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• Earnings Growth: 3.4% earnings growth for the full year 2024, excluding out-of-period deferred rent and interest collections.

• Total Investments: Approximately $6.9 billion with 346 properties, 99% leased or operated.

• Experiential Portfolio: 278 properties, 93% of total investments, approximately $6.4 billion, 99% leased or operated.

• Box Office Revenue: Q4 2024 box office totaled $2.3 billion, up 26% from Q4 2023; 2024 box office was $8.6 billion, down 4% from 2023.

• FFO Adjusted: $1.23 per share for Q4 2024 versus $1.18 in the prior year.

• AFFO: $1.22 per share for Q4 2024 compared to $1.16 in the prior year.

• Total Revenue: $177.2 million for Q4 2024 versus $172 million in the prior year.

• Investment Spending: $49.3 million in Q4 2024, total $263.9 million for 2024.

• Disposition Proceeds: $74.4 million for 2024, net gain on sale of $16.1 million.

• Net Debt to Adjusted EBITDAre: 5.3 times for Q4 2024.

• Dividend Increase: 3.5% increase in monthly cash dividend to common shareholders.

• 2025 Guidance: FFO adjusted per share guidance of $4.94 to $5.14, investment spending guidance of $200 million to $300 million, disposition proceeds guidance of $25 million to $75 million.

• Warning! GuruFocus has detected 9 Warning Signs with EPR.

Release Date: February 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• EPR Properties (NYSE: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 (NYSE: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 (NYSE: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.

Negative Points

• The company's education portfolio saw a 3% decrease in EBITDARM due to operating cost increases.

• EPR Properties (NYSE: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 (NYSE: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 (NYSE:EPR) to decide against pursuing certain types of investments.