- **FFO Growth**: Q3 FFO as adjusted up 5.4% to $1.37, full-year guidance raised to $5.05-$5.13 (+4.5% midpoint).
- **Experiential Investment**: 2025 spending guidance narrowed to $225M-$275M, 100% in experiential assets.
- **Box Office Strength**: 2025 tracking $9.1B (+6%), driving 18% increase in percentage rents.
- **Balance Sheet Strength**: 3.6x fixed charge coverage, 64% AFFO payout ratio, $13.7M cash.
- **2026 Ambition**: Target $400M-$500M deployment achievable with current leverage (4.9x) and cash flow.
- **Risk Mitigation**: 2.0x portfolio coverage, disciplined capital recycling ($150M-$160M dispositions).

**【CEO Opening Remarks】**
- Reported 5.4% YoY increase in FFO as adjusted per share to $1.37, raising full-year guidance to $5.05-$5.13 (midpoint +4.5%).
- Accelerated capital deployment strategy with $225M-$275M 2025 investment spending guidance, 100% allocated to experiential assets.
- Portfolio coverage remains strong at 2.0x, with Box Office tracking $9.1B annualized (+6% YoY).
- Highlighted tenant initiatives: annual pass programs, dynamic pricing, and technology adoption to mitigate macroeconomic pressures.
- Disclosed delay in Catskills land sale transaction due to Genting merger, but reaffirmed 2026 acceleration plan independent of transaction outcome.

**【CFO Financial Commentary】**
- Q3 2025 results: FFO as adjusted $1.37 vs. $1.30 prior year; AFFO $1.39 vs. $1.29. 9M FFO as adjusted $3.81 (+4.7% YoY).
- Revenue growth driven by 6% increase in rental income and 18% rise in percentage rents ($7M vs. $5.9M).
- G&A expense up 18% to $14M due to incentive pay. Interest expense +0.4% due to revolver usage.
- Updated 2025 guidance: Dispositions $150M-$160M (prev. $130M-$145M); percentage rent $22.5M-$24.5M.
- Balance sheet: $2.8B debt (4.3% blended rate), 3.6x fixed charge coverage, 64% AFFO payout ratio.

**【Q&A Highlights】**
- **Credit Losses**: $6M reserve for small tenant note; broader CECL adjustments due to macroeconomic factors.
- **2026 Investment Plan**: Target $400M-$500M deployment achievable with current cash flow and leverage below 5.3x target range.
- **Competition**: Stable cap rates in experiential sectors; granular deal flow buffers against retail-style competition.
- **Larger Deals**: 3-5 opportunities >$100M in pipeline, driven by fitness/wellness, hot springs, and entertainment.
- **ATM Program**:拟于Q4推出，用于补充流动性，但强调2026计划不依赖股权融资。
- **Canadian Yields**: Altea Active mortgage structured for tax efficiency, yielding similar to U.S. peers.

EPR Properties (EPR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EPR

EPR fundamentals

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