings, including the company's reports on Form 10-K 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 8-K.

If you wish to follow along, today's earnings release, supplemental and earnings call presentation are all available on the Investor Center page of the company’s website www.eprkc.com.

Now, I'll turn the call over to Greg Silvers.

Greg Silvers

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's second quarter 2023 earnings call and webcast.

During the quarter, our top line revenue grew approximately 8% and our FFO as adjusted per share grew approximately 9% versus the same quarter prior year. These results were driven by both a continued strong recovery in our experiential properties and consistent deferral collections. As we announced on June 28, finalizing the Regal restructuring agreement was a significant step in strengthening our theater portfolio and enhancing our overall company profile. The agreement provides us with significantly -- with a significantly stronger tenant, a long term master lease and a percentage rent component allowing us to participate in a recovering box office. This resolution, we also have more visibility into our earnings outlook and we're pleased to provide earnings guidance for 2023.