EPR Properties (EPR) 2025 Q2 法說會逐字稿

Hello, and welcome to the EPR Properties Q2 2025 earnings call. (Operator Instructions) 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, Corporate Communications.

您好，歡迎您參加 EPR Properties 2025 年第二季財報電話會議。（操作員指示）另外提醒一下，今天正在錄製本次會議。如果您有任何異議，請立即斷開連接。我現在將電話交給企業傳播資深副總裁 Brian Moriarty。

Thank you, Abigail. Thanks for joining us today for our second quarter 2025 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.

謝謝你，阿比蓋爾。感謝您今天參加我們的 2025 年第二季財報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、執行副總裁兼資訊長 Greg Zimmerman 和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 identified 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.

首先我要通知您，本次電話會議可能包含《1995 年私人證券訴訟法》中確定的前瞻性陳述，這些陳述可以用「將」、「打算」、「繼續」、「相信」、「可能」、「預期」、「希望」、「預期」或其他類似詞語來表示。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。

Discussion of these 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.

有關這些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的 SEC 文件中，包括公司的 10-K 和 10-Q 表格報告。

Additionally, this call ll 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 10-K.

此外，本次電話會議也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的績效很有用。今天的收益報告和根據 10-K 表格向美國證券交易委員會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。

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

如果您希望關注，可在公司網站 www.eprkc.com 的投資者中心頁面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.

現在我將把電話轉給格雷格·西爾弗斯。

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's second quarter 2025 earnings call and webcast. Our second quarter results underscore sustained momentum across our diversified portfolio, highlighted by solid earnings growth and a disciplined approach to capital allocation.

謝謝你，布萊恩。大家早安，感謝您參加今天的 2025 年第二季財報電話會議和網路廣播。我們第二季的業績凸顯了我們多元化投資組合的持續成長勢頭，其中突出的是穩健的獲利成長和嚴謹的資本配置方法。

Additionally, we've seen a significant improvement in our cost of capital, supported by the strong appreciation of our equity valuation. During the first half of the year, our elevated cost of capital dictated a measured approach to capital -- in our capital deployment.

此外，由於股權估值的強勁升值，我們的資本成本也有了顯著改善。今年上半年，我們的資本成本上升要求我們在資本配置方面採取審慎的策略。

However, we have a robust pipeline of opportunities, including more than $100 million committed to experiential development and redevelopment projects in the coming quarters. While our investment spending guidance remains unchanged, our improved cost of capital positions us to accelerate our future investment spending.

然而，我們擁有大量的機會，包括在未來幾季投入超過 1 億美元用於體驗式開發和再開發專案。雖然我們的投資支出指導保持不變，但我們改善的資本成本使我們能夠加快未來的投資支出。

Although the full impact of these efforts will play out over future quarters, our employment strategy has clearly shifted within the last 60 days as our team has taken a more aggressive growth posture to pursue new opportunities.

雖然這些努力的全面影響將在未來幾季顯現，但我們的就業策略在過去 60 天內發生了明顯轉變，因為我們的團隊採取了更積極的成長姿態來尋求新的機會。

Our pipeline includes both opportunities with both existing and new partners, spanning a broad range of deal sizes. However, with an improved cost of capital, larger deals are now becoming a possibility.

我們的管道包括與現有合作夥伴和新合作夥伴的合作機會，涉及廣泛的交易規模。然而，隨著資本成本的提高，更大規模的交易現在成為可能。

We are also pleased with our ongoing progress in our strategic capital recycling, which is advancing ahead of our expectations. This initiative is pivotal as we further position our portfolio with productive and diversified experiential assets.

我們也對我們的策略資本循環不斷取得進展感到高興，這超出了我們的預期。這項措施至關重要，因為我們將進一步利用高效、多樣化的體驗資產來定位我們的投資組合。

Turning to our existing portfolio. Our second quarter consolidated coverage was up slightly versus first quarter from 2.0 to 2.1. The box office remains a source of meaningful optimism. We are seeing sustained momentum and resilience as major releases have generally met or exceeded their expectations, reinforcing positive consumer demand for theatrical exhibition.

轉向我們現有的投資組合。我們第二季的綜合覆蓋率較第一季略有上升，從2.0上升至2.1。票房表現依然令人樂觀。我們看到了持續的勢頭和韌性，因為主要影片的上映通常都達到或超過了預期，增強了消費者對影院上映的積極需求。

Notably, we anticipate that the Regal master lease will land near our percentage rent expectations, which is expected to generate a significant increase from 2024. An encouraging outcome driven by continued box office recovery and the enhanced economic alignment embedded in the revised lease structure.

值得注意的是，我們預計 Regal 主租約的租金將接近我們的百分比預期，預計從 2024 年開始將大幅成長。這一結果令人鼓舞，得益於票房的持續復甦以及修訂後的租賃結構中增強的經濟協調性。

While the broader macroeconomic environment presents ongoing crosscurrents, our differentiated strategy provides both resilience and opportunity anchored by a sustained consumer orientation toward experiential spending.

儘管宏觀經濟環境呈現出持續的逆流，但我們的差異化策略既提供了韌性，也帶來了機遇，而這都得益於消費者對體驗式消費的持續關注。

Now I'll turn it over to Greg Zimmerman to go over the business in greater detail.

現在我將把話題交給 Greg Zimmerman，讓他更詳細地討論這項業務。

Thanks, Greg. At the end of the quarter, our total investments were approximately $6.9 billion with 329 properties that are 99% leased or operated, excluding vacant properties we intend to sell. During the quarter, our investment spending was $48.6 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 329 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 4,860 萬美元，其中 100% 用於體驗式投資組合。

Our Experiential portfolio comprises 274 properties with 52 operators and accounts for 94% of our total investments or approximately $6.5 billion. And at the end of the quarter, excluding the vacant properties we intend to sell was 99% leased or operated.

我們的體驗式投資組合包括 274 處房產和 52 家營運商，占我們總投資的 94%，約 65 億美元。截至本季末，除我們打算出售的空置物業外，99%的物業已出租或營運。

Our Education portfolio comprises 55 properties with five operators, and at the end of the quarter, was 100% leased. Turning to coverage. The most recent data provided is based on a June trailing 12-month period. Overall portfolio coverage remains strong at 2.1 times, an increase over last quarter.

我們的教育投資組合包括 55 處房產，由 5 家營運商經營，截至本季末，租賃率已達 100%。轉向報道。提供的最新數據是根據截至 6 月的過去 12 個月的數據。整體投資組合覆蓋率仍保持強勁，為 2.1 倍，較上一季增加。

Turning to the operating status of our tenants. The rebound in North American box office continues. Q2 box office was $2.7 billion, up 37% compared to Q2 2024, driven by a full slate of strong performing titles.

說到我們租戶的經營狀況。北美票房持續反彈。第二季票房為 27 億美元，比 2024 年第二季成長 37%，這得益於一系列表現強勁的電影。

Six titles grossed over $175 million, including a Minecraft Movie at $424 million to date, Lilo and Stitch at $419 million to date, Sinners at $279 million to date and How To Train Your Dragon at $254 million to date.

有六部影片的票房收入超過 1.75 億美元，其中包括《我的世界》電影，迄今為止票房收入 4.24 億美元，《星際寶貝》迄今為止票房收入 4.19 億美元，《罪人》迄今為止票房收入 2.79 億美元，《馴龍高手》迄今為止票房收入 2.54 億美元。

For Q3, three titles are projected to gross over $200 million. Jurassic World Rebirth, Superman and The Fantastic Four First Steps. Jurassic World has already grossed over $286 million and Superman is at $260 million. Fantastic Four opened last weekend to $118 million.

第三季度，預計有三部影片的票房收入將超過 2 億美元。《侏羅紀世界重生》、《超人》和《神奇四俠：最初的夢想》。《侏羅紀世界》的票房收入已超過 2.86 億美元，《超人》的票房收入已達 2.6 億美元。《神奇四俠》上週末首映票房達到 1.18 億美元。

We are also very pleased with the success of Apple's F1, which has grossed nearly $160 million to date, making it the most successful Apple theatrical release. The slate for fourth quarter is anchored by three additional films projected to gross over $200 million Zootopia 2, Wicked: For Good, and Avatar: Fire & Ash.

我們也對蘋果的《F1》的成功感到非常高興，該片迄今為止的票房收入已接近 1.6 億美元，成為最成功的蘋果影院上映電影。第四季的片單由三部預計票房收入超過 2 億美元的其他電影組成，分別是《瘋狂動物城 2》、《魔法壞女巫：永生》和《阿凡達：火與灰燼》。

Box office through the first half of the year was $4.1 billion, a 15% increase over the first half of 2024. Our estimate of North American box office for calendar year 2025 remains between $9.3 million and $9.7 million.

今年上半年票房為 41 億美元，比 2024 年上半年成長 15%。我們預計 2025 年北美票房仍將在 930 萬美元至 970 萬美元之間。

Turning now to an update on our other major customer groups. Andretti Karting opened in Oklahoma City on July 15. Construction continues in Kansas City and Schaumberg with openings scheduled, respectively, for late 2025 and early 2026.

現在來介紹一下我們其他主要客戶群的最新情況。安德雷蒂卡丁車賽道於 7 月 15 日在俄克拉荷馬城開業。堪薩斯城和紹姆堡的建設仍在繼續，預計分別於 2025 年底和 2026 年初開放。

Notwithstanding some macro pressures on consumers, our Eat & Play coverage remains strong and above pre-COVID levels. Importantly, across our portfolio, our operators are continually refining and developing promotional initiatives to attract customers and deliver value.

儘管消費者面臨一些宏觀壓力，但我們的「吃住行」覆蓋範圍依然強勁，且高於疫情前的水平。重要的是，在我們的產品組合中，我們的營運商不斷完善和開發促銷活動，以吸引客戶並提供價值。

Our attractions are open for the summer. We are very pleased with the performance of the Bavarian Inn. Our major expansion was open for all of Q2 and is driving performance.

我們的景點夏季開放。我們對巴伐利亞旅館的表現非常滿意。我們的重大擴張已在整個第二季開放，並正在推動業績成長。

Throughout the rest of the portfolio, early season performance has been varied because of weather conditions, but historically, they tend to even out over the course of the season. USA TODAY recently ranked each of our three hot springs resorts in the top 10 of all hot springs resorts in the United States.

在整個投資組合中，由於天氣條件的影響，賽季初期的表現有所不同，但從歷史上看，它們在整個賽季中往往會趨於平穩。《今日美國》最近將我們的三家溫泉度假村均評為美國十大溫泉度假村之一。

Our recently expanded Springs Resort at Pagosa Springs is number 1. Our Murietta Hot Springs Resort in Murietta, California is number 3. And our Iron Mountain Hot Springs in Glenwood Springs, Colorado is number 5.

我們最近擴建的帕戈薩斯普林斯溫泉度假村是排名第一的。我們位於加州穆列塔的穆列塔溫泉度假村排名第三。我們位於科羅拉多州格倫伍德斯普林斯的鐵山溫泉排名第五。

We are leaders in this industry and have spent a lot of time focused on building a foundation with strong performing assets. We see a lot of momentum and investment potential in the hot spring space as people across the demographic spectrum focus on wellness.

我們是這個行業的領導者，並花費了大量時間專注於打造具有強勁表現資產的基礎。隨著各個年齡層的人們都越來越注重健康，我們看到溫泉領域的巨大發展動能和投資潛力。

The expansion at our Jellystone Kozy Rest RV Resort near Pittsburgh is complete and early season performance shows gains over Q2 2024, driven by the increased number of availabl5.3e rental units. Our Education portfolio continues to perform well. Our customers' trailing 12-month revenue and EBITDAre across the portfolio for Q1 was essentially flat.

我們位於匹茲堡附近的 Jellystone Kozy Rest RV 度假村的擴建工程已經完成，由於可用租賃單位數量的增加，早期業績比 2024 年第二季度有所增長。我們的教育投資組合持續表現良好。我們客戶第一季的整個投資組合過去 12 個月的收入和 EBITDAre 基本持平。

Our investment spending for Q2 was $48.6 million, entirely experiential assets and includes funding for projects that we have closed, but are not yet open. Our year-to-date investment spending is $86.3 million. During the quarter, we made our first investment in the traditional golf space, acquiring the land for $1.2 million and providing $5.9 million in mortgage financing, secured by the improvements to Evergreen Partners for an existing private club in Georgia.

我們第二季的投資支出為 4,860 萬美元，全部用於體驗資產，包括我們已經結束但尚未開放的專案的資金。我們今年迄今的投資支出為 8,630 萬美元。在本季度，我們首次在傳統高爾夫領域進行投資，以 120 萬美元收購土地，並提供 590 萬美元的抵押貸款融資，以 Evergreen Partners 對喬治亞州現有私人俱樂部的改進作為擔保。

We have spent a lot of time analyzing traditional golf while building deep relationships, and we are delighted to announce our foray into what we think is an exciting growth opportunity in a resilient space with a growing operator.

我們在建立深厚關係的同時，花了很多時間分析傳統高爾夫運動，我們很高興地宣布，我們將與不斷成長的運營商一起進軍我們認為在一個有彈性的領域中令人興奮的增長機會。

We also acquired our second Pinstack Eat & Play venue in Northern Virginia for $1.6 million with a commitment to provide build-to-suit financing for $19 million. This project is expected to open in 2026. Pinstack features bowling, food and beverage and redemption games.

我們還以 160 萬美元的價格收購了位於北維吉尼亞州的第二家 Pinstack Eat & Play 場所，並承諾提供 1,900 萬美元的客製化建設融資。該項目預計於2026年開放。Pinstack 提供保齡球、餐飲和兌換遊戲。

As our cost of capital continues to recover, we are increasing our investment spending cadence as we head into the second half of 2025 and for 2026. We continue to see high-quality opportunities for both acquisition and build-to-suit development in our target experiential categories.

隨著我們的資本成本持續回升，我們將在 2025 年下半年和 2026 年加快投資支出節奏。我們繼續在目標體驗類別中看到收購和客製化開發的高品質機會。

As we have mentioned frequently, we are especially bullish on the fitness and wellness space, given our relationships, the increased focus on fitness and wellness among multiple generations and demographics and a wide range of investment opportunities from hot springs, to spas, to fitness.

正如我們經常提到的，考慮到我們的關係、不同世代和不同人群對健身和健康的日益關注以及從溫泉到水療中心到健身的廣泛投資機會，我們對健身和健康領域尤其看好。

Ramping up takes time, so we are maintaining our investment spending guidance for funds to be deployed in 2025 in the range of $200 million to $300 million. We have committed over $100 million for experiential development and redevelopment projects that have closed but are not yet funded to be deployed over the next 18 months.

擴大規模需要時間，因此我們維持 2025 年投資支出指引在 2 億至 3 億美元之間的目標。我們已承諾投入超過 1 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 18 個月內部署。

We anticipate approximately $43 million of this amount will be deployed in 2025, which is included at the midpoint of our 2025 guidance range. We continue to execute our strategy to focus our portfolio on diversified experiential assets. To that end, in Q2, we sold a vacant former Regal theater in California to Costco for net proceeds of $24 million, demonstrating the value of good real estate.

我們預計其中約有 4,300 萬美元將在 2025 年部署，這包含在我們 2025 年指導範圍的中點。我們將繼續執行我們的策略，將我們的投資組合重點放在多元化的體驗資產上。為此，我們在第二季將加州一座空置的前帝王劇院出售給了好市多，淨收益為 2,400 萬美元，證明了優質房地產的價值。

We also sold two theater properties at a 9% cap to a smaller operator who leased those locations from us. Total proceeds from these three theater transactions were $35.6 million, with a net gain of $16.8 million.

我們還以 9% 的上限將兩處影院物業出售給了一家規模較小的運營商，該運營商從我們這裡租賃了這些場地。這三筆影院交易的總收益為 3,560 萬美元，淨收益為 1,680 萬美元。

Finally,r subsequent to the end of the quarter, we sold our last vacant AMC theater in Hamilton, New 1Jersey to the Children's Hospital of Philadelphia for net proceeds of approximately $16 million and a gain of approximately $3 million. In the past four years, we have sold 31 theaters. We have one remaining vacant theater.

最後，r本季結束後，我們將位於新澤西州漢密爾頓的最後一家空置的 AMC 影院出售給了費城兒童醫院，淨收益約為 1600 萬美元，收益約為 300 萬美元。在過去的四年裡，我們已經售出了31家戲院。我們還剩下一個空置的劇院。

Year-to-date, we have sold approximately $130 million of assets. We are revising our 2025 disposition guidance to the range of $130 million to $145 million from a range of $80 million to $120 million. I'll now turn it over to Mark for a discussion on the financials.

今年迄今為止，我們已出售了價值約 1.3 億美元的資產。我們正在將 2025 年處置指導金額從 8,000 萬美元至 1.2 億美元修改為 1.3 億美元至 1.45 億美元。現在我將把話題交給馬克討論財務問題。

Thank you, Greg. Today, I'll discuss our financial performance for the second quarter, provide an update on our balance sheet and close with an update on 2025 guidance. FFO as adjusted for the quarter was $1.26 per share versus $1.22 in the prior year. And AFFO for the quarter was $1.24 per share compared to $1.20 in the prior year, both an increase of 3.3%. Now moving to the key variances.

謝謝你，格雷格。今天，我將討論我們第二季的財務業績，提供資產負債表的最新情況，最後提供 2025 年指引的最新情況。本季調整後的 FFO 為每股 1.26 美元，去年同期為每股 1.22 美元。本季 AFFO 為每股 1.24 美元，而去年同期為 1.20 美元，均成長 3.3%。現在轉向關鍵差異。

Total revenue for the quarter was $178.1 million versus $173.1 million in the prior year. Within total revenue, rental revenue increased $5.3 million versus the prior year, mostly due to the impact of investment spending and higher percentage rents.

本季總營收為 1.781 億美元，去年同期為 1.731 億美元。在總收入中，租金收入比前一年增加了 530 萬美元，主要原因是投資支出和更高的租金百分比的影響。

Percentage rents for the quarter were $4.6 million versus $2 million in the prior year, and the increase was due primarily to percentage recognized from one of our theater tenants. The increase in mortgage and other financing income of $1.9 million was due to additional investments in mortgage notes over the past year.

本季的百分比租金為 460 萬美元，而去年同期為 200 萬美元，這一增長主要歸因於我們其中一家影院租戶確認的百分比。抵押貸款和其他融資收入增加 190 萬美元，是由於過去一年對抵押貸款票據的額外投資。

Both other income and other expense relate primarily to our consolidated operating properties, including The Kartrite Hotel & Indoor Waterpark and our operating theaters. The decrease in other income and other expense versus prior year is due primarily to the sale of three operating theater properties in the first half of this year.

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。其他收入和其他支出較上年同期的減少主要是由於今年上半年出售了三處手術室物業。

On the expense side, G&A expense for the quarter increased to $13.2 million versus $12 million in the prior year due primarily to higher payroll costs, including noncash share-based compensation expense as well as higher franchise taxes. As you may recall, in the prior year, there was a legislative tax change that created a onetime benefit in franchise taxes.

在費用方面，本季的一般及行政費用從上年的 1,200 萬美元增至 1,320 萬美元，主要原因是工資成本增加，包括非現金股權激勵費用以及特許經營稅增加。您可能還記得，去年，有一項稅收立法變更，為特許經營稅帶來了一次性優惠。

Interest expense net for the quarter increased by $426,000 compared to the previous year due to an increase in our weighted average interest rate on outstanding debt due to additional borrowing on our unsecured revolving credit facility to pay off a lower rate senior unsecured notes at their maturity.

本季度淨利息支出與上年相比增加了 426,000 美元，原因是我們透過無擔保循環信貸額度額外借款以償還到期的低利率高級無擔保票據，導致未償債務的加權平均利率上升。

With regard to dispositions for the quarter, net proceeds totaled $35.6 million, and we recognized a net gain on sale of $16.8 million. Note that this gain is excluded from FFO as adjusted and AFFO.

就本季的處置而言，淨收益總計 3,560 萬美元，我們確認的銷售淨收益為 1,680 萬美元。請注意，該收益已從調整後的 FFO 和 AFFO 中排除。

FFO as adjusted for the six months ended June 30 was $2.45 per share compared to $2.34 in the prior year, and AFFO for the same period was $2.44 per share compared to $2.33 in the prior year, both an increase of 4.7%.

截至 6 月 30 日的六個月調整後的 FFO 為每股 2.45 美元，而去年同期為 2.34 美元，同期 AFFO 為每股 2.44 美元，而去年同期為 2.33 美元，均增長 4.7%。

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 fixed charge coverage at 3.3 times and both interest and debt service coverage ratios at 3.9 times. Our net debt to adjusted EBITDAre was 5.1 times for the quarter.

在下一張投影片中，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 3.3 倍，利息和債務服務覆蓋率為 3.9 倍。本季我們的淨債務與調整後 EBITDA 比率為 5.1 倍。

If you adjust this ratio to include the annualization of investments placed in service, investments required or disposed of during the quarter, and the annualization of participating interest as well as other items, this ratio was 5 times at quarter end, which is at the low end of our targeted range.

如果調整該比率，使其包括已投入使用的投資的年化、本季度所需或處置的投資、參與權益的年化以及其他項目，則該比率在季度末為 5 倍，處於我們目標範圍的低端。

Additionally, our net debt to gross assets was 39% on a book basis at quarter end, and our common dividend continues to be very well covered with an AFFO payout ratio of 71% for the second quarter.

此外，本季末我們的淨負債與總資產之比為 39%，第二季我們的普通股股利持續得到良好的覆蓋，AFFO 派息率為 71%。

Now let's move to our balance sheet, which is in great shape. At quarter end, we had consolidated debt of $2.8 billion, of which $2.4 billion is either fixed rate debt or debt that has been fixed through interest rate swaps with an overall blended coupon of approximately 4.3%.

現在讓我們來看看我們的資產負債表，它狀況良好。截至本季末，我們的合併債務為 28 億美元，其中 24 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 4.3%。

On April 1, we repaid $300 million in senior unsecured notes at maturity using funds available under our revolver. We have no other debt maturities in the next 12 months. Our liquidity position remains strong with $13 million cash on hand at quarter end and $405 million drawn on our $1 billion revolver.

4 月 1 日，我們使用循環信貸額度下的可用資金償還了到期的 3 億美元無擔保優先票據。未來 12 個月內我們沒有其他債務到期。我們的流動性狀況依然強勁，季末持有現金 1,300 萬美元，並從 10 億美元的循環信貸中提取了 4.05 億美元。

We are pleased to see the recent significant improvement in our cost of capital. While our leverage is at the low end of our range and our 2025 guidance continues to have no equity issuance assumed, we are excited to announce that we are in the process of establishing an ATM program, which will provide us an additional tool in our toolbox for sources of capital.

我們很高興看到我們的資本成本最近有了顯著改善。雖然我們的槓桿率處於較低水平，而且我們的 2025 年指引仍然假設不發行股票，但我們很高興地宣布，我們正在建立 ATM 計劃，這將為我們的資金來源工具箱提供額外的工具。

We are confirming our 2024 (sic - see slide 3, "2025") FFO as adjusted per share guidance of $5 to $5.16, represented an increase over the prior year of 4.3% at the midpoint.

我們確認 2024 年（原文如此 - 請參閱投影片 3，「2025 年」）的 FFO 調整後每股收益指引為 5 美元至 5.16 美元，比上年中位數成長 4.3%。

We're also confirming our 2025 investment spending guidance of $200 million to $300 million. We're increasing guidance for disposition proceeds for 2025 to a range of $130 million to $145 million from a range of $80 million to $120 million.

我們也確認了 2025 年投資支出指引金額為 2 億至 3 億美元。我們將 2025 年處置收益指引從 8,000 萬美元至 1.2 億美元提高至 1.3 億美元至 1.45 億美元。

On the next slide, we are confirming our percentage rent and participating interest income of $21.5 million to $25.5 million. And our G&A expense of $53 million to $56 million. We're also confirming the guidance for our consolidated operating properties, which is provided by giving a range for other income and other expense. Guidance details can be found on Page 23 of our supplemental.

在下一張投影片中，我們確認我們的百分比租金和參與權益收入為 2,150 萬美元至 2,550 萬美元。我們的一般及行政費用為 5,300 萬至 5,600 萬美元。我們也確認了合併經營資產的指導，該指導透過提供其他收入和其他支出的範圍來提供。指導細節可以在我們的補充資料第 23 頁找到。

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. Lastly, I wanted to comment on Greg Zimmerman's planned retirement and the transition of the Chief Investment Officer role to Ben Fox, who will join the company in August as Executive Vice President.

謝謝你，馬克。最後，我想評論一下 Greg Zimmerman 的退休計劃以及首席投資官職位向 Ben Fox 的過渡，Ben Fox 將於 8 月加入公司擔任執行副總裁。

We are pleased that Greg will be stayed into the first quarter of 2026 to ensure a smooth transition. Although it's not quite yet time to say goodbye to Greg, I would like to thank him for the significant contributions he has made to the company. While instilling a disciplined and thoughtful approach as CIO, he has also helped to navigate the company through some very challenging times, and we are thankful for his efforts.

我們很高興格雷格將留任至 2026 年第一季度，以確保順利過渡。雖然現在還不是跟格雷格說再見的時候，但我還是想感謝他為公司做出的重大貢獻。作為首席資訊官，他在灌輸嚴謹和深思熟慮的方法的同時，也幫助公司度過了一些非常艱難的時期，我們感謝他的努力。

We are also very pleased to welcome Ben Fox to EPR Properties. Ben brings substantial experience and expertise in the net lease REIT business, having served in senior positions at Realty Income and most recently in the net lease division of Ares Management Corporation. Ben will work with Greg during his remaining tenure, helping to ensure continuity, knowledge sharing and continued success. With that, why don't I open it up for questions. Abigail?

我們也非常高興地歡迎 Ben Fox 加入 EPR Properties。Ben 在淨租賃房地產投資信託 (REIT) 業務方面擁有豐富的經驗和專業知識，曾在 Realty Income 擔任高階職位，最近在 Ares Management Corporation 的淨租賃部門任職。在格雷格剩餘的任期內，本將與他一起工作，幫助確保連續性、知識共享和持續的成功。既然如此，我為什麼不開始提問呢？阿比蓋爾？

(Operator Instructions)

（操作員指示）

Rob Stevenson, Janney Montgomery Scott.

羅伯史蒂文森、珍妮蒙哥馬利史考特。

So Greg or Greg, is there a significant amount of assets out there for sale at reasonable prices that you want to own? Or does expanding your pipeline going forward here, at least in the near term, mean expanding the development pipeline as much or more than acquisitions?

那麼，格雷格或格雷格，是否有大量資產以合理的價格出售，而你想擁有它們？或者，至少在短期內，擴大你們未來的管道是否意味著擴大開發管道的規模與收購的規模一樣大或更多？

How should we be thinking about the acquisition market that you guys are in for quality assets at this point?

我們該如何看待你們目前所處的優質資產收購市場？

Sure. And I'll let Greg comment as well, but I think we're still seeing a robust amount of opportunities. I mean, again, as we've talked about, when you have limited amount of capital, you're being very discerning in what is the best targeted of that.

當然。我也會讓格雷格發表評論，但我認為我們仍然看到大量的機會。我的意思是，正如我們所討論的，當你的資本有限時，你會非常清楚什麼是最好的目標。

It doesn't mean they're not good deals. It's just -- you're trying to deploy that in the best manner supporting existing tenants and otherwise. But I think we still feel there's really good opportunities. And I think Greg would say that we're starting to see that growing.

這並不意味著它們不是好交易。只是——您正在嘗試以最佳方式部署它以支援現有租戶和其他方面。但我認為我們仍然感覺到確實存在著很好的機會。我認為格雷格會說我們開始看到這種成長。

Yes, 100%, Greg. Rob, I would say well over half of our pipeline is acquisitions. To Greg's point, we've been unable to participate in some higher deal volume acquisitions just because we were being careful. And again, we're always mindful of balancing development with acquisitions. So to answer your question directly, I don't see us turning to a lot more development in the future to grow the pipeline. I don't think that will be necessary.

是的，100%，格雷格。羅布，我想說，我們一半以上的通路都是收購。正如格雷格所說，我們無法參與一些交易量較大的收購，只因為我們很謹慎。再次強調，我們始終注意平衡發展與收購。因此，直接回答你的問題，我認為我們將來不會進行更多的開發來擴大管道。我認為那沒有必要。

Okay. And then how are you guys thinking about dispositions in the back half of this year and the early part of next year? You guys have been selling a decent amount of assets. Is there still more stuff that you want to do there and take advantage of the market and use that as capital? Or were dispositions this year sort of more front-end loaded and we'll see that sort of petering out in the back half of this year and into '26?

好的。那麼你們對於今年下半年和明年年初的部署有什麼想法呢？你們已經出售了相當數量的資產。您是否還想在那裡做更多的事情並利用市場並將其用作資本？或者今年的處置方式是否更側重於前端，而我們會看到這種處置方式在今年下半年和 26 年逐漸消失？

I mean, I think, Rob, we've talked about -- we've already kind of at the low end of our guidance on that, so there could be. But we have as a strategic objective to lower our theater exposure. You saw the first element of selling operating theaters now. We will continue to look at that opportunistically as an opportunity to achieve that strategic objective and generate what we think could be meaningful capital.

我的意思是，我認為，羅布，我們已經討論過了——我們已經處於對此的指導的低端，所以有可能。但我們的戰略目標是降低劇場曝光率。現在您已經看到了出售手術室的第一個要素。我們將繼續抓住機遇，將其視為實現戰略目標並創造我們認為有意義的資本的機會。

But again, the range kind of says we're pretty much close to being done with our targeted disposition. But as I said, we have strategic objectives that we will continue to pursue.

但再次強調，該範圍表明我們幾乎已經完成了目標部署。但正如我所說，我們有戰略目標，我們將繼續追求。

And Rob, that would also include education. So we sold an Education portfolio this year, and we're always just opportunistic about that. So if we get a good deal, we'll execute one.

羅布，這也包括教育。因此，我們今年出售了教育投資組合，我們對此始終抱持著把握。因此，如果我們達成了好的協議，我們就會執行。

I think the good news is we only have one remaining theater, a vacant theater and there's no vacant education. So the Asset Management team has done an excellent job of selling the vacant theaters. And as Greg said, there's -- as far as the plan, there's not much to accomplish given the midpoint isn't of our range isn't much higher than what we've done today at $130 million.

我認為好消息是我們只剩下一個劇院，一個空置的劇院，而且沒有空置的教育。因此，資產管理團隊在出售空置影院方面做得非常出色。正如格雷格所說，就計劃而言，由於中間值不在我們的範圍內，並且不比我們今天的 1.3 億美元高出多少，因此沒有什麼可完成的。

So some to come for the remainder of the year, but not much more in our plan.

因此，今年剩餘時間還會有一些事情發生，但我們的計劃中不會有太多事情發生。

Okay. And then last one for me, Mark. Since I've got you, how are you thinking about the balance sheet over the next year? You moved the $300 million of notes onto the line. You've got another $630 of notes coming due next year in August to December.

好的。最後一個問題，馬克。既然我已經聯絡您了，您對明年的資產負債表有什麼看法？您將價值 3 億美元的票據轉移到了這條線上。您還有另外 630 美元的票據將於明年 8 月至 12 月到期。

Are you thinking about doing something in the near term? Do you wait until sometime in '26 and potentially lower rates to do something? How are you sort of thinking about balance sheet strategy over the sort of short and intermediate term here?

您是否考慮近期做些什麼？您是否會等到 26 年某個時候利率可能降低時再採取行動？您如何看待短期和中期的資產負債表策略？

Sure. Yes, good question. As we look over the remainder of the year, if you look at our investment spending, we've got about $164 million left to hit our midpoint of guidance as far as uses. We'll generate through remaining dispositions subsequent to $630 million plus free cash flow, probably nearly $100 million. So there's a net use there of about $64 million.

當然。是的，好問題。展望今年剩餘時間，如果您查看我們的投資支出，我們還剩下大約 1.64 億美元才能達到我們指導的中點。我們將透過剩餘的處置產生 6.3 億美元加上自由現金流，可能接近 1 億美元。因此，其淨使用額約為 6,400 萬美元。

Our line is at $405 million. So I think the point is we have flexibility in that we'd be less than half drawn even if we didn't do a bond transaction. That said, in the last half of the year, we do have a bond transaction contemplated, which would bring down that line balance heading into next year and bring it down to a pretty low number.

我們的底線是 4.05 億美元。所以我認為關鍵在於我們具有靈活性，即使我們不進行債券交易，我們的資金也不會超過一半。話雖如此，在下半年，我們確實考慮了債券交易，這將降低明年的信用額度，並將其降至相當低的水平。

And then as we head into next year, of course, as those -- as we look to those bond maturities later in '26, we'd likely have another bond transaction to refinance those as well. So that's kind of how we're looking at it in the near term.

然後，當我們進入明年時，當然，當我們展望 26 年晚些時候到期的債券時，我們可能會進行另一筆債券交易來為這些債券進行再融資。這就是我們近期的看法。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

On the disposition activity, it looked like pretty good execution on the theaters that you sold out at 9%, and these are noncore assets. How should we think about the demand for these assets and maybe pricing for your more core assets?

在處置活動方面，您以 9% 的價格出售的影院看起來執行得相當不錯，而這些都是非核心資產。我們應該如何考慮這些資產的需求以及更核心資產的定價？

I think what we would say is we're seeing the beginning of activity in the theater space with recovery in the box office. I mean these are clearly not -- these were not major markets nor was it a major operator. How that translates, we'll just have to see. But clearly, there is more interest in the space, and we're starting to see more activity in the acceptance of it again as an asset class. But Greg, maybe.

我想我們可以說的是，我們看到了戲院領域活動的開始，票房也在復甦。我的意思是，這些顯然不是——這些不是主要市場，也不是主要營運商。這究竟如何解釋，我們拭目以待。但顯然，人們對該領域的興趣越來越濃厚，我們也開始看到更多活動再次將其接受為資產類別。但格雷格，也許吧。

Yes. And more broadly, John, I would say, within the past two years, we sold two Titanic museums for a cap rate in the low sixes, and we sold the theater portfolio for a cap rate in the low sevens, if that helps on the non-theater portion.

是的。更廣泛地說，約翰，我想說，在過去兩年裡，我們以 6% 出頭的資本化率出售了兩個泰坦尼克號博物館，我們以 7% 出頭的資本化率出售了劇院組合，如果這對非劇院部分有幫助的話。

Or in Education portfolio.

或在教育組合中。

No, Education, certainly.

不，當然是教育。

Got it. And then maybe on the percentage rent side of things, just to sort of bifurcate it into the theater and nontheater portion. It sounded like your commentary around feeders fell very positive. I'm curious how the box office today stands maybe from your beginning of the year expectations and if there's some conservatism in not moving up your expectations around it?

知道了。然後也許在百分比租金方面，只是將其分為劇院和非劇院部分。聽起來您對餵食器的評論非常正面。我很好奇今天的票房情況與您年初的預期相比如何，以及在沒有提高預期的情況下是否有些保守？

And then sort of part 2 of that would be what comprises maybe the other half or the other part of percentage rent? And are there any maybe opportunities for upside that you're seeing that you just haven't baked in yet?

那麼第二部分可能包括百分比租金的另一半或另一部分嗎？您是否看到了一些尚未被充分挖掘的上昇機會？

I think what I'd say is we've got a really good -- Greg and his team has a really good group of people who understand the market and predict are very good at their predictions. And I think as my comments indicated, we're coming at or right on top of what we thought was our early predictions.

我想說的是，我們有一個非常好的團隊——格雷格和他的團隊有一群非常優秀的人，他們了解市場，而且預測能力很強。我認為，正如我的評論所表明的那樣，我們正達到或超過我們早期的預測。

Now I would tell you, honestly, it's an over the river and through the woods. Some movies we thought would do well, didn't and some that we didn't have predicted actually do quite well. And so they balance each other out. But overall, we feel pretty good in that side. I think for the rest of the year, I mean, it's coming from everywhere. It's coming from Ski. It's coming from Attractions. It's coming from Education.

現在我要告訴你，說實話，這是一條穿過河流和樹林的道路。有些我們認為會成功的電影其實並沒有成功，而有些我們沒有預測的電影其實表現得相當不錯。因此它們相互平衡。但總體而言，我們在這方面感覺相當不錯。我認為，在今年剩下的時間裡，這種影響將來自四面八方。它來自 Ski。它來自景點。它來自教育。

So again, we'll see how it plays out if there's additional upside in that. But I think, like I said, Greg and then Mark and his team in putting together the ranges and the estimates, we feel really good about kind of how we've approached that and that's why we haven't moved that yet.

因此，我們將再次觀察其是否具有額外的好處。但我認為，就像我說的，格雷格、馬克和他的團隊在匯總範圍和估計值時，我們對我們處理這個問題的方式感到非常滿意，這就是我們還沒有採取行動的原因。

And from a mix perspective, theaters represent about roughly one-third of our kind of the midpoint of guidance. So you kind of get a perspective that a lot of it's coming from a lot of other categories, as Greg mentioned, Eat & Play, Ski, Attractions, Gaming, Fitness. We get it from a lot of different areas. So that put some context around it.

從組合角度來看，戲院約占我們指導中點的三分之一。因此，你會發現很多東西都來自許多其他類別，正如格雷格所提到的，吃喝玩樂、滑雪、景點、遊戲、健身。我們從許多不同的領域中獲取它。這樣就為它提供了一些背景。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Greg, you mentioned larger deals are more likely in your remarks.

格雷格，您在演講中提到更有可能達成更大規模的交易。

We probably lost you.

我們可能失去你了。

Can you hear me now?

現在你能聽到我說話嗎？

Yes, we can hear you now. Sorry, could you start your question over, please?

是的，我們現在可以聽到你的聲音。抱歉，您能重新開始提問嗎？

Sure. Greg, you mentioned larger deals are more likely. Could you give us a sense of what's out there in the market and that's attractive to you? And what do you -- potential cap rates on those deals potentially look like?

當然。格雷格，您提到更有可能達成更大規模的交易。您能否向我們介紹市場上有哪些產品以及哪些產品對您具有吸引力？您認為這些交易的潛在資本化率可能是多少？

Again, I'll let Greg jump in. I don't know that -- I think it's broadly -- I mean, without going into too much detail over specific transactions, I think we're seeing it pretty much across the board and seeing opportunities. And I think we're still comfortably in the eights on where we're looking to. Greg?

再次，我會讓格雷格加入。我不知道——我認為從廣義上講——我的意思是，在不詳細討論具體交易的情況下，我認為我們幾乎全面地看到了它並看到了機會。我認為，我們仍然可以輕鬆地實現我們所追求的目標。格雷格？

Yes, 100% comfortably in the eights. And we're always looking at deals in a wide spectrum of ranges. So we're looking at deals in the $10 million range, and we're looking at deals in the several hundred million range and there are deals in those categories. And as we both said in our scripts, we're seeing opportunities in all of our verticals other than.

是的，100% 輕鬆進入八強。我們始終在尋找各種範圍的交易。因此，我們正在尋找 1000 萬美元範圍內的交易，我們也正在尋找幾億美元的交易，這些類別的交易都有。正如我們在腳本中所說的那樣，我們在除此以外的所有垂直領域都看到了機會。

Okay, great. That was helpful. And then I had a question on fuel costs. It's down about 10% this year. And I'm curious if there's any impact on your customers and their willingness to either visit more of your properties or spend more on your properties. So I just wanted to hear your thoughts there.

好的，太好了。這很有幫助。然後我有一個關於燃料成本的問題。今年下降了約10%。我很好奇這是否會對您的客戶以及他們訪問更多您的房產或在您的房產上花費更多錢的意願產生影響。所以我只是想聽聽你的想法。

Again, I think anything that creates additional discretionary income is positive, and it's helping to offset some inflationary factors for the consumer. So I don't know that there's any direct correlation that we're seeing, but it's probably welcome in the pocketbooks of our consumers, and that's much appreciated.

再說一次，我認為任何能夠創造額外可支配收入的事情都是正面的，它有助於抵消消費者的一些通膨因素。所以我不知道我們是否看到了任何直接的關聯，但它可能會受到我們消費者錢包的歡迎，我們對此非常感激。

And I'd say in today's world, we feel like being in the experiential space is a positive because people still want to get out and do things.

我想說，在當今世界，我們覺得處於體驗空間是一件正面的事情，因為人們仍然想出去做事。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆。

The first question relates to just the deal pipeline. You mentioned some larger transactions that you're starting to see as well. Can you maybe just give us some sense as to what definition of larger would be for you all?

第一個問題僅與交易管道有關。您提到了一些您開始看到的較大的交易。您能否為我們解釋一下對於您們來說「更大」的定義是什麼？

I think for us, we would think of it as $100 million plus. I think when you are -- when we were thinking of a midpoint of $250 million, looking at a $100 million transaction, it takes nearly 40% of your deal. So we were -- and I know Greg and his team were a little bit hesitant to deploy that in one thing.

我認為對我們來說，這個數字應該在 1 億美元以上。我認為，當我們考慮 2.5 億美元的中點時，看看一筆 1 億美元的交易，它將占到交易總額的近 40%。所以我們——我知道格雷格和他的團隊對在某件事上部署這一點有點猶豫。

But with our cost of capital becoming more favorable, I think we're looking at those. So I would say that's the term I would -- dimensionalizing I would use. But Greg?

但隨著我們的資本成本變得更加有利，我想我們正在考慮這些。所以我想說這就是我會使用的術語——維度化。但是格雷格？

No, I agree. Yes. Tony, I think the best way to think of it is in terms of in relation to our guidance. So yes, $100 million and some in the high tens of millions, yes.

不，我同意。是的。東尼，我認為最好的思考方式是從與我們的指導相關的角度來看待這個問題。是的，1 億美元，有些甚至高達數千萬美元。

Okay. And then on these transactions, you mentioned your better capital costs make you more competitive. But if we think about the last, I don't know, a few quarters or so, have these deals been occurring away from you in the market? Or have they just not happened and they might still be out there? Just trying to understand like who's being competitive as before your capital costs improved here.

好的。然後在這些交易中，您提到更好的資本成本使您更具競爭力。但如果我們考慮一下過去幾個季度左右的情況，這些交易是否發生在您所在的市場中？或者它們只是沒有發生，它們可能仍然存在？只是想了解一下在你們的資本成本改善之前誰更有競爭力。

Yes. I actually think that these have been more that are just starting to come to the market that people are gaining more acceptance that we're not going back to substantial low cap rates. But there have been kind of major transactions that have occurred.

是的。我實際上認為，這些產品剛開始進入市場，人們越來越接受我們不會回到相當低的資本化率。但已經發生了一些重大交易。

If you look in the attraction space, Park Greene did a $700 million attractions deal that we were solicited for a bid on it and really couldn't participate. So there were big transactions.

如果你看一下景點領域，你會發現帕克格林 (Park Greene) 做了一筆價值 7 億美元的景點交易，我們被邀請進行投標，但實際上無法參與。因此，出現了大額交易。

I think that ended up going on a debt route, but there were transactions that were occurring out there, and we were asked to be part of a solution and really just couldn't. But we feel now that those are starting to open up for us.

我認為最終還是要走債務之路，但那裡正在進行交易，我們被要求成為解決方案的一部分，但實際上我們做不到。但我們現在感覺到這些機會開始向我們敞開。

Okay. And if I could just sneak one in for Mark. Given where the stock is now, I think you're kind of in the money on the two convertibleh preps. Is there anything for you all to do there? Like can you convert them? Does that make sense? Or can you call them, just noticing that it's been a while since spending the money on those?

好的。如果我可以偷偷帶一份給馬克就好了。考慮到現在的股票價格，我認為你在這兩筆可轉換債券的準備上是賺到了錢。你們在那裡有什麼事可做嗎？例如，你能轉換它們嗎？這有意義嗎？或者您可以給他們打電話，只是注意到已經有一段時間沒有花錢購買這些東西了？

Yes, they're not really callable. You could go on the market and tender for them, but that would be at a premium to market price, it really doesn't make sense. It's also hard to cobble together any meaningful amount. We've looked at that in the past. So I wouldn't expect anything happening on those two preferreds.

是的，它們實際上不可調用。你可以去市場上投標，但這會高於市場價格，這真的沒有意義。拼湊出任何有意義的金額也很困難。我們過去曾研究過這個問題。所以我預計這兩隻優先股不會有任何變化。

Smedes Rose, Citi Global Markets.

Smedes Rose，花旗全球市場。

I wanted to ask you just a little bit more about establishing the ATM program. As you think about potentially raising new equity, what kind of spreads or sort of like maybe a minimum between cap rates and how you think about your weighted cost of capital? Do you look at kind of consensus NAV or an internal NAV? Kind of maybe just help us think about when you would pull the trigger on issuing new equity.

我想再問您一些有關建立 ATM 程序的問題。當您考慮可能籌集新股本時，資本化率和加權資本成本之間的利差或最低限度是多少？您看的是共識資產淨值還是內部淨值？也許只是幫助我們思考一下您何時會開始發行新股。

Yes. And I'll let Mark jump in on this. But Smedes, historically, we look at all those things. We look for to be -- it's actually a balance of what we can buy assets at and accretively deploy. Historically, that's kind of required a minimum of 100 basis points that we've looked at.

是的。我會讓馬克參與其中。但斯梅德斯，從歷史上看，我們關注的是所有這些事情。我們尋求的是——這實際上是我們可以購買資產並進行增值部署之間的平衡。從歷史上看，這至少需要 100 個基點。

And I think what Mark will tell you is, again, I think we're getting prepared. It doesn't mean, as he said in his comments that we have any imminent equity issuance, but the idea that we want this toolbox -- this tool in the toolbox as we go forward. And as we began to continue to execute on our plan, it will create the optionality that we're looking for. But Mark?

我認為馬克會再次告訴你，我認為我們正在做好準備。正如他在評論中所說，這並不意味著我們即將發行股票，而是我們希望這個工具箱——在我們前進的過程中，工具箱裡有這個工具。當我們開始繼續執行我們的計劃時，它將創造出我們所尋求的可選性。但是馬克？

No, I'd agree. We generally look at cost of capital and probably in the primary sense, is it accretive to deploy equity into a deal on a 60-40 basis, 60% equity, 40% debt. So it doesn't make sense to raise equity. As Greg said, we generally look for that 100 basis points of initial spread. It's not to say we could do less than not to further diversify our portfolio, but that's generally how we look at it.

不，我同意。我們通常會考慮資本成本，可能從主要意義上講，以 60-40 的比例（60％股權，40％債務）將股權部署到交易中是否具有增值作用。因此提高股權是沒有意義的。正如格雷格所說，我們通常會尋找 100 個基點的初始利差。這並不是說我們可以不進一步分散投資組合，而是我們通常就是這麼看待這個問題的。

I think the ATM provides us another source of capital. We've used the direct share purchase plan, which is another ability through the direct share purchase plan to dribble out shares. And I think we've raised over the -- since I've been here, probably in excess of $700 million in that regard through that plan, but the ATM provides us the ability to larger block issuances and also to look at the ability to do forward.

我認為 ATM 為我們提供了另一個資金來源。我們採用了直接股票購買計劃，這是透過直接股票購買計劃逐步出售股票的另一種能力。我認為，自從我來到這裡以來，透過該計劃我們已經籌集了超過 7 億美元的資金，但 ATM 使我們有能力進行更大規模的區塊發行，也讓我們能夠展望未來的發展能力。

So like Greg said, no imminent issuance in our plan. We're at the low end of leverage, and we don't have any equity in our plan. But this will just give us another tool as we go forward.

所以就像格雷格所說的那樣，我們的計劃中沒有即將發行的內容。我們的槓桿率處於低端，並且我們的計劃中沒有任何股權。但這只會為我們提供前進的另一種工具。

Okay. And then I just -- I wanted to ask you -- I'm sorry, you might have said this, but does your guidance still contemplate a bond deal later this year to pay down the credit line?

好的。然後我只是——我想問你——對不起，你可能已經這麼說了，但你的指導是否仍考慮在今年晚些時候發行債券來償還信貸額度？

Yes, it still does.

是的，現在依然如此。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

It's great to see the rent coverage improves quarter-over-quarter given the continued headlines on kind of the pressured -- more pressured consumer. I was curious if you could talk a bit on how coverage ranges between your different concepts or segments?

鑑於有關消費者壓力不斷加大的新聞不斷出現，我們很高興看到租金覆蓋率逐季提高。我很好奇，您能否談談不同概念或細分市場之間的覆蓋範圍如何？

And then at the Eat & Play locations, I think last quarter, you mentioned that everyone was showing up, but maybe not eating as much. I'm just curious if that trend is continuing this summer.

然後在 Eat & Play 餐廳，我想上個季度，您提到每個人都來了，但可能吃得沒有那麼多。我只是好奇這種趨勢是否會在今年夏天繼續下去。

Again, I think it's always -- and we've seen this, John and Greg, that the consumer is aware and looking for value. But I also think our Eat & Play tenants are responding to that and creating different ways to engage with the consumer and creating value. I think overall, coverages have been relatively stable. The uptick is probably more about the recovery and the continuing recovery of the theater space. But again, given the fact that that's only 37%, that means the other part of that has to be relatively stable.

再說一次，我認為——約翰和格雷格，我們已經看到這一點，消費者意識到了並在尋找價值。但我還認為，我們的 Eat & Play 租戶正在對此做出回應，並創造不同的方式與消費者互動並創造價值。我認為總體而言，覆蓋率相對穩定。這種上漲可能更多地與戲院空間的復甦和持續復甦有關。但同樣，考慮到這一比例僅為 37%，這意味著另一部分必須相對穩定。

And I think we've seen that. I think not as much as the consumer weather and heat and then rain have impacted some attractions, but that's normal -- those are the things that are normally occurred, but we're still seeing really good resilience in the consumer as evidenced by some of the recent Fed and GDP growth that we've seen generally.

我想我們已經看到了這一點。我認為，天氣、高溫和降雨對一些景點的影響不如消費者那麼大，但這是正常的——這些都是正常發生的事情，但我們仍然看到消費者表現出良好的彈性，正如我們最近看到的美聯儲和 GDP 增長所證明的那樣。

Kathryn Graves, UBS.

凱瑟琳‧格雷夫斯，瑞銀。

So my first question, you mentioned that you have no vacant education centers at this point. You didn't sell any in the second quarter. I was wondering if you could just talk a little bit more about what makes an education center a good candidate for sale. What you're seeing as far as interest in those assets? And would you be looking to do primarily more portfolio sales? Or would you be willing to sell some on a one-off basis?

我的第一個問題是，您提到目前沒有空置的教育中心。您在第二季度沒有賣出任何東西。我想知道您是否可以再多談談什麼使得教育中心成為值得出售的良好選擇。您認為人們對這些資產的興趣如何？您是否希望主要進行更多的投資組合銷售？或者您願意一次性出售一些嗎？

Yeah. I mean, I think what makes a good sell is a very attractive cap rate. I mean it's just that candidate and we continue to field calls for people who are interested in the space. I think the way our remaining tenants are set up, they're probably going to be more in portfolios, meaning we would sell a tenant exposure just kind of somebody -- the way those are grouped together. Now that probably means, Greg, they're probably in the $40 million to $100 million range, I mean, as we get dispose of those.

是的。我的意思是，我認為，一個好的銷售表現取決於一個非常有吸引力的資本化率。我的意思是，只有那個候選人，我們才會繼續接聽對這個領域有興趣的人的電話。我認為，我們剩餘租戶的設置方式是，他們可能會更多地參與投資組合，這意味著我們會以某種方式向某人出售租戶敞口 - 就像他們組合在一起的方式一樣。格雷格，這可能意味著，當我們處理掉它們時，它們的價值可能在 4000 萬美元到 1 億美元之間。

So some of that is just candidly, Kathryn, just being opportunistic. But that's a space that's been very, very resilient. I mean COVID created actually strength in that space with the elimination of a lot of at-home child care options. And so we're not unhappy at all with the space. As Greg talked about in his comments, it's performing very well.

所以坦白說，凱瑟琳，其中一些只是機會主義行為。但這是一個非常非常有彈性的領域。我的意思是，COVID 實際上透過消除許多在家照顧兒童的選擇，在該領域創造了力量。所以我們對這個空間一點也不不滿。正如格雷格在評論中提到的，它的表現非常好。

And we look at that as opportunistically, when things are presented to us, we'll evaluate them and see if they make sense for us.

我們認為這是一個機會，當事物呈現在我們面前時，我們會對其進行評估，看看它們是否對我們有意義。

And to amplify that there's a broad market for them. So we're not really concerned about the ability to transact.

並進一步表明它們擁有廣闊的市場。所以我們並不真正關心交易能力。

Got it. That's helpful. And then my second question, there's a couple of headlines and Six Flags closing or preparing to close a couple of their parks. And I was just wondering if you could provide some color on how you're thinking about your exposure to that tenant and just your comfort with that tenant going forward?

知道了。這很有幫助。我的第二個問題是，有幾條新聞報導六旗樂園將關閉或準備關閉其旗下的幾個公園。我只是想知道您是否可以提供一些關於您對該租戶的風險敞口的看法以及您對該租戶未來發展的信心？

Yeah. I mean, I think we see those in our discussions with them, and they will comment on their own as this is a continuation of the merger of rationalizing their fleet of locations and candidly opportunistically selling and deployment of what we think will be accretive transactions for them.

是的。我的意思是，我認為我們在與他們的討論中看到了這些，他們會自己發表評論，因為這是合併的延續，合理化他們的門店陣容，並坦率地機會主義地銷售和部署我們認為會為他們帶來增值的交易。

I mean people forget that often these locations are in and around major metropolitan areas with somewhere in the neighborhood of 300 to 400 acres. And when you look at some of the areas they're in, sometimes there's just a higher and better use that generates a great sale price. And I commend them for aggressively looking at their overall strategy to lower their debt level.

我的意思是，人們忘記了這些地點通常位於大都市及其周邊地區，面積約為 300 至 400 英畝。當你觀察他們所在的某些區域時，有時只是更高更好的用途才能產生很高的售價。我讚揚他們積極考慮降低債務水準的整體策略。

And when they can sell out a property and make substantial gains and lower and create a better credit tenant for us, that's positive.

當他們可以出售房產並獲得可觀的收益並降低成本並為我們創造更好的信用租戶時，這是積極的。

Ryan Caviola, Green Street.

瑞安‧卡維奧拉 (Ryan Caviola)，綠街。

It's Spenser here. Just one for me. I was hoping you guys could provide an update on the competitive landscape. And then I was also wondering, do you guys tend to see more or less competition for deals as you go up in check size?

我是史賓賽。對我來說只有一個。我希望你們能夠提供有關競爭格局的最新資訊。然後我還想知道，隨著支票金額的增加，你們的交易競爭是否會加劇或減弱？

Again, I think it changes. What we see is, especially on $50 million or less, it's a lot more -- we occasionally see some of the other REITs, but also family office. As you move up in deal size, it becomes -- that group falls away in the sense that any time with private equity, their second question is, how do I exit this in three to five years? And a lot of these are long-term capital. So I think we start to see a different set of competitors.

再次，我認為它會改變。我們看到的是，尤其是在 5000 萬美元或更少的金額上，情況要多得多——我們偶爾會看到一些其他房地產投資信託基金，但也會看到家族辦公室。隨著交易規模的擴大，這種情況就會變成——這個群體逐漸消失，因為任何時候進行私募股權投資，他們的第二個問題是，我如何在三到五年內退出？其中很多都是長期資本。所以我認為我們開始看到一組不同的競爭對手。

And that's nothing new for us, Spenser, that's been that way for our 27, 28 years. I think it's not -- I wouldn't say that the number of competitors are more robust. But I would say the interesting thing is, the credit funds and their need to deploy capital becomes more into that side of the equation when it's larger.

史賓塞，這對我們來說不是什麼新鮮事，我們已經這樣 27、28 年了。我認為並非如此——我不會說競爭對手的數量更多。但我想說有趣的是，當信貸基金規模變大時，其資本部署需求就會更多地進入等式的這一邊。

But Greg, I don't know --

但是格雷格，我不知道--

Okay. That's helpful. And do you guys get inbounds from sellers often, especially maybe just for some of the larger deals and wherever just get like a first look just given your brand in the space?

好的。這很有幫助。你們是否經常收到賣家的來電，特別是對於一些較大的交易，以及在任何地方，只要考慮到你們的品牌在該領域的第一印象？

No doubt. Those are the calls we love.

無疑。這些都是我們喜歡的電話。

And I'd say, well, obviously, Spenser, more often than not. I mean we see most deals, for sure.

我想說，嗯，顯然，史賓塞，更多的時候是這樣。我的意思是我們確實看到了大多數交易。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場。

Mark, given that we're pretty much at the end of July right now, will the Regal percentage rents that were reported in prior presentations and after the bankruptcy matching what the box office is doing. Is that still a pretty good ballpark of what we expect could be reported in July related to those percentage rents?

馬克，考慮到現在已經是七月底了，富豪集團在之前的演示中和破產後報告的租金百分比是否與票房收入相符。這是否仍然與我們預計的 7 月報告的百分比租金數據大致相同？

Yeah, correct. I think that chart that we put out initially is still in line with our expectations.

是的，正確。我認為我們最初發布的圖表仍然符合我們的預期。

And then how many -- how much percentage rents have been reported so far in 2Q? Because I know that there is -- it's going to largely straddle between 2Q and 3Q. So how much of a pickup could we expect in 3Q related to the percentage rents and the box office that we've already seen?

那麼，第二季迄今報告的租金百分比是多少？因為我知道——它將主要跨越第二季和第三季。那麼，就我們已經看到的租金百分比和票房而言，我們可以預期第三季會出現多少成長？

Yeah. We don't get that specific as far as tenants and what's in one quarter versus next. I could tell you, overall for the quarter, we had $4.6 million of percentage rents. Obviously, looking at our midpoint, that's going to ratchet up in Q3 and Q4, probably fairly evenly between the two to achieve that midpoint of $23.5 million.

是的。我們無法獲得有關租戶的具體信息，也無法了解本季度與下個季度的情況。我可以告訴你，本季總體而言，我們的百分比租金為 460 萬美元。顯然，從我們的中點來看，這一數字將在第三季和第四季上升，兩者之間可能相當均勻，以達到 2,350 萬美元的中點。

So the bigger chunk of Regal hits in Q3. But I think between Q2 and Q3 with respect to Regal, it's in line with our expectations.

因此，Regal 的大部分銷量在第三季受到衝擊。但我認為，就 Regal 而言，第二季和第三季之間符合我們的預期。

Okay. And then just lastly on the Regal topic. I know you get paid based off of what the revenue is at the Regal boxes, right? So how have those assets been performing relative to market? I mean is it largely in line? And do you typically see a lot of deviations between specific theaters within a market depending on how well they're doing or not? Does that vary very much?

好的。最後我們來談談 Regal 話題。我知道你的報酬是根據 Regal 包廂的收入來計算的，對嗎？那麼這些資產相對於市場的表現如何呢？我的意思是它大致上符合嗎？您是否通常會看到，一個市場內的特定影院之間會因其表現好壞而存在很大差異？差別很大嗎？

No, that's exactly correct. Because it ends up being what is the market share of the individual theaters. Now some of this, both good and bad, is impacted. And this is really positive as we go forward is Regal is investing back into these theaters and adding features and some of those that causes some disruption. So there may be auditoriums that are shut down.

不，完全正確。因為它最終決定的是各個影院的市場份額。現在，無論是好是壞，其中一些都受到了影響。這對我們未來發展具有積極意義，因為 Regal 正在重新投資這些影院並增加一些功能，其中一些功能可能會帶來一些混亂。因此可能會有禮堂被關閉。

But as we've talked about, we still think we're hitting plan, but we're getting new IMAXs put in at some of our theaters and things like that, which really bode well as we go forward because the consumer has kind of clearly demonstrated the demand for that type of product.

但正如我們所說的，我們仍然認為我們正在實現計劃，但我們正在一些影院安裝新的 IMAX 系統等，這對我們未來的發展確實是一個好兆頭，因為消費者已經清楚地表明了對這類產品的需求。

But Greg --

但是格雷格--

Yeah. And Michael, I would say we're very pleased with -- they've recaptured market share coming out of bankruptcy, come back to where we sort of thought they would. And as we've shared with you before, it's very granular. I mean it gets down to the number of large-format screens in any given theater depending on the film, and we monitor that closely. So the takeaway is, we're pleased with how they've recaptured market share and how they're performing.

是的。邁克爾，我想說我們非常高興——他們從破產中重新奪回了市場份額，回到了我們預想的水平。正如我們之前與您分享的那樣，它非常細緻。我的意思是，這取決於任何特定影院的大螢幕數量，這取決於電影，我們會密切監控這一點。因此，我們對他們重新奪回市場份額以及他們的表現感到滿意。

And those investments are Regal largely making those investments by themselves?

這些投資大部分都是 Regal 自己進行的嗎？

Well, there's Regal making investments. And then remember, as part of our deal, we agreed to make certain investments with them limited over a period of years. But it's at least 50% or more of Regal's investment.

嗯，Regal 正在進行投資。然後請記住，作為我們交易的一部分，我們同意在幾年內對他們進行某些有限的投資。但這至少佔 Regal 投資的 50% 或更多。

Yeah. And again, they're required to prove that it will be revenue enhancing before we are required to invest. In other words, so that we get more percentage rent. That's the idea.

是的。再次強調，在我們被要求投資之前，他們必須證明這將增加收入。換句話說，這樣我們就可以獲得更多的百分比租金。就是這個意思。

Kyle Bonci, Truist Securities.

Kyle Bonci，Truist Securities。

So the box office guidance implies some acceleration into the second half of the year. And I think most of that was addressed in the opening comments. But curious how the production pipeline looks today, more of a forward basis versus where you guys were last year and if you expect to see a continued acceleration in number of releases?

因此，票房預期暗示下半年票房將有所加速。我認為大部分問題已經在開場白中提到了。但令人好奇的是，今天的生產流程看起來如何，與去年相比，更具前瞻性，您是否預計發布數量會繼續加速成長？

I think we're very encouraged. If you saw what came out of the industry discussions is that more films are being developed. And as Greg said, the success for Apple having an F1 is encouraging for them. So it's too early for us right now to give you our opinion on '26, but nothing has changed our optimism about the direction that the industry is moving.

我想我們非常受鼓舞。如果你看到了產業討論的結果，你會發現有更多電影正在製作中。正如格雷格所說，蘋果推出 F1 的成功對他們來說是令人鼓舞的。因此，現在就對 26 發表意見還為時過早，但沒有什麼能改變我們對該行業發展方向的樂觀態度。

And I would add significantly, Amazon, a couple of months ago announced that they were going to participate more in theatrical production over time.

我想補充一點，亞馬遜幾個月前宣布，他們將隨著時間的推移更多地參與戲劇製作。

Got you. Understood. I think some of the performance at the TRS operating properties is -- or looks to be ahead of last year. And I imagine some of that is due to the improving theater performance, but it appears to be, I guess, trending ahead of neutral earnings contribution. Do you think that's fair to say at this point?

明白了。明白了。我認為 TRS 營運資產的部分錶現——或者看起來——優於去年。我想部分原因是劇院演出的改善，但我猜這似乎比中性收益貢獻的趨勢要好。您認為現在這樣說公平嗎？

I think second quarter was a great quarter for theaters versus the prior-year quarter, which was fairly rough. And keep in mind, we sold -- it's kind of apples to oranges because we sold three theaters since last year. So yes, we did do quite a bit better quarter-over-quarter, and it's mostly due to theaters, as you said.

我認為第二季度對於影院來說是一個很棒的季度，而去年同期則表現相當糟糕。請記住，我們賣出了——這就像蘋果和橘子之間的比較，因為自去年以來我們已經賣出了三家影院。是的，我們的季度表現確實比上一季好很多，這主要歸功於影院，正如你所說。

That said, for the year, the contribution will be fairly similar to the prior year. We had a nominal increase -- a nominal difference last year between other income minus other expense. We expect a similar result as guidance implies a breakeven theaters being ahead and offset by Kartrite being somewhat behind as far as FFO.

也就是說，今年的貢獻將與前一年大致相同。去年，其他收入減去其他支出之間出現了名義上的增長——名義上的差額。我們預計會出現類似的結果，因為指導意見暗示盈虧平衡影院處於領先地位，而 Kartrite 在 FFO 方面略有落後，從而抵消了這一影響。

So I think our guidance implies kind of certain net results for the year. But certainly for the quarter, we benefited by a quarter-over-quarter big improvement in theaters.

所以我認為我們的指導意味著今年的某些淨結果。但就本季而言，我們確實受益於戲院票房較上季大幅成長。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆。

Just two for me. One is just, is there any cap rate spread between larger and smaller deals?

對我來說只有兩個。一是，大型交易和小型交易之間是否存在資本化率差額？

Go ahead, Greg.

繼續吧，格雷格。

Yeah, for sure, Tony. I mean, I think you're probably looking at 25 basis points to 50 basis point spread. And I think Mark mentioned, obviously, we're always looking for a spread of 100 basis points, but there are some strategic decisions we have to make, too, in terms of expanding our diversity and getting into spaces.

是的，當然，托尼。我的意思是，我認為你可能正在考慮 25 個基點到 50 個基點的利差。我認為馬克提到過，顯然，我們一直在尋求 100 個基點的利差，但在擴大多樣性和進入太空方面，我們也必須做出一些戰略決策。

So 25 to 50 basis points better on larger deal.

因此，對於規模較大的交易，利率將高出 25 至 50 個基點。

No, I think that's realistic.

不，我認為這是現實的。

Okay. And then just second one, Kartrite, I think, still makes up the bulk of the other revenue and expenses, and just seems to still be a breakeven-ish type asset. Can you -- maybe give us a sense of if there's anything to do there to monetize it or maybe even hazard a guess as to what that might be worth despite it not really doing much for earnings right now?

好的。然後第二個，我認為 Kartrite 仍然佔其他收入和支出的大部分，似乎仍然是一種盈虧平衡類型的資產。您能否 - 也許可以讓我們了解一下，是否有任何可以做的事情可以將其貨幣化，或者甚至可以猜測一下，儘管它現在對盈利沒有太大幫助，但它的價值可能是多少？

Yeah. I mean, again, Tony, what we've said before is the -- I mean, candidly, we've struggled with the operating cost, the union that is there that makes it very, very difficult relative to we see how our other waterpark hotels operate. As far as value, again, it's nothing we would speculate on right now. We look at the project in its entirety with the gaming ground lease, because the one was done to activate the other.

是的。我的意思是，東尼，我們之前說過——坦白說，我們一直在努力應對營運成本，工會讓我們的經營變得非常非常困難，相對於我們看到的其他水上樂園酒店的運作方式而言。至於價值，我們現在還不能進行任何推測。我們將整個項目與遊戲場地租賃一起看待，因為一個項目是為了激活另一個項目。

But again, it's not for lack of us working hard at trying to improve that. It's just some of the challenges that we're facing. We continue -- when we see -- there's that kind of responses.

但同樣，這並不是因為我們沒有努力去改善這一點。這只是我們面臨的一些挑戰。當我們看到時，我們會繼續，有這樣的反應。

There are no further questions. So I will now turn the call back over to Greg Silvers for any closing remarks.

沒有其他問題了。因此，我現在將電話轉回給 Greg Silvers，請他做最後發言。

I just want to say thank you, everyone. We look forward to talking with you in the coming months, and have a great day. Thanks, everyone.

我只想對大家說聲謝謝。我們期待在接下來的幾個月與您交談，並祝您有愉快的一天。謝謝大家。

Thank you.

謝謝。