EPR Properties (EPR) 2024 Q4 法說會逐字稿

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.

您好，歡迎參加 EPR Properties 2024 年第四季財報電話會議。我們請求您將所有問題保留到正式演講結束之前，屆時我們將為您提供問答環節的指導。另外，提醒一下，今天的會議正在錄製中。如果您有任何異議，請立即斷開連接。

I will now hand the call over to Brian Moriarty, Senior Vice President of Corporate Communications.

我現在將電話交給企業傳播資深副總裁 Brian Moriarty。

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.

偉大的。謝謝你，萊拉。感謝您今天參加我們的 2024 年第四季和年終收益電話會議和網路廣播。參加今天電話會議的有董事長兼執行長 Greg Silvers； Greg Zimmerman，執行副總裁兼首席資訊長；以及執行副總裁兼財務長 Mark Peterson。

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, 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 these forward-looking statements are contained in the company's SEC filings, including the company's reports on Form 10-K and 10-Q.

我首先要通知您，本次電話會議可能包含《1995 年私人證券訴訟法》所定義的前瞻性陳述，這些陳述可以用「將」、「打算」、「繼續」、「相信」、「可能」、「預期」、「希望」、「預期」或其他類似術語來表示。本公司的實際財務狀況和經營業績可能與此類前瞻性陳述所預期的大不相同。有關可能導致結果與這些前瞻性陳述有重大差異的因素的討論包含在公司提交給美國證券交易委員會的文件中，包括公司 10-K 和 10-Q 表格報告。

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 with 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 available on the Investors Center page of the company's website, www.eprkc.com.

此外，本次電話會議將提及某些非公認會計準則指標，我們認為這些指標對於評估公司績效很有用。今天的收益報告和根據 8-K 表格向美國證券交易委員會 (SEC) 提供的補充資訊中包含了這些指標與最直接可比較的 GAAP 指標的對帳。如果您希望關注，可在公司網站 www.eprkc.com 的投資者中心頁面上查看今天的收益報告、補充文件和收益電話會議簡報。

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

現在我將電話轉給 Greg Silvers。

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's fourth-quarter and year-end 2024 earnings call and webcast. We are pleased to have delivered 3.4% earnings growth for the full year 2024 when removing the impact of out-of-period deferred rent and interest collections from both years' performance. Overall, while navigating a challenging macro environment, our portfolio continued to demonstrate resilience as we continue to grow our experiential portfolio in a disciplined manner.

謝謝你，布萊恩。大家早安，感謝您參加今天的 2024 年第四季和年終收益電話會議和網路廣播。我們很高興看到，在剔除期外遞延租金和利息收取對兩年業績的影響後，2024 年全年盈利增長了 3.4%。總體而言，在應對充滿挑戰的宏觀環境的同時，我們的投資組合繼續表現出韌性，因為我們繼續以嚴謹的方式擴大我們的體驗式投資組合。

The box office performance in the second half of 2024 demonstrated its strength when supported by ample titles, and we're pleased to report that it ended the year well above initial expectations. Additionally, this was the inaugural year to activate and begin to benefit from our percentage rent structure as defined in our Regal Master Lease.

2024 年下半年的票房表現在大量影片的支持下展現了強勁勢頭，我們很高興地報告，今年的票房表現遠遠超出了最初的預期。此外，這是我們啟動並開始受益於《Regal Master Lease》中所定義的百分比租金結構的第一年。

We anticipate continued upside with this structure in the coming years as we expect sustained growth in box office revenues as the number of wide releases grows. Additionally, we saw continued solid performance in our Eat and Play sector. This sector is anchored by Topgolf, which has remained resilient and it's also supported by other differentiated successful operators, including Andretti Indoor Karting and Gaming with whom we continue to expand our relationship. Separately, during the first half of the ski season, our ski properties benefited from improved weather conditions versus the previous year and we look forward to a solid second half of the season.

我們預計未來幾年這種結構將繼續保持上行趨勢，因為我們預計隨著廣泛發行的電影數量的增加，票房收入將持續增長。此外，我們的餐飲和娛樂領域持續表現穩健。該領域以 Topgolf 為支柱，該公司一直保持著強勁的勢頭，並且還得到了其他差異化成功運營商的支持，包括 Andretti 室內卡丁車和遊戲，我們正在繼續擴大與它們的合作關係。另外，在滑雪季的前半段，與去年相比，我們的滑雪場受益於天氣條件的改善，我們期待下半段滑雪季的順利進行。

Notwithstanding our capital constrained environment during the year, we continue to expand our experiential portfolio by effectively utilizing our operating cash flow and through limited use of our line of credit. Additionally, we made further progress on reducing our theater and education investments and recycling those proceeds into other experiential assets. As we look forward to 2025, we anticipate that we will deliver approximately 3.5% earnings growth at the midpoint of our guidance through an efficient sourcing of capital, which is not dependent upon any equity issuance.

儘管今年我們的資金環境受到限制，但我們仍透過有效利用經營現金流和有限使用信用額度來繼續擴大我們的體驗式產品組合。此外，我們在減少劇院和教育投資以及將這些收益再利用到其他體驗資產方面取得了進一步進展。展望 2025 年，我們預計透過高效的資本來源（不依賴任何股票發行）實現指導中期約 3.5% 的獲利成長。

Lastly, our strong balance sheet and conservative financial management have allowed us to operate successfully in the current macro environment. Within this context of this disciplined approach, we are pleased to announce a 3.5% increase in our monthly cash dividend to common shareholders. Following this increase, our dividend will remain well covered and we will retain significant financial flexibility.

最後，我們強勁的資產負債表和保守的財務管理使我們能夠在當前的宏觀環境下成功運作。在這種嚴謹的作風下，我們很高興地宣布，我們向普通股股東派發的每月現金股利將增加 3.5%。在此次增加之後，我們的股息將保持良好的覆蓋範圍，並且我們將保持相當大的財務靈活性。

Now, I'll turn the call over to Greg Zimmerman who will cover the business in greater detail.

現在，我將把電話轉給 Greg Zimmerman，他將更詳細地介紹這項業務。

Thanks, Greg. At the end of the quarter, our total investments were approximately $6.9 billion with 346 properties that are 99% leased or operated, excluding vacant properties we intend to sell. During the quarter, our investment spending was $49.3 million. 100% of the spending was in our experiential portfolio.

謝謝，格雷格。截至本季末，我們的總投資約為 69 億美元，擁有 346 處房產，其中 99% 已出租或經營，不包括我們打算出售的空置房產。本季度，我們的投資支出為 4,930 萬美元。 100% 的支出都用於我們的體驗式投資組合。

Our experiential portfolio comprises 278 properties with 51 operators and accounts for 93% of our total investments or approximately $6.4 billion. And at the end of the quarter, excluding the vacant properties we intend to sell, was 99% leased or operated. Our education portfolio comprises 68 properties with 8 operators and at the end of the quarter excluding the vacant property we intend to sell was 100% leased.

我們的體驗式投資組合包括 278 處房產和 51 家營運商，占我們總投資的 93%，約 64 億美元。截至本季末，不包括我們打算出售的空置房產，出租或營運率達 99%。我們的教育投資組合包括 68 處房產，擁有 8 家營運商，截至本季末，除我們打算出售的空置房產外，出租率為 100%。

Turning to coverage, the most recent data provided is based on a September trailing 12-month period. Overall portfolio coverage remains strong at 2 times down slightly from last quarter. Trailing 12-month coverage for the non-theater portion of our portfolio was 2.5 times, again, down slightly from last quarter. Trailing 12-month coverage for theaters remained at 1.5 times, evidencing stabilization from the impact on the release schedule from the writers and actors' strikes.

談到報道，所提供的最新數據是基於截至 9 月的過去 12 個月的數據。整體投資組合覆蓋率依然強勁，較上一季略有下降，達 2 倍。我們投資組合中非劇院部分的過去 12 個月覆蓋率為 2.5 倍，同樣比上一季略有下降。過去 12 個月的戲院上映覆蓋率仍為 1.5 倍，顯示編劇和演員罷工對上映時間表的影響已趨於穩定。

Turning to the operating status of our tenants. We continue to see a rebound in North American box office. Q4 box office totaled $2.3 billion, up 26% from Q4 2023. 2024 box office was $8.6 billion, down only 4% from 2023. After the severe impact on the strikes on the release schedule dissipated, box office recovers significantly in the second half of the year. We are confident the impact of the strikes is behind us.

說到我們租戶的經營狀況。我們繼續看到北美票房反彈。 Q4票房總計23億美元，較2023年Q4成長26%。 2024年票房為86億美元，較2023年僅下降4%。罷工對上映檔期的嚴重影響消退後，下半年票房明顯回升。我們相信，攻擊的影響已經過去。

Box office growth ties directly to the number of titles released, particularly wide releases from the nine major Hollywood studios, which typically generate around two-thirds of the North American box office gross. The current calendar reflects 138 titles for 2025, 78 major studio releases, and 60 small studio releases. For context, at this point in 2024, there were 64 major studio releases on the calendar, down from 100 in 2023 because of the strikes. The 78 major studio releases currently scheduled for 2025 are forecast to gross $800 million more than the major studio releases scheduled at this point in 2024.

票房成長與發行影片數量直接相關，尤其是好萊塢九大電影公司的大規模發行影片，這些影片通常佔北美票房總收入的三分之二左右。目前日曆反映了 2025 年的 138 部影片，其中 78 部為大型製片廠發行，60 部為小型製片廠發行。具體來說，到 2024 年此時，日曆上將有 64 部主要製片廠上映的電影，由於罷工，比 2023 年的 100 部有所減少。目前計劃於 2025 年上映的 78 部主要製片廠影片預計票房收入將比 2024 年此時計劃上映的主要製片廠影片多出 8 億美元。

Q1 is off to a nice start with box office through this week at $991 million. We are pleasantly surprised with the strength of Dog Man, which grossed $36 million on its opening weekend, making it the second highest grossing animated film released in January and has grossed $80 million to date. In Q1, two titles are projected to gross over $200 million: Captain America: Brave New World, which opened over Presidents' Day weekend, generating the best overall Q1 weekend since 2020 and has grossed $143 million to date; and Snow White, which opens March 21.

第一季開局良好，本週票房達 9.91 億美元。我們對《狗人》的強勁表現感到驚喜，該片首映週末票房收入達 3600 萬美元，成為 1 月份上映票房收入第二高的動畫電影，迄今為止票房收入已達 8000 萬美元。預計第一季有兩部影片的票房收入將超過 2 億美元：《美國隊長：美麗新世界》在總統日週末上映，創下了 2020 年以來第一季週末總票房最佳成績，迄今為止已獲得 1.43 億美元的票房收入； 《白雪公主》將於 3 月 21 日上映。

We are optimistic that the quantity and quality of the slate for 2025 and into 2026 will continue to propel an upward trajectory in box office. The 2025 slate includes The Fantastic Four; First Steps; Mission Impossible: The Final Reckoning; How to Train Your Dragon; Superman; Jurassic World: Rebirth; and Avatar: Fire and Ash. We are estimating North American box office for calendar year 2025 to be between $9.3 billion and $9.7 billion.

我們樂觀地認為，2025 年和 2026 年的電影數量和品質將繼續推動票房的上升軌跡。 2025 年的電影名單包括《神奇四俠》；第一步；碟中諜：最終清算；如何訓練你的龍；超人;侏羅紀世界：重生；以及《降世神通：火與灰燼》。我們估計 2025 年北美票房將在 93 億美元至 97 億美元之間。

Turning now to an update on our other major customer groups. Despite some pressure on operating expenses and in select cases of revenue, we saw good results across our drive to value-oriented destinations. Both Q4 and Q4 trailing 12-month revenue and EBITDARM were up across our ski portfolio over the respective same periods in 2023. Most of the portfolio has benefited from early season snowfall and past sales continue to help drive business.

現在來介紹一下我們其他主要客戶群的最新情況。儘管在營運費用和某些收入方面面臨一些壓力，但我們在追求價值導向的過程中看到了良好的成果。與 2023 年同期相比，我們的滑雪產品組合的第四季度和過去 12 個月的收入及息稅折舊攤銷前利潤 (EBITDARM) 均有所增長。大部分產品組合受益於季初的降雪，過去的銷售繼續幫助推動業務發展。

Andretti Karting is under construction in Kansas City, Oklahoma City, and Schaumburg, with openings scheduled for mid 2025 and early 2026. In 2025, we anticipate Topgolf will self fund at least four refreshes at EPR properties. The refreshes generally include replacing the outfield turf and lighting, repainting and updating sign.

安德雷蒂卡丁車賽道正在堪薩斯城、俄克拉荷馬城和紹姆堡建設中，計劃於 2025 年中期和 2026 年初開放。到 2025 年，我們預計 Topgolf 將自籌資金對 EPR 物業進行至少四次翻新。更新通常包括更換外場草皮和照明、重新粉刷和更新標誌。

While our Eat and Play coverage remains strong and above pre-COVID levels, both Q4 and Q4 trailing 12-month revenue and EBITDARM were down slightly over the respective same period in 2023.

儘管我們的「吃住行」報告依然強勁且高於疫情之前的水平，但第四季度和過去 12 個月的收入以及 EBITDARM 均較 2023 年同期略有下降。

Many of our attractions were closed for the season in Q4. In December, the Hôtel de Glace at Valcartier celebrated its 25th anniversary. We anticipate the 100,000-square-foot indoor water park addition at the Bavarian Inn in Frankenmuth, Michigan will open in Q1 2025. Over the past two years, our customer has added a family entertainment center with an ice cream shop and laser tag, a ropes course and bowling lanes, all of which have driven revenue growth.

我們的許多景點在第四季度因季節原因而關閉。 12 月，Valcartier 冰宮飯店 (Hôtel de Glace) 慶祝其成立 25 週年。我們預計，位於密西根州弗蘭肯默斯的巴伐利亞酒店 (Bavarian Inn) 的 100,000 平方英尺室內水上樂園將於 2025 年第一季度開放。在過去兩年中，我們的客戶增加了一個家庭娛樂中心，內設冰淇淋店和雷射槍戰遊戲、繩索課程和保齡球道，所有這些都推動了收入成長。

Construction of the extensive expansion at the Springs Resort in Pagosa Springs continues with opening scheduled for spring 2025. Across our fitness and wellness portfolio, we saw increases in both revenue and EBITDARM in the trailing 12 months through December 2024 over the same period in 2023.

帕戈薩斯普林斯溫泉度假村的大規模擴建工程仍在繼續，計劃於 2025 年春季開幕。在我們的健身和健康產品組合中，截至 2024 年 12 月的過去 12 個月中，我們的收入和 EBITDARM 均比 2023 年同期有所增長。

Our education portfolio continues to perform well. Our customers' trailing 12-month revenue across the portfolio through September was up 2%, while EBITDARM over the same period decreased by 3%, driven largely by operating cost increases.

我們的教育投資組合持續表現良好。截至 9 月份，我們客戶整個投資組合的過去 12 個月營收成長了 2%，而同期的 EBITDARM 下降了 3%，這主要是由於營運成本增加所致。

With respect to our consolidated operating properties, managed theaters continue to show improvement with a box office recovery. This improving performance is being offset by some of the revenue and expense pressures we're seeing at our Kartrite Hotel & Indoor Waterpark. We continue to work in good faith with our joint venture partners and lender to identify a path forward for our two St. Beach hotels significantly damaged by hurricanes in 2024. And as noted in our Q3 earnings call, we expect this will result in the eventual removal of the hotels from our portfolio.

就我們的合併經營資產而言，管理的戲院持續呈現改善趨勢，票房正在復甦。我們在 Kartrite 酒店和室內水上樂園看到的一些收入和支出壓力抵消了這項改善的表現。我們將繼續與合資夥伴和貸款方真誠合作，為 2024 年遭受颶風嚴重破壞的兩家聖海灘酒店找到未來的發展方向。正如我們在第三季財報電話會議上所指出的，我們預計這將最終導致這些飯店從我們的投資組合中移除。

Additionally, during Q4, we made the decision to exit our unconsolidated equity investment in a Camp Margaritaville RV Resort in Breaux Ridge, Louisiana. The park meaningfully underperformed expectations and will require significant ongoing capital infusions to service the non recourse debt and property operations. As a result, subsequent to the end of the quarter, we reached an agreement with our joint venture partner to exit the joint venture and our interests in the assets.

此外，在第四季度，我們決定退出位於路易斯安那州布羅里奇的 Camp Margaritaville RV Resort 的非合併股權投資。公園的表現遠低於預期，需要大量持續的資本注入來償還無追索權債務和財產運營。因此，在本季結束後，我們與合資夥伴達成協議，退出合資企業及其在資產中的權益。

We continue to have interest in two unconsolidated joint ventures that hold the Jellystone Park Warrens and Yogi Bear's Jellystone Park Cozy Rest RV Parks with a total combined carrying value of $14 million as of the end of 2024. These two assets showed Q4 trailing 12-month growth in revenue and EBITDARM over the same period in 2023.

我們繼續持有兩家非合併合資企業的權益，這兩家合資企業持有 Jellystone Park Warrens 和 Yogi Bear's Jellystone Park Cozy Rest RV Parks，截至 2024 年底，其總帳面價值為 1400 萬美元。這兩項資產在 2023 年第四季的營收和 EBITDARM 均較去年同期有所成長。

We are disappointed with the performance of our operating properties. The volatility of performance and expense pressures, including significant increases in insurance, are all part of the normal course of business for our tenants. However, they are not for us. Fundamentally, we have decided that juice isn't worth the squeeze in terms of performance, especially given the depth and strength of our net lease portfolio. Accordingly, we will no longer pursue these types of investments.

我們對我們的經營資產的表現感到失望。業績波動和費用壓力（包括保險費用大幅上漲）都是我們租戶正常業務的一部分。然而，它們並不適合我們。從根本上來說，我們認為，就業成績而言，榨取利潤並不值得，特別是考慮到我們的淨租賃組合的深度和實力。因此，我們將不再進行此類投資。

During Q4, our investment spending was $49.3 million to fund experiential projects which have closed but are not yet over, bringing the total in 2024 to $263.9 million. Subsequent to the end of the quarter, we acquired Diggerland USA in West Berlin, New Jersey, 20 miles east of Philadelphia for $14.2 million. Diggerland is the only construction themed attraction and water park in the country. It is our second investment which with IAM, which further diversifies our tenant base.

第四季度，我們的投資支出為 4,930 萬美元，用於資助已結束但尚未結束的體驗項目，使 2024 年的投資總額達到 2.639 億美元。本季結束後，我們以 1,420 萬美元的價格收購了位於新澤西州西柏林（費城以東 20 英里）的 Diggerland USA。 Diggerland 是全國唯一以建築為主題的景點和水上樂園。這是我們與 IAM 進行的第二筆投資，這將進一步豐富我們的租戶基礎。

In 2024, we added the award winning Iron Mountain Hot Springs Resort in Glenwood Springs, Colorado, to our list of outstanding hot springs properties. We also acquired Water Safari Resort in the Adirondacks and funded the development of three new Andretti Karting locations: Greater Kansas City, Oklahoma City, and Schaumburg, Illinois.

2024 年，我們將屢獲殊榮的科羅拉多州格倫伍德斯普林斯的鐵山溫泉度假村添加到我們的優秀溫泉酒店名單中。我們也收購了阿迪朗達克山脈的水上探險度假村，並資助開發了三個新的安德雷蒂卡丁車賽道：大堪薩斯城、俄克拉荷馬城和伊利諾伊州的紹姆堡。

We continue to see high quality opportunities for both acquisition and build to suit redevelopment and expansion in our target experiential categories. Given our cost to capital, we will continue to maintain discipline and to fund those investments primarily from cash on hand, cash from operations, proceeds from dispositions, and with a borrowing availability under our unsecured revolving credit facility.

我們繼續看到在我們的目標體驗類別中進行收購和建立以適應再開發和擴張的高品質機會。考慮到我們的資本成本，我們將繼續保持紀律，主要透過庫存現金、營運活動現金、處置收益以及無擔保循環信貸額度下的借款來為這些投資提供資金。

We're issuing investment spending guidance for funds to be deployed in 2025 in the range of $200 million to $300 million. We have committed approximately $150 million for experiential development and redevelopment projects that have closed but are not yet funded to be deployed over the next two years. We anticipate approximately $105 million of the $150 million will be deployed in 2025, which is included at the midpoint of our 2025 guidance range.

我們正在發布投資支出指導，預計 2025 年將投入 2 億至 3 億美元的資金。我們承諾投入約 1.5 億美元用於已結束但尚未獲得資金的體驗式開發和再開發項目，以便在未來兩年內部署。我們預計，這 1.5 億美元中約有 1.05 億美元將在 2025 年部署，這包含在我們 2025 年指導範圍的中點。

In Q4, we sold a vacant former Regal, a vacant former Xscape Theatre, and a vacant former KinderCare school were combined net proceeds of $9.3 million resulting in a net gain of approximately under $112,000. For 2024, disposition proceeds totaled $74.4 and the company recognized a net gain on sale of $16.1 million.

在第四季度，我們出售了一座空置的前 Regal 大樓、一座空置的前 Xscape 劇院和一座空置的前 KinderCare 學校，合計淨收益為 930 萬美元，淨收益約為 112,000 美元。2024 年，處分收益總計 7,440 萬美元，公司確認銷售淨收益 1,610 萬美元。

Subsequent to the end of the quarter, we sold a vacant early childhood education asset for a gain of $1 million and net proceeds of $3 million. As of today, we have no vacant education assets. Also subsequent to the end of the quarter, we sold another vacant Regal theater for a gain of $2.7 million and net proceeds of $6.1 million.

本季結束後，我們出售了一處空置的幼兒教育資產，收益 100 萬美元，淨收益 300 萬美元。截至今天，我們沒有空置的教育資產。本季結束後，我們還出售了另一家空置的 Regal 劇院，收益 270 萬美元，淨收益 610 萬美元。

Since early 2021, we have sold 25 theaters. We have one remaining AMC theater for which we have an executed purpose and [sale of duty]. 20 months after the conclusion of the Regal bankruptcy, we have sold 10 of the 11 former regal theaters we took back in bankruptcy. We currently have two former vacant Regals: one from the bankruptcy and one which Cinemark was operating and as we previously announced was closed last September. Cinemark currently manages three former Regal theaters.

自 2021 年初以來，我們已經售出了 25 家影院。我們還有一個 AMC 影院，我們已經為其執行了目標和 [出售職責]。在 Regal 破產程序結束 20 個月後，我們出售了破產時收回的 11 家前 Regal 影院中的 10 家。我們目前有兩家 Regals 影院空置：一家來自破產企業，另一家由 Cinemark 經營，我們先前宣布該影院已於去年 9 月關閉。 Cinemark 目前管理著三家前 Regal 影院。

Coming out of the Regal bankruptcy, it was our intent to sell the vacant theaters first and once on a good trajectory to turn our attention to selling most of the managed theaters. Because we made significant progress in disposing the vacant Regals, we are actively marketing the remaining three Cinemark-managed theaters. We have signed purchase and sale agreements for two of these three.

在 Regal 破產之後，我們打算先出售空置的影院，一旦情況好轉，我們再將注意力轉向出售大部分管理的影院。由於我們在處置空置的 Regals 影院方面取得了重大進展，我們正在積極行銷剩餘的三家 Cinemark 管理影院。我們已經為其中兩家簽署了買賣協議。

Although there can be no assurance, we anticipate these sales will occur in the first half of 2025. In addition, we have assigned purchase and sale agreement to sell two theater properties to a smaller operator that currently leases both locations. Again, although there can be no assurance, we anticipate this sale will occur in the first half of 2025. We are issuing 2025 disposition guidance in the range of $25 million to $75 million.

雖然無法保證，但我們預計這些銷售將在 2025 年上半年發生。此外，我們已簽署買賣協議，將兩處影院物業出售給目前租賃這兩處場地的一家規模較小的業者。再次重申，儘管無法保證，但我們預計此次出售將在 2025 年上半年進行。我們發布的 2025 年處置指導價在 2,500 萬美元至 7,500 萬美元之間。

Finally, given the events of COVID and the subsequent writers and actors' strikes over the past several years, we believed it was important to bifurcate our coverage universe to demonstrate the impact of these events on our theater versus our non-theater portfolio. As we are now 12 months removed from strikes and film production is normalizing, for calendar year 2025, we will return to our normal coverage reporting on the portfolio as a whole.

最後，考慮到過去幾年新冠疫情以及隨後的編劇和演員罷工事件，我們認為有必要將我們的報道範圍一分為二，以展示這些事件對我們的劇院和非劇院投資組合的影響。由於罷工已經過去 12 個月，電影製作也正在恢復正常，因此，到 2025 年，我們將恢復對整個投資組合的正常報導。

In addition, over the past several years, we have worked closely with our tenants to get more timely and detailed reporting. As such, our coverage metrics will be based on a trailing 12-month basis as of the end of the quarter we are reporting other than the education component, which will be through the previous quarter.

此外，過去幾年來，我們與租戶密切合作，以獲得更及時、更詳細的報告。因此，我們的覆蓋指標將以截至報告季度末的過去 12 個月為基礎，但教育部分除外，教育部分將以上第一季為基礎。

I now turn it over to Mark for a discussion of the financials.

現在我把這個問題交給馬克來討論財務問題。

Thank you, Greg. Today, I'll discuss our financial performance for the fourth quarter and the year, provide an update on our balance sheet, and close with introducing 2025 guidance. FFOs adjusted for the quarter was $1.23 per share versus $1.18 in the prior year, and AFFO for the quarter was $1.22 per share compared to $1.16 in the prior year. Before I walk through the key variances, I'd like to explain some items excluded from FFOs adjusted and AFFO.

謝謝你，格雷格。今天，我將討論我們第四季和全年的財務業績，提供我們資產負債表的最新情況，最後介紹 2025 年的指導。本季調整後的 FFO 為每股 1.23 美元，而去年同期為 1.18 美元；本季調整後的 AFFO 為每股 1.22 美元，去年同期為 1.16 美元。在我介紹主要差異之前，我想先解釋一下調整後的 FFO 和 AFFO 中排除的一些項目。

During the quarter, we continued to make progress reducing our investments in theater and education properties and recycling those proceeds into other experiential assets. First, we recognized a net gain of $112,000 on the sale of two vacant theaters and one vacant early childhood education center, for which we received net proceeds totaling $9.3 million. For the year, disposition proceeds totaled $74.4 million. We recognized a net gain on sales of $16.1 million.

本季度，我們繼續減少對劇院和教育資產的投資，並將這些收益再利用到其他體驗資產中。首先，我們出售兩家空置劇院和一家空置幼兒教育中心，獲得了 112,000 美元的淨收益，總計 930 萬美元的淨收益。全年處分收益總額為 7,440 萬美元。我們確認銷售淨收益為 1,610 萬美元。

Second, we have two operating theater properties as well as two theater properties leased by a smaller theater operator under contracts to sell, with closings expected on all four properties in the first half of 2025. During the quarter, we recognized noncash impairment charges of $40 million related to these properties. However, we expect that the proceeds from these sales once redeployed into other experiential assets will be accretive to earnings, while also reducing the volatility in reported earnings associated with operating properties.

其次，我們擁有兩處正在運營的影院物業，以及兩處由小型影院運營商租賃的影院物業，這些物業已簽訂銷售合同，預計所有四處物業將於 2025 年上半年完成交易。在本季度，我們確認了與這些資產相關的 4,000 萬美元的非現金減損費用。然而，我們預計，這些銷售所得一旦重新部署到其他體驗資產中，將會增加收益，同時也會降低與經營性資產相關的報告收益的波動性。

In addition, during the quarter, we made the decision to exit our unconsolidated equity investment in operating RV property located in Breaux Bridge , Louisiana. The RV property underperformed expectations and would have required an ongoing capital infusion to service the nonrecourse debt and property operations. We finalized our exit of this investment earlier this month.

此外，在本季度，我們決定退出位於路易斯安那州布羅布里奇的經營性房車物業的非合併股權投資。RV 資產表現不如預期，需要持續注入資本來償還無追索權債務和資產運作。我們在本月初完成了這項投資的退出。

Accordingly, during the quarter, we recognized $16.1 million in impairment charges on joint ventures to fully write off our carrying value. We also received $1 million in exchange for the sale of our remaining subordinated mortgage note receivable on the property. Accordingly, during the quarter, we recognized $10.3 million as provision for credit loss. We continue to have interest in two remaining unconsolidated joint ventures that pulled two operating RV properties with a total carrying value of $14 million at year end.

因此，在本季度，我們確認了 1,610 萬美元的合資企業減損費用，以完全註銷我們的帳面價值。我們還透過出售該房產剩餘的次級抵押貸款應收票據獲得了 100 萬美元。因此，在本季度，我們確認了 1,030 萬美元作為信用損失準備金。我們繼續對剩下的兩家未合併的合資企業感興趣，這兩家合資企業擁有兩處營運中的房車物業，年底總帳面價值為 1400 萬美元。

Now moving to the key variances. Total revenue for the quarter was $177.2 million versus $172 million in the prior year. Within total revenue, rental revenue increased $378,000 versus the prior year. The positive impact of investment spending was offset by a decrease due to a $2.5 million lease termination fee and $0.6 million in out-of-period deferral collections from cash basis customers recognized during the prior year.

現在轉向關鍵差異。本季總營收為 1.772 億美元，去年同期為 1.72 億美元。在總收入中，租金收入比前一年增加了 378,000 美元。投資支出的正面影響被上一年確認的 250 萬美元租賃終止費和 60 萬美元現金基礎客戶期外遞延收款所導致的減少所抵消。

Within rental revenue, percentage rents for the quarter were $4.7 million versus $6.2 million in the prior year. The decrease was due to less percentage rent recognized in the current period from two cultural properties that were sold early in the year, as well as lower percentage rent from our gaming tenant and from certain attraction properties.

在租金收入中，本季的百分比租金為 470 萬美元，而去年同期為 620 萬美元。下降的原因是本期確認的來自年初出售的兩處文化地產的租金百分比較低，以及來自我們的博彩租戶和某些景點地產的租金百分比較低。

The increase in mortgage and other financing income of $3.7 million 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 & Indoor Waterpark and our operating theaters. Please note that we had six operating theaters during the current period versus seven during the prior year as we closed one of the operating theaters during the third quarter of '24 that we plan to sell. As I mentioned earlier, we also have two of the remaining six theater properties we are operating currently under contracts for sale.

抵押貸款和其他融資收入增加 370 萬美元，是由於過去一年對抵押貸款票據的額外投資。其他收入和其他支出主要與我們的合併經營物業有關，包括 Kartrite 酒店和室內水上樂園以及我們的手術室。請注意，本期間我們擁有 6 家手術室，而去年同期有 7 家，因為我們在 24 年第三季度關閉了其中一家手術室併計劃出售。正如我之前提到的，我們目前正在運營的剩餘六家影院中，還有兩家簽訂了出售合約。

On the expense side, G&A expense for the quarter decreased to $12.2 million versus $13.8 million in the prior year due primarily to lower payroll costs, including noncash share-based compensation expense as well as lower professional fees. Interest expense net for the quarter increased by $3.1 million compared to prior year due to an increase in borrowings under our unsecured revolving credit facility as well as a decrease in interest income on short-term investments.

在費用方面，本季的一般及行政費用從上年的 1,380 萬美元下降至 1,220 萬美元，主要原因是工資成本降低（包括非現金股權激勵費用）以及專業費用降低。本季淨利息支出與去年相比增加了 310 萬美元，原因是我們的無擔保循環信貸額度下的借款增加以及短期投資的利息收入減少。

Lastly, FFO as adjusted from joint ventures for the quarter increased by about $900,000 versus the prior year due primarily to the avoidance of off-season losses and interest expense from the decision to exit joint venture investments in two hotel properties in St. Pete Beach, Florida, as discussed last quarter, as well as the JV investment in Breaux Bridge, Louisiana, I discussed earlier. These increases in FFO were partially offset by higher expenses including insurance and interest at the remaining joint ventures.

最後，本季經合資企業調整後的 FFO 比上年增加約 90 萬美元，主要原因是避免了淡季損失和利息支出，因為決定退出上個季度討論過的位於佛羅裡達州聖彼得堡海灘的兩家酒店物業的合資投資，以及我之前討論過的位於路易斯安那州布羅布里奇的合資投資。FFO 的增加部分被其餘合資企業的保險和利息等費用的增加所抵銷。

Shifting to full-year results, FFO as adjusted was $4.87 per share versus $5.18 in the prior year, and AFFO was $4.84 per share compared to $5.22 in the prior year. On the next slide, I thought it'd be helpful to illustrate the impact on growth in FFOs adjusted per share for 2024 when you remove the impact of out-of-period cash basis deferral collections from 2023 of $36.4 million or $0.48 per share and from 2024, $0.6 million or $0.01 per share. As you can see on the slide, FFO as adjusted per share growth without deferral collections from 2023 to 2024 was 3.4%.

轉向全年業績，調整後的 FFO 為每股 4.87 美元，而上年為 5.18 美元，AFFO 為每股 4.84 美元，而上年為 5.22 美元。在下一張投影片中，我認為，當您消除 2023 年期外現金基礎遞延收款 3640 萬美元或每股 0.48 美元以及 2024 年 060 萬美元或每股 0.01 美元的影響時，說明對 2024 年每股調整後 FFO 增長的影響會很有幫助。正如您在投影片上看到的，2023 年至 2024 年期間，不計遞延收款的調整後每股 FFO 成長率為 3.4%。

Turning to the next slide, I'll review some of the company's key credit ratios. As you can see, our coverage ratios continue to be strong with a fixed charge coverage at 3.2 times and both interest and debt service coverage at 3.8 times. Our net debt to adjusted EBITDAre was 5.3 times for the quarter.

翻到下一張投影片，我將回顧該公司的一些關鍵信用比率。如您所見，我們的覆蓋率持續保持強勁，固定費用覆蓋率為 3.2 倍，利息和債務服務覆蓋率為 3.8 倍。本季我們的淨債務與調整後 EBITDA 比率為 5.3 倍。

If you adjust this ratio to include the annualization of investments put in service, acquired or disposed of during the quarter, and the annualization of percent of rent and participating interest as well as other items, this ratio was 5.1 times at quarter end, which is at the low end of our targeted range. Additionally, our net debt to gross assets was 40% on a book basis at year end and our common dividend continues to be very well covered with an AFFO payout ratio of 70% both for the fourth quarter and full year.

如果調整該比率，將本季投入使用、收購或處置的投資的年化，以及租金和參與權益百分比以及其他項目的年化計算在內，則該比率在季度末為 5.1 倍，處於我們目標範圍的低端。此外，截至年底，我們的淨債務與總資產之比為 40%，並且我們的普通股股息仍然得到很好的覆蓋，第四季度和全年的 AFFO 派息率均為 70%。

Now let's move to our balance sheet, which is in great shape. At year end, we had consolidated debt of $2.9 billion, of which $2.7 billion is either fixed rate debt or debt that has been fixed through interest rate swaps with an overall blended coupon of approximately 4.4%. Additionally, we only have $300 million of debt maturing this year. As you can see, our liquidity position remains strong with $22.1 million of cash on hand at year end and only $175 million drawn on our new $1 billion revolver, which positions us well going forward and provides us great flexibility in our approach to refinancing the upcoming $300 million debt maturity.

現在讓我們來看看我們的資產負債表，它狀況良好。截至年底，我們的合併債務為 29 億美元，其中 27 億美元為固定利率債務或透過利率互換固定的債務，整體混合票面利率約為 4.4%。此外，我們今年只有 3 億美元的債務到期。如您所見，我們的流動性狀況依然強勁，年底手頭上有 2,210 萬美元現金，而我們新的 10 億美元循環信貸額度僅提取了 1.75 億美元，這為我們未來的發展奠定了良好的基礎，並為我們為即將到期的 3 億美元債務進行再融資的方式提供了極大的靈活性。

We are introducing our 2025 FFO's adjusted per share guidance of $4.94 to $5.14, representing an increase over the prior year of 3.5% at the midpoint. Note that due primarily to the timing of expected percentage rents, which are heavily weighted in the last three quarters of the year, as well as the fact that the first quarter is off season for our operating properties, we expect results for the first quarter of 2025 to be lower than the full year divided by 4 by about $0.10 per share.

我們推出 2025 年 FFO 調整後每股收益指引，為 4.94 美元至 5.14 美元，比上年中位數成長 3.5%。請注意，主要由於預期百分比租金的時間安排（在一年最後三個季度佔很大比重），以及第一季度是我們經營物業的淡季，我們預計 2025 年第一季度的業績將比全年業績除以 4 低約 0.10 美元/股。

As we have discussed previously, given our cost of capital, we are limiting our near-term investment spending. We are providing our 2025 investment spending guidance of $200 million to $300 million, We are also providing guidance for disposition proceeds for 2025 of $25 million to $75 million.

正如我們之前所討論的，考慮到我們的資本成本，我們正在限制近期的投資支出。我們為 2025 年的投資支出提供了 2 億至 3 億美元的指導，我們也為 2025 年的處置收益提供了 2,500 萬至 7,500 萬美元的指導。

We expect percentage rents and participating interests of $18 million to $22 million. The midpoint of this guidance reflects an increase of over $5 million versus the prior year. This increase is primarily related to percentage rents expected from theaters subject to the Regal Master Lease and is offset by certain properties that have base rent increases in 2025, causing the break point for percentage rents to go up.

我們預計百分比租金和參與權益為 1800 萬至 2200 萬美元。該指引的中點比前一年增加了 500 多萬美元。這一增長主要與受 Regal Master Lease 約束的劇院預期的百分比租金有關，並被 2025 年基本租金上漲的某些物業所抵消，從而導致百分比租金的臨界點上升。

We expect G&A expense of $52 million to $55 million. The midpoint of this guidance reflects an increase from prior year of about $3.4 million. This is primarily due to an increase in payroll and benefit costs including noncash stock grant amortization, and to a lesser degree, an increase in franchise taxes due to a refund received in 2024, an increase of costs associated with adding additional Board members.

我們預計一般及行政費用為 5,200 萬至 5,500 萬美元。該指導的中點比前一年增加了約 340 萬美元。這主要是由於工資和福利成本（包括非現金股票贈與攤銷）增加，以及在較小程度上由於 2024 年收到退款導致特許經營稅增加，以及增加董事會成員相關成本增加。

On the next slide, guidance for our consolidated operating properties is provided by giving a range for other income and other expense. Since our remaining investments in JVs is only $14 million and the FFO impact going forward is expected to be nominal, we are no longer providing guidance for our operating JVs. Guidance details can be found on page 24 of our supplemental.

在下一張投影片中，我們透過給予其他收入和其他支出的範圍來提供合併經營資產的指導。由於我們在合資企業的剩餘投資僅為 1400 萬美元，並且預計未來對 FFO 的影響很小，因此我們不再為我們的營運合資企業提供指導。指導細節可以在我們的補充資料第 24 頁找到。

Finally, based on our expected 2025 performance, we are pleased to announce a 3.5% increase in our monthly dividend, beginning with the dividend payable April 15 to shareholders of record as of March 31. We expect our 2025 dividend to be well covered with an AFFO per share payout continuing to be at about 70% based on the midpoint of guidance.

最後，根據我們預期的 2025 年業績，我們很高興地宣布，從 4 月 15 日向 3 月 31 日登記在冊的股東支付的股息開始，我們的月度股息將增加 3.5%。我們預計，2025 年的股息將得到充分覆蓋，根據指導中點，每股 AFFO 派息將繼續保持在 70% 左右。

Now with that, I'll turn it back over to Greg for his closing remarks.

現在，我將把發言權交還給格雷格，請他作最後發言。

Thank you, Mark. Our results continue to demonstrate the consumer demand for experiential offerings. With box office off to a strong start, we're excited about a more normalized release schedule.

謝謝你，馬克。我們的結果繼續證明了消費者對體驗式產品的需求。隨著票房開局強勁，我們對更規範的上映時間表感到興奮。

I want to thank all of our tenants, partners, and associates for their contributions in 2024. Facing many challenges, we delivered solid results and we are excited about the opportunities before us in 2025 and beyond.

我要感謝我們所有的租戶、合作夥伴和同事在 2024 年所做的貢獻。面對諸多挑戰，我們取得了堅實的成果，我們對 2025 年及以後面臨的機會感到興奮。

With that, why don't I open it up for questions. Leila?

既然如此，我為什麼不開始回答問題呢？萊拉？

(Operator Instructions) Rob Stevenson, Janney Montgomery Scott.

（操作員指示）羅布·史蒂文森、詹妮·蒙哥馬利·斯科特。

Good morning. How are the two remaining RV parks performing versus Louisiana one that you exited?

早安.與您退出的路易斯安那州房車公園相比，剩下的兩個房車公園的表現如何？

Again, I'll let Greg also jump -- and Greg Zimmerman also jump in. But I think we're seeing better performance. I think, again, if we go back and look at Breaux Bridge, we would look and say the Margaritaville conversion of that did not work for that property. It was not the right decision. And -- but the others have been more established. We didn't really change the branding of that. We just kind of have expanded the offerings. But Greg?

再次，我會讓 Greg 也跳 - 並且 Greg Zimmerman 也跳進去。但我認為我們看到了更好的表現。我認為，如果我們回過頭來看布羅橋，我們會發現瑪格麗塔維爾的改建對該房產來說並不奏效。這不是一個正確的決定。而且——但其他的已經更加成熟了。我們實際上並沒有改變它的品牌。我們只是擴大了產品範圍。但是格雷格？

I think that's right. Rob, they're both Jellystone products, which have been around for a long time. On Kozy Rest, we have a number of things that have been under construction for a couple of years, so we're not really normalized yet. We expect a number of cabins that we had added last year come online this year along with some of the other amenities. So we're feeling better about those performances.

我認為那是對的。羅布，它們都是 Jellystone 的產品，已經存在很久了。在 Kozy Rest 上，我們有許多東西已經建造了好幾年，所以我們還沒有真正實現正常化。我們預計，去年新增的一些客艙以及一些其他設施今年將投入使用。所以我們對這些表演感覺更好。

Yes. As I said in my comments, we expect the go-forward contribution for those two for '25 to be nominal. The ones up and running and doing well and the other ones, as Greg said, is kind of normalizing. So it was put in service this year as the full interest expense burden, but it's certainly on a good trajectory. But overall, that number should be pretty nominal from an FFO point of view.

是的。正如我在評論中所說，我們預計這兩家公司對 25 年的貢獻將是名義上的。一些已經啟動並運行良好，而其他的，正如格雷格所說，正在逐漸正常化。因此，它在今年投入使用，作為全額利息支出負擔，但它肯定處於良好的軌道上。但總體而言，從 FFO 的角度來看，這個數字應該是相當名目的。

Okay. That's helpful. And then in terms of future sort of investments, how are you thinking about some of the other sort of lodging-type assets like the Hot Springs and other assets that aren't attached to a water park? Is that something that you're still interested in or is that not likely to be a significant investment going forward for you guys?

好的。這很有幫助。那麼就未來的投資而言，您如何看待其他類型的住宿資產，例如溫泉和其他不屬於水上樂園的資產？這是你們仍然感興趣的事情嗎？或者這對你們來說不太可能成為一項重大的投資？

No. What I think you should think about this in terms of, Rob, is not the fact that we don't like that space, but we don't like operating versus net lease or fixed income structures. So where we can be in a situation of, like I said, net leasing, And likewise, we have a Margaritaville RV Park that's on a lease -- yeah, (inaudible) forward that's doing very well.

不。羅布，我認為你應該這樣考慮：我們不喜歡這個領域，而是我們不喜歡經營租賃與淨租賃或固定收益結構。所以，就像我說的，我們可以處於淨租賃的境地，同樣，我們有一個租賃的瑪格麗塔維爾房車公園 - 是的，（聽不清楚）未來發展得很好。

Again, what we have experienced with whether it'd be insurance costs or some of these others, the volatility that is introduced to us as a result of being the operating partner is not something I think investors value nor is it something, as Greg pointed out candidly, the juice isn't worth the squeeze. So again, we still like some of these sectors, but we like them in our kind of net lease environment.

再說一遍，我們所經歷的無論是保險費用還是其他一些費用，作為營運合夥人給我們帶來的波動性並不是投資者所重視的東西，正如格雷格坦率地指出的那樣，這不是值得付出代價的。所以，我們仍然喜歡其中的一些行業，但我們喜歡它們在我們的淨租賃環境中。

And then you had also mentioned Hot Springs Resorts. I mean, we are very bullish on the Hot Springs area. I think we're one of the leading investors in the country in that. And I would say there is a lodging component of those, but it's really part of the overall attraction, which includes the ability to do a day pass. And so we don't view those as pure lodging play as well.

然後您還提到了溫泉度假村。我的意思是，我們非常看好溫泉地區。我認為我們是該國該領域的主要投資者之一。我想說的是，這其中有住宿部分，但它實際上是整體景點的一部分，其中包括一日通票。因此，我們也不認為這些是純粹的住宿業務。

Okay. And then beyond your development pipeline, where are you seeing the best investment opportunities given your improved cost of equity in the back -- in the strong balance sheet today?

好的。那麼，除了您的開發管道之外，考慮到您目前強勁的資產負債表中股權成本的改善，您認為最佳的投資機會在哪裡？

Well, again, we're very bullish on fitness and wellness. And again, we're just really proud to have a great portfolio, including we added Iron Mountain last year. We're seeing good traction in the attraction space. We mentioned we were able to acquire Diggerland in Q1. And I think we're seeing good opportunities in almost all of our verticals right now. So we're just being very careful given our cost of capital, and we're still seeing a lot of opportunities.

好吧，我們再次強調，我們對健身和健康非常看好。再次強調，我們真的很自豪能夠擁有如此出色的投資組合，包括去年我們收購的 Iron Mountain。我們看到景點領域發展勢頭良好。我們提到我們能夠在第一季度收購 Diggerland。我認為我們現在在幾乎所有垂直領域都看到了良好的機會。因此，考慮到我們的資本成本，我們非常謹慎，但我們仍然看到很多機會。

And just to add to that, in the Eat and Play area, we've got the Andretti Karting that we're doing three new locations and that's performing well.

除此之外，在餐飲娛樂區，我們開設了安德雷蒂卡丁車賽道，目前在三個新地點運營，並且表現良好。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Great. Thanks. Good morning. And just to maybe continue with some of the questioning along Rob's lines. If you look at your guidance, your growth rate is pretty competitive with the peer sets. And if we look at the midpoint of your capital deployment net of sales, a lot of that's already even in the bag, it seems, with what you've committed to.

偉大的。謝謝。早安.也許可以繼續回答 Rob 提出的一些問題。如果你看一下你的指導，你會發現你的成長率與同業相比相當有競爭力。如果我們看一下您的資本部署淨銷售額的中點，我們會發現，其中許多似乎已經包含在您承諾的資金中了。

So I guess where do yields need to be right now for you to get interested and kind of deploying more? And I guess you talked about what areas are most interesting, but just how does the deal flow look like relative to history?

那麼我想現在收益率需要達到什麼水平才能引起你的興趣並進行更多部署呢？我想您已經談到了哪些領域最有趣，但相對於歷史而言，交易流程究竟是怎麼樣的呢？

I would say the deal flow is pretty consistent, kind of, Tony. And I think where we get excited more about -- there's two different standards there. Again, I don't think our equity cost of capital is where it needs to be for us to raise capital. But on the margin, could we get to the higher end of our range depending upon when some of these asset sales happen?

我想說交易流程相當一致，東尼。我認為讓我們更興奮的是——那裡有兩種不同的標準。再說一次，我認為我們的股權資本成本還沒有達到籌集資本所需的水平。但在邊際上，我們能否根據這些資產出售的發生時間達到我們範圍的高端？

Yeah. I mean, I think we think the depth of our opportunity set is -- would allow us to do that. We just need to -- kind of we're conscious of our balance sheet and maintaining that kind of investment grade fortress balance sheet. But Mark, maybe you have --

是的。我的意思是，我認為我們認為我們的機會深度——可以讓我們做到這一點。我們只是需要——我們意識到我們的資產負債表並維持那種投資等級堡壘資產負債表。但是馬克，也許你有--

Yeah. On the cost of capital side, you know, both our equity cost has come down quite substantially recently and our debt cost continues to come down. So if you kind of do the equity multiple approach in your debt at a 60-40 relationship, we're in the low 8s right now, cost of capital. We like to see at least 100 basis points or 150 basis points of spreads. So we're not quite there yet to do incremental over the 200 to 300 that we're talking about here for next year and what we did this year, but it's certainly moving in the right direction.

是的。在資本成本方面，您知道，我們的股權成本最近大幅下降，債務成本也持續下降。因此，如果您以 60-40 的關係採用股權倍數方法處理債務，那麼我們現在的資本成本處於 8% 以下。我們希望看到至少 100 個基點或 150 個基點的利差。因此，我們還沒有完全實現我們明年討論的 200 到 300 的增量以及我們今年所做的目標，但它肯定朝著正確的方向發展。

Okay. Thank you for that. And then just my second one on Kartrite, appreciate the exit from operating and what you've done with some of the other ones. But I mean, how do you think about the long-term options with that one because it is, I think, still the most sizable in the pack there?

好的。謝謝你。然後這只是我對 Kartrite 的第二次評價，感謝您退出營運以及您對其他一些專案所做的工作。但我的意思是，您如何看待這個的長期選擇，因為我認為它仍然是其中規模最大的？

Yeah, Tony, again, we've had numerous challenges every year, whether it's been shut down or last year, the balcony challenge. Again, we have to remember that we entered into that transaction to activate the gaming. And on an overall basis, we look at those on a combined basis and we're doing quite well on the ground lease of that.

是的，托尼，我們每年都會面臨無數挑戰，無論是這次關閉還是去年的陽台挑戰。再次強調，我們必須記住，我們進行該交易是為了啟動遊戲。從整體來看，我們會綜合考慮這些因素，發現我們在地面租賃方面做得相當不錯。

Yes, again, we'd like to at some point in the future get out of the operating of that asset. Its performance needs to step up to allow that, but it's definitely something we will and will continue to look out and explore.

是的，我們再次希望在未來的某個時間點退出該資產的運作。它的性能需要提高才能實現這一點，但這絕對是我們會並將繼續關注和探索的事情。

Bennett Rose, Citi.

花旗銀行的貝內特·羅斯。

Hi, thanks. Appreciate the time. I wanted to ask you just on the percentage rents, you mentioned, I guess, continued expected improvement in the box office. But just to achieve kind of the higher end of the range, is that really a box office dependent factor? Or is there something else in there that could help drive you those numbers up?

你好，謝謝。珍惜時間。我想問您關於租金百分比的問題，我想您提到了票房預計會持續改善。但僅僅為了達到某種較高的價格範圍，這真的是票房依賴因素嗎？或者其中還有其他東西可以幫助您提高這些數字嗎？

I mean, the performance -- there's percentage rents across a number of different properties. So you could have outperformance in any of the properties. But probably, theater box office driving that Regal percentage number is probably the most significant to get to that higher end ranges, which is only our range is only $18 million to $22 million So we're talking about maybe $2 million more at the high end.

我的意思是，表現——有許多不同房產的百分比租金。因此，您可以在任何一項屬性上取得優異表現。但可能劇院票房推動 Regal 百分比數字可能是達到較高端範圍的最重要因素，我們的範圍僅為 1800 萬美元至 2200 萬美元，所以我們談論的高端可能還要多 200 萬美元。

I think also against (inaudible) is like all of us that additional investment timing of that investment, all of those things factor in to get to the higher end of the range, when we think about getting to the higher end of earnings range. So I think there's better performance in some of the operating part.

我認為，反對（聽不清楚）就像我們所有人一樣，這項投資的額外投資時機，當我們考慮達到收益範圍的高端時，所有這些因素都會影響到達到範圍的高端。所以我認為在某些操作部分有更好的表現。

So there's a lot of contributing factors that could drive us to better than the midpoint. I think we've given the market our best expectations on where box office will come in. And I think our stated range at the midpoint is consistent with that.

因此，有許多因素可以推動我們取得比中間點更好的成績。我認為我們已經向市場給出了關於票房收入的最佳預期。我認為我們所聲明的中間值範圍與此一致。

And then would you -- for the two remaining JV properties, I realize that they're, I guess, relatively small overall. But are you -- would you expect to exit from those, the Jellystone and Yogi Bear properties that you mentioned?

那麼，對於剩下的兩家合資企業，我意識到它們總體上規模相對較小。但你——你希望退出你提到的 Jellystone 和 Yogi Bear 屬性嗎？

Again, we're just going to have to see on a relative value on what they contribute. As you said, it's relatively insignificant. I don't think we're committed to necessarily owning them for the long term, but their contribution is such that it's -- they're performing fine. If we get an opportunity to exit and redeploy that into a more net lease investment, I'm sure we'll take a look at that over time.

再次強調，我們只需要看看他們所貢獻的相對價值。正如你所說，這相對來說並不重要。我認為我們不一定致力於長期擁有它們，但它們的貢獻是如此之大——它們表現良好。如果我們有機會退出並將其重新部署到更淨的租賃投資中，我相信我們會隨著時間的推移對此進行研究。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my question. First question is just can you outline what you're assuming for credit loss for the year and just some of the thought process around that and how that compares to maybe prior years?

早安.非常感謝您回答我的問題。第一個問題是，您能否概述一下您對今年信貸損失的假設，以及圍繞這一假設的一些思考過程，以及與前幾年相比如何？

Yeah. Let's start with mortgages. Credit loss on mortgages is booked through the credit loss model per GAAP. So that's kind of booked on an ongoing basis. I'd say overall, it's probably about 1% of EBITDA, which is about $5 million. So we've got, I think, about that amount of cushion kind of baked in for bad debts.

是的。讓我們從抵押貸款開始。抵押貸款的信用損失按照 GAAP 的信用損失模型入帳。因此，這是一種持續預訂的方式。我認為總體而言，它大概佔 EBITDA 的 1%，約 500 萬美元。所以我認為，我們已經為壞帳預留了大約那麼多的緩衝資金。

And I think that's consistent with what we do every year.

我認為這與我們每年所做的事情一致。

Got it. And then just a follow-up question is on funding the 2025 investments, right? You've got a little bit of room on the revolver, but then you also mentioned kind of how -- you also have 2025 debt maturities of $300 million. So can you talk a little bit about how you plan on funding, maybe just on the debt as well? And it sounds like you're not quite there on issuing equity. So can you just talk about the interplay of those three? Thanks.

知道了。然後接下來的問題是關於 2025 年投資的資金問題，對嗎？您在循環信貸方面還有一點空間，但您也提到了——您還有 3 億美元的 2025 年到期債務。那麼，您能否稍微談談您的融資計劃，也許也談談債務計劃？聽起來您在發行股票方面還沒有完全做到位。那麼你能談談這三者之間的互動嗎？謝謝。

Sure. Yeah. Let me just run through the sources and uses. At the midpoint, we got uses of investment spending at $250 million. And like you said, we have a loan maturity for $300 million so $550 million on the uses side. And on the sources side, we've got $50 million of dispositions at the midpoint and free cash flow of about $120 million roughly. So it's $175 million of sources.

當然。是的。讓我簡單介紹一下其來源和用途。中期來看，我們的投資支出用途為 2.5 億美元。正如您所說，我們有 3 億美元的貸款到期，因此使用方面為 5.5 億美元。在來源方面，我們的中點處置額為 5,000 萬美元，自由現金流約為 1.2 億美元。所以這是1.75億美元的來源。

So that if you didn't do any long-term financing, that would increase your line of about $380 million. So we'd be about -- add that to the $175 million that we're at at year end, we would be about half drawn on the line. So we've got -- we could do it that way or -- and more what we have on our plan is ultimately to term that out and do a bond deal, which would -- call it, a $400 million bond deal, which would take our line down to under $200 million.

因此，如果您不進行任何長期融資，您的信用額度將增加約 3.8 億美元。因此，我們大約會——加上我們年底的 1.75 億美元，我們將用完大約一半的資金。所以我們有 - 我們可以這樣做，或者 - 我們的計劃最終是完成這一目標並進行債券交易，這將 - 稱之為 4 億美元的債券交易，這將使我們的額度降至 2 億美元以下。

So I think the point is we have flexibility, given the fact that we could fund the whole thing on our line and only be half drawn. But our intention is to ultimately term that out. And I think with respect to that, we've got a lot of flexibility also. We've got room in our laddering for a 5-year, a 7-year or a course of 10-year. So I think we've got a lot of flexibility to kind of watch the market and determine the right time to potentially do a bond deal.

因此，我認為關鍵在於我們具有靈活性，因為我們可以用我們的資金為整個專案提供資金，但只提取一半。但我們的目的是最終解決這個問題。我認為在這方面我們也有很大的彈性。我們的階梯式學習計畫為 5 年、7 年或 10 年的課程留出了空間。因此我認為我們有很大靈活性來觀察市場並確定進行債券交易的正確時機。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Yeah. Thanks. I wanted to touch back on percentage rents that you guys were kind of highlighting. I guess, Mark, can you kind of break out what is the nontheater percentage rents versus the theater percentage rents? And do you expect the nontheater percentage rents to be largely stable in '25 or '24? I guess how does that specifically change between the two years?

是的。謝謝。我想重新談談你們強調的百分比租金。我想，馬克，您能否詳細列出非劇院租金百分比與劇院租金百分比之間的關係？您預計 2025 年或 2024 年非劇院租金百分比會基本上保持穩定嗎？我猜這兩年具體發生了什麼樣的變化？

Yeah. We don't break that out. I mean, the large part of the increase is the Regal Master Lease. And the rest of the properties, we've got some puts and takes. But in some cases, there is a -- been a rent bump. So the percent rent might go down slightly, but you're getting at a minimum rent to shift location on the income statement. But overall, fairly stable year over year, but for the caps and then, of course, you have on the Regal side the increase from the box office.

是的。我們不會透露這一點。我的意思是，成長的大部分是 Regal Master Lease。對於其餘的屬性，我們有一些取捨。但在某些情況下，租金會上漲。因此，租金百分比可能會略有下降，但您在損益表上轉移位置時獲得的最低租金是固定的。但總體而言，同比而言相當穩定，但就上限而言，當然，在 Regal 方面，票房有所增加。

Okay. And then related to the Regal lease, what's included in guidance, I know that that lease year ends in July and you provide us a box office guidance for 2025. So does the full-year 2025 box office guidance differ too meaningfully from the Regal lease year box office expectation?

好的。然後與 Regal 租約相關，指導中包含哪些內容，我知道該租約年度於 7 月結束，您為我們提供了 2025 年的票房指導。那麼，2025 年全年票房預期與 Regal 租賃年票房預期是否有太大差異？

No. I would say, Michael, that it's not meaningfully different when you look at a July to July. If you look -- remember last year, we started talking about the acceleration of the box office in the second half. And so on a run rate basis, those are fairly consistent.

不。邁克爾，我想說，當你觀察七月與七月之間的情況時，並沒有什麼顯著的差異。如果你看一下——記得去年，我們就開始談論下半年票房的加速成長。因此，從運行率來看，這些都是相當一致的。

Okay. Great. And then just one clarification on Kartrite. I know you're talking to Tony about this. How is or how are those properties performing? I know if you look at the other income guidance, it looks like you're assuming it's largely flat between '25 and '24. So should we assume that your expectation for Kartrite, it kind of stays where it is right now through 2025? And do you think that's a conservative estimate?

好的。偉大的。然後僅對 Kartrite 進行一點澄清。我知道你正在和托尼談論這件事。這些房產的表現如何？我知道，如果你看其他收入指導，你似乎認為它在 25 年和 24 年之間基本上持平。那麼，我們是否應該假設您對 Kartrite 的預期會持續到 2025 年？您認為這是一個保守的估計嗎？

Again, I think -- here is the thing that -- again, what we talked in operating properties. Even when we get better performance, we get slammed with insurance costs like we did this year. So it's very difficult to climb out and kind of make continued progress. So I think we're keeping it in the fashion that we have. We continue to work to make progress on that.

再次，我認為——這就是我們在經營物業時所討論的事情。即使我們取得了更好的業績，我們也會像今年一樣面臨保險費用的沉重負擔。因此，要想擺脫困境並繼續取得進步是非常困難的。所以我認為我們會保持現有的風格。我們將繼續努力，以取得進展。

As I said earlier, it's had a multitude of challenges getting started with shutdown, the balconies, things of that nature. Operating expenses are running significantly higher than we anticipated. So we continue to work through that.

正如我之前所說，在關閉、陽台等諸如此類的事情上，我們面臨許多挑戰。營運費用大大高於我們的預期。因此，我們會繼續努力。

Yeah. I'd say overall, other income and other expense obviously are both coming down as we sell these two operating theaters and the timing of that could affect those two numbers, but that's one thing to point out.

是的。我想說，總的來說，隨著我們出售這兩個手術室，其他收入和其他支出顯然都在下降，而出售的時間可能會影響這兩個數字，但這是需要指出的一點。

The second thing is in the theaters that we do operate this year, we do expect performance to improve given the box office improvement. But it's kind of -- as Greg said, kind of being offset by some of the Kartrite, particularly on the expense side, expense pressures like insurance, so that's why we guided kind of at the midpoint sort of a breakeven, net breakeven scenario.

第二件事是，對於我們今年經營的戲院來說，隨著票房的提高，我們確實預期業績也會提高。但正如格雷格所說，這在某種程度上被 Kartrite 的一些因素所抵消，特別是在費用方面，保險等費用壓力，所以這就是為什麼我們指導中間點的盈虧平衡、淨盈虧平衡情景。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

What do you guys think that drove the stronger second half in the movie theater business? Because it came in ahead of even your projection that you gave during 3Q earnings. Was it just more movies or is it something else that you think will continue to '25 and beyond?

你們認為是什麼推動了電影院業務下半年的強勁成長？因為它甚至超出了您在第三季收益中給出的預測。這只是更多的電影，還是您認為在 25 年及以後還會有其他事情持續發生？

Again, and I'll let Greg jump in. I think fundamentally, as we've always said, quantum of titles matters. And we got back to a more normalized kind of titles. And when you have a -- a big number of titles, the consumer gets into the habit of going to the movies. So again, we think that that kind of -- it feeds itself. And so that tenor and tone of enough movies to get people more into the habit, we think will carry into '25 and beyond. But Greg?

再次，我會讓格雷格加入。我認為從根本上來說，正如我們一直所說的那樣，頭銜的數量很重要。我們又回到了更規範化的標題。當你擁有大量的電影時，消費者就會養成去看電影的習慣。因此，我們再次認為，這種──它可以自我滋養。因此，我們認為，足夠多的電影的基調和風格能夠讓人們養成這種習慣，並將延續到 2025 年及以後。但是格雷格？

No, I think that covers it.

不，我想這就涵蓋了。

Okay, great. That was helpful. And then of the $200 million to $300 million investment guidance you provided, how are you planning on allocating that capital across either development, asset acquisitions, mortgage notes or JVs given in '24 almost half-year investment volumes were towards mortgages?

好的，太好了。這很有幫助。那麼，在您提供的 2 億至 3 億美元的投資指引中，您計劃如何在開發、資產收購、抵押票據或合資企業中分配這些資金，因為 24 年幾乎半年的投資額都用於抵押貸款？

Yeah. So as I say all the time, it's an art, not a science. We try to do the best deals that come before us. In general, it usually ends up being about 50-50. I can't say we target that, but that's generally how it comes out.

是的。所以正如我一直說的，這是一門藝術，而不是一門科學。我們盡力達成我們面臨的最佳交易。一般來說，這個比例通常是 50-50。我不能說我們的目標是這個，但通常結果就是這樣。

Now we've mentioned we're finishing up a couple of development projects, including the Andretti Karting deals, and then obviously Diggerland, which we've already acquired was an acquisition.

現在我們已經提到，我們正在完成幾個開發項目，包括 Andretti Karting 交易，然後顯然是 Diggerland，我們已經收購了它。

I do think it's important though that we draw a distinction. Most of our mortgages lead to ownership. So again, most of these investments that you saw last year where we are investing in, it's a mortgage structure. It may have historic tax credits that we can't convert until we get outside the period or things of that nature. But these aren't long-term mortgages. There are a structure to a path for an ownership and that's what most of ours are.

但我確實認為區分這一點很重要。我們的大部分抵押貸款都轉化為所有權。所以，您去年看到的我們投資的大多數投資都是抵押貸款結構。它可能具有歷史稅收抵免，我們無法轉換，直到我們超出該時期或類似性質的事情。但這些不是長期抵押貸款。所有權的路徑是有結構的，而我們的所有權大多是這樣的。

Not short term as any -- not yet.

這不是短期現象——目前還不是。

Yeah.

是的。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Thank you. Good morning. You've had a lot of success and traction with the theater dispositions. I was hoping you could talk to kind of the depth and breadth of buyers out there. And as the box office improves and you pivot to nonvacant asset sales, kind of any cap rate expectations around that?

謝謝。早安.您在劇院佈置方面取得了很多成功和影響力。我希望您能與那裡的買家進行深度和廣度的交流。隨著票房收入的增長以及您轉向非空置資產銷售，對此有任何資本化率預期嗎？

So thanks, Jana. First of all, I got to shout out to my team. I mean, they're just fantastic at the ability to source these deals. For vacant theaters, we're agnostic. We just market them as real estate. So the better the real estate, the better the transaction that we're able to execute.

所以謝謝你，Jana。首先，我要向我的團隊大聲呼喊。我的意思是，他們在尋找這些交易方面的能力非常出色。對於空置的劇院，我們持不可知論。我們只是將它們作為房地產進行行銷。因此，房地產越好，我們能夠執行的交易就越好。

I would say we're not really seeing a lot of visibility on theater transactions for lease properties yet. We did mention that we have one under contract, and we're pleased with the cap rate on that. It's probably going to come in about 9%. Again, as we mentioned, that's subject to closing. It hasn't closed yet. But I do think you're right. As the box office recovers, there will be more of these trades starting to happen.

我想說的是，我們目前還沒有看到太多關於劇院租賃物業交易的動態。我們確實提到我們已經簽訂了合同，並且我們對該合約的上限率感到滿意。大概會達到 9% 左右。再次，正如我們所提到的，這取決於結束。還沒關門。但我確實認為你是對的。隨著票房的復甦，這類交易將會越來越多。

Great. Thank you. And then just in conversations with tenants and what you've experienced directly from the operating properties, where do you think we are in terms of kind of the expense pressures? Have we kind of -- will we kind of lap already the peak expenses? Or do you still see some kind of wildcards with insurance?

偉大的。謝謝。然後，根據與租戶的交談以及您直接從營運物業中體驗到的情況，您認為我們在費用壓力方面處於什麼位置？我們是否已經達到了費用高峰？或者您仍然認為保險存在某種未知因素？

Again, I think the insurance, what we're starting to see is that, again, it seems to be kind of topping out. I mean, we just had a meeting yesterday where we were talking with insurance people who said that it -- again, that's going to be a function of what events occurred. I mean, fortunately, the California wildfires didn't hit many commercial properties. So that one will flow back through on kind of the reinsurance issues. But again, what we're kind of 20%, 30%, 40%, 50% kind of impacts over the last two years, hopefully, we've seen the peak of that.

再次，我認為保險，我們開始看到的是，它似乎再次達到頂峰。我的意思是，我們昨天剛開會，與保險人員進行了交談，他們說——這將取決於所發生的事件。我的意思是，幸運的是，加州的野火沒有侵襲到很多商業地產。這樣人們就會重新討論再保險問題。但是，過去兩年我們的影響分別有 20%、30%、40% 和 50%，希望我們已經看到了高峰。

I would say we've seen the peak, but we're going to still see it -- again, that's the challenge. It just -- it's hard to get your handle on it. And that's all but not just our operating properties, our tenants are facing that too daily.

我想說我們已經看到了頂峰，但我們仍然會看到它——這又是一個挑戰。只是——你很難掌握它。但這不僅僅是我們營運的物業面臨的問題，我們的租戶每天也面臨著同樣的問題。

Yeah. But again, what we've seen so far is they're managing through that. I mean, we saw, as we said, a slight tick, a down [a tenth] in coverage, which is really kind of driven by those kind of expenses, but still considerably higher than where we were pre-pandemic. So I think they're managing through it, but it's not without its challenges.

是的。但目前我們看到的是，他們正在設法解決這個問題。我的意思是，正如我們所說的，我們看到覆蓋率略有下降（十分之一），這實際上是由這些費用造成的，但仍然比疫情前的水平高得多。所以我認為他們正在努力解決這個問題，但並非沒有挑戰。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Unfortunately, we're not able to hear you, Ki Bin. So we'll hand it to Greg Silver for closing remarks.

不幸的是，我們聽不到你的聲音，Ki Bin。因此我們將把最後發言交給 Greg Silver。

Thank you, Leila. And thank you, everyone, for your time and attention today. We greatly appreciate it. We look forward to talking to you through the remainder of the balance of the year and look forward to another solid year. Thank you.

謝謝你，萊拉。感謝大家今天的時間和關注。我們非常感激。我們期待在今年剩餘的時間與您進行交流，並期待另一個堅實的一年。謝謝。

Thank you for joining EPR Properties Q4 2024 earnings call. This concludes today's call. You may now disconnect.

感謝您參加 EPR Properties 2024 年第四季財報電話會議。今天的電話會議到此結束。您現在可以斷開連線。