Epr Properties (EPR) 2026 Q1 法說會逐字稿

Hello, and welcome to the EPR Properties First Quarter 2026 Earnings Call.

各位好，歡迎參加 EPR Properties 2026 年第一季財報電話會議。

(Operator Instructions) Also, as a reminder, this conference call is being recorded today. If you have any objections, please disconnect at this time.

(接線員指示) 另外提醒各位，本次電話會議將於今日錄音。如有任何異議，請於此時中斷連線。

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

現在我將把電話交給企業傳播資深副總裁 Brian Moriarty。

Thank you, operator. Thanks for joining us today for our first quarter 2026 earnings call and webcast. Participants on today's call are Greg Silvers, Chairman and CEO and Ben Fox, Executive Vice President and CIO; and Mark Peterson, Executive Vice President and CFO.

謝謝，接線員。感謝各位今天參加我們 2026 年第一季財報電話會議與網路直播。今天與會者包括董事長兼執行長 Greg Silvers、執行副總裁兼投資長 Ben Fox，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 by the Private Securities Ligation Act of 1995, identified by such words as will be, intend, continue, believe, may, expect, hope, anticipate or other such comparable terms.

我先提醒各位，本次電話會議可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，通常可由「將」、「打算」、「持續」、「相信」、「可能」、「預期」、「希望」、「預料」或其他類似用語辨識。

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 would 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.

公司實際財務狀況與營運結果可能與此等前瞻性陳述所預期者有重大差異。可能導致結果與這些前瞻性陳述有重大差異之因素，載於公司向 SEC 提交的文件中，包括公司 Form 10-K 與 10-Q 報告。

Additionally, this will contain references to certain non-GAAP measures, which we believe are useful in evaluating the company's performance. A reconciliation of these measures to the most directly comparable GAAP measures are included in today's earnings release and supplemental information furnished to the SEC under Form 8-K. If you wish to follow along, today's earnings release, supplemental and earnings call presentation are all available on the Investor center page of the company's website, www.eprkc.com.

此外，本次內容將提及若干非 GAAP 指標，我們認為這些指標有助於評估公司表現。這些指標與最直接可比之 GAAP 指標的調節表，已包含於今日的財報新聞稿及依 Form 8-K 提供給 SEC 的補充資訊中。如欲同步查閱，今日的財報新聞稿、補充資料與財報電話會議簡報皆可於公司網站投資人中心頁面取得：www.eprkc.com。

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

現在我把電話交給 Greg Silvers。

Thank you, Brian. Good morning, everyone, and welcome to our first quarter of 2026 Earnings Call and Webcast. In previous quarters, we've discussed our focus on accelerating growth. For the quarter, we delivered a 5.9% increase in FFO as adjusted per share versus the prior year and have established strong momentum as we accelerate on our investment spending for the year.

謝謝你，Brian。各位早安，歡迎參加我們 2026 年第一季財報電話會議與網路直播。在前幾季，我們已討論過我們聚焦於加速成長。本季我們調整後每股 FFO 較去年同期成長 5.9%，並在加速今年投資支出的同時建立了強勁動能。

The centerpiece of our investments was our announced acquisition of a Seven Park regional portfolio from Six Flags. This $315 million portfolio is our largest acquisition in the post-COVID era and we're pleased to own parks that have demonstrated success in the past and offer significant opportunities for the future. These properties comprise more than 1,600 acres across 6 states and Canada, include 418 attractions and have established guest bases that draw approximately 4.5 million visitors annually. We are delighted to be partnering with proven operators Enchanted Parks who operate the U.S. parks and La Ronde operations to operate La Ronde in Montreal. These parks have become staples in their communities and have established multigenerational patronage by delivering fun, excitement and lasting memories.

我們投資的核心亮點，是我們宣布自 Six Flags 收購一個包含七座樂園的區域性投資組合。這筆 3.15 億美元的投資組合是我們後疫情時代最大的一筆收購；我們很高興能持有這些過去已證明成功、且未來具備顯著機會的樂園資產。這些資產橫跨美國 6 個州及加拿大，總面積超過 1,600 英畝，包含 418 項遊樂設施，並擁有穩固的客群基礎，每年吸引約 450 萬名遊客。我們很高興能與經驗證的營運商合作：Enchanted Parks 負責營運美國的樂園，而 La Ronde operations 負責營運蒙特婁的 La Ronde。這些樂園已成為其社區的重要支柱，透過提供樂趣、刺激與長久回憶，建立了跨世代的忠誠客群。

Supporting both the stability of our portfolio and our confidence in our investment outlook is the sustained growth in consumer spending in the experience economy. As we highlight in our investor presentation, personal consumption expenditures in most of the categories we invest in have been growing for many years and most recently increased 7% from 2024 to 2025.

支撐我們投資組合穩定性以及我們對投資前景信心的，是體驗經濟中消費支出的持續成長。如我們在投資人簡報中所強調，我們投資的大多數類別之個人消費支出多年來持續成長，且最近從 2024 年到 2025 年增加了 7%。

In an environment with a variety of macroeconomic cost currents, our overall portfolio coverage remains stable and resilient with most tenants reporting steady or improving results. We're pleased to see box office running ahead of last year, supported by a variety of genres and titles.

在存在各種總體經濟成本逆風的環境下，我們整體投資組合的覆蓋率仍維持穩定且具韌性，多數承租戶回報的營運表現持平或改善。我們也樂見票房表現領先去年，並受到多元類型與片單的支撐。

Additionally, Fitness & Wellness continued to demonstrate resilience as many consumers view this category as an essential part of their lifestyle. This reordering of priorities where consumers increasingly treat Fitness & Wellness as protected nondiscretionary spending reinforces the durability of the segment and supports the long-term thesis behind our investments in this category.

此外，健身與健康（Fitness & Wellness）持續展現韌性，因為許多消費者將此類別視為生活方式中不可或缺的一部分。消費者日益將健身與健康視為受保護的非可選擇性支出，這種優先順序的重新排列，強化了該領域的耐久性，並支持我們在此類別投資的長期論點。

Lastly, I'm pleased to report that we're increasing both our investment spending and earnings guidance. Last year, we delivered 5.1% growth in FFO as adjusted per share, with today's update, the midpoint of our 2026 guidance for FFO as adjusted per share represents 6.5% growth. This significant growth reflects the strength of our investments to date, our future pipeline, the quality of our portfolio and the momentum we've established.

最後，我很高興報告我們將同時上調投資支出與獲利指引。去年我們調整後每股 FFO 成長 5.1%；依今日更新，我們 2026 年調整後每股 FFO 指引的中位數代表 6.5% 的成長。這項顯著成長反映了我們迄今投資的實力、未來的案源管線、投資組合的品質，以及我們已建立的動能。

As our portfolio continues to expand and diversify, we anticipate additional opportunities to capitalize on the experiential movement and strengthen our competitive advantage.

隨著我們的投資組合持續擴張並更加多元化，我們預期將有更多機會把握體驗式消費趨勢，並強化我們的競爭優勢。

Now I'm going to turn over the call to Ben Fox, who is joining us for his first call as CIO. We look forward to his leadership and contributions in the coming years. Ben, please take it from here.

現在我將把電話交給 Ben Fox，他將以投資長身分首次參與我們的電話會議。我們期待他在未來幾年帶來領導力與貢獻。Ben，接下來交給你。

Thank you, Greg. I appreciate that. I am very pleased with the positive momentum we have demonstrated to date with our investment activity. In the first quarter, we completed $51.3 million of investments, including the previously announced acquisition of a VITAL Climbing Gym located on the Lower East Side of Manhattan as well as already committed development capital.

謝謝你，Greg。我很感謝。我對我們迄今透過投資活動所展現的正向動能感到非常滿意。第一季我們完成 5,130 萬美元的投資，包括先前宣布收購位於曼哈頓下東城的 VITAL 攀岩館，以及已承諾的開發資本支出。

Subsequent to quarter end, we completed the acquisition of 6 properties from Six Flags Entertainment representing the substantial majority of this $315 million 7 property transaction. We expect the remaining property, La Ronde located in Canada to close in Q2. This is a notable investment, which further diversifies the portfolio alongside best-in-class operators, and it underscores the value proposition we are uniquely positioned to deliver.

在季末之後，我們完成自 Six Flags Entertainment 收購 6 項資產，代表這筆 3.15 億美元、共 7 項資產交易中的絕大部分。我們預期剩餘的資產——位於加拿大的 La Ronde——將於第二季完成交割。這是一項重要投資，透過與一流營運商合作進一步分散投資組合，同時也凸顯我們具備獨特定位、能提供的價值主張。

Our deep roster of client relationships enabled us to provide Six Flags with a one-stop solution as it sought to reduce its operating footprint. By bringing trusted, proven operating partners to the table, we helped Six Flags achieve its objectives while acquiring irreplaceable real estate.

我們深厚的客戶關係名單，使我們能在 Six Flags 尋求縮減其營運版圖時，提供一站式解決方案。透過引入值得信賴且經驗證的營運合作夥伴，我們協助 Six Flags 達成其目標，同時收購到不可取代的不動產。

In addition to these highlighted investments, as of March 31, we expect approximately $71 million in additional investment for existing experiential development and redevelopment projects, substantially all of which should fund over the balance of this year.

除上述重點投資外，截至 3 月 31 日，我們預期既有體驗式開發與改建專案尚有約 7,100 萬美元的額外投資需求，且幾乎全部應會在今年剩餘期間完成資金投入。

Given the acceleration in our investment velocity, we're pleased to increase our investment guidance to $500 million to $600 million, which represents our highest investment expectation since COVID. This increase is reflective of the depth and breadth of opportunities we're seeing across all our verticals. We expect investment activity for 2026 to be weighted more towards acquisitions than development. We also expect to continue employing convertible or other similar mortgage structures selectively where it makes sense for both us and our clients.

鑑於我們投資速度的加快，我們很高興將投資指引上調至 5 億至 6 億美元，這是自 COVID 以來我們最高的投資預期。此次上調反映了我們在所有垂直領域所看到機會的深度與廣度。我們預期 2026 年的投資活動將較偏向收購而非開發。我們也預期將在對我們與客戶皆合理的情況下，選擇性地持續採用可轉換或其他類似的抵押貸款結構。

Significantly, this increase in investment cadence demonstrates the depth and quality of relationships our investments team has created allowing us to generate attractive proprietary deal flow across the experience economy.

更重要的是，投資節奏的提升展現了我們投資團隊所建立關係的深度與品質，使我們能在體驗經濟領域產生具吸引力的專屬案源。

Before turning to the portfolio update, I want to spend a minute discussing the competitive landscape and pricing. Although the net lease sector is generally a competitive market, we're seeing cap rates holding steady for the investments we target. Again, this is reflective of the unique relationships we have in the insights that our underwriting and asset management teams provide. If anything, the continued volatility in the capital markets is providing an uplift in both the number of opportunities we're seeing and the corresponding conversion ratio for turning these opportunities into closed investments.

在進入投資組合更新之前，我想花一分鐘談談競爭環境與定價。雖然淨租賃（net lease）領域整體而言競爭激烈，但我們看到針對我們鎖定的投資，其資本化率（cap rates）仍維持穩定。同樣地，這反映了我們所擁有的獨特關係，以及我們承作審核與資產管理團隊所提供的洞見。若有的話，資本市場持續波動反而提升了我們所看到的機會數量，以及將這些機會轉化為完成投資的相對成交率。

Turning now to an update on the portfolio. At the end of the quarter, our portfolio represented $7.1 billion of gross investment value, consisting of 335 properties, which were 99% leased or operated. 94% of this value reflects investments across experiential assets. These 280 properties are operated by 54 clients and continue to be 99% leased or operated. The remaining 6% of the portfolio represents our Education segment comprised of 55 properties leased by 5 operators. At the end of the quarter, these properties were 100% leased.

現在轉到投資組合的最新情況。截至本季末，我們的投資組合總投資價值為71億美元，包含335處物業，其中99%已出租或已營運。此價值的94%反映為體驗型資產的投資。這280處物業由54家客戶營運，且仍維持99%已出租或已營運。投資組合其餘6%為我們的教育事業部，由5家營運商承租的55處物業所構成。截至本季末，這些物業100%已出租。

Importantly, the portfolio remains very healthy with 2x unit level rent coverage. This coverage demonstrates the resiliency that our portfolio diversification creates. Moreover, it's also reflective of resilient consumer spending patterns and the continued prioritization of experiences.

重要的是，投資組合仍然非常健康，單位層級租金覆蓋倍數為2倍。此覆蓋倍數展現了我們投資組合多元化所帶來的韌性。此外，這也反映出具韌性的消費者支出型態，以及對體驗的持續優先投入。

Notably, within our Theater segment, the first quarter saw a 25% increase in North American box office grows, benefiting from an increase in both attendance and the number of films released. The current film slate sets the rest of the year up favorably compared to last year.

值得注意的是，在我們的影城事業部，第一季北美票房成長25%，受惠於觀影人次與上映影片數量的增加。目前的片單使今年剩餘期間相較去年更為有利。

Several recent announcements have continued to remove uncertainty while demonstrating the enduring power of theatrical exhibition. First, both the Writers & Screen Actors' Guilds have reached new 4-year agreements, removing any concern of strikes for the foreseeable future.

近期數項公告持續消除不確定性，同時展現戲院放映的持久力量。首先，編劇工會與演員工會均已達成新的4年期協議，消除了可預見未來對罷工的疑慮。

Second, Amazon MGM has announced a commitment to 15 theatrical releases in 2027, with a standard theatrical window of 45 days. Following this move, Universal reversed course on its previous 17-day window, now committing to the standard window of at least 45 days.

第二，Amazon MGM宣布承諾於2027年推出15部院線上映作品，並採用45天的標準院線窗口期。在此舉之後，環球影業改變先前17天窗口期的做法，現承諾採用至少45天的標準窗口期。

And most recently, Netflix announced on Friday that the upcoming release of Narnia, which initially was slated for a 2-week release exclusively in IMAX will be getting a wide release in both IMAX and standard formats for a 49-day theatrical window before moving to streaming. These moves reflect Studio's recognition that theatrical releases serve a dual purpose, generating box office economics upfront while meaningfully enhancing the value of films, streaming window downstream.

而就在最近，Netflix於週五宣布，即將上映的《納尼亞》，原先規劃僅在IMAX獨家上映2週，將改為在IMAX與標準格式同步大規模上映，並在轉至串流前提供49天的院線窗口期。這些舉措反映片廠認知到院線上映具有雙重目的：一方面可即時創造票房經濟效益，另一方面也能在後續串流窗口期顯著提升影片價值。

Within the Eat & Play segment, our operators performed in line with the prior year, seeing a small amount of attendance volatility, offset by higher average spending per visit. Geographic diversification produced incremental gains in our Ski portfolio with significant outperformance in the Mid-Atlantic and East Coast properties more than offsetting the historically poor snowfall across the Western United States.

在餐飲與娛樂（Eat & Play）事業部，我們的營運商表現與去年同期一致，出席人次略有波動，但被每次到訪的平均消費提高所抵銷。地理多元化為我們的滑雪投資組合帶來額外增益，其中大西洋中部與東岸物業的顯著優於預期表現，足以抵銷美國西部歷來偏差的降雪量。

Our Fitness & Wellness segment continues to deliver solid performance and we're continuing to see incremental gains at some of our recently opened properties. Lastly, our Education portfolio continues to perform well and coverage in this segment remains strong.

我們的健身與健康事業部持續交出穩健表現，且我們在部分近期開幕的物業上持續看到逐步改善。最後，我們的教育投資組合持續表現良好，該事業部的覆蓋倍數仍維持強勁。

Touching upon dispositions, the asset management team has done an outstanding job over the past several years on risk management and on resolving vacancies. Although dispositions targeting proactive risk management, will remain a core element of our asset management strategy. The emphasis over the near term will be on generating accretive proceeds through sales of noncore assets.

談到資產處分，資產管理團隊在過去數年於風險管理與解決空置方面表現出色。雖然以主動風險管理為目標的處分將仍是我們資產管理策略的核心要素。短期內的重點將放在透過出售非核心資產以取得具增益性的處分收益。

Accordingly, we are increasing our disposition guidance by $25 million on the lower and upper bounds to a new range of $50 million to $100 million. In summary, our portfolio continues to be resilient and we remain enthusiastic about the investment landscape. We are encouraged by the depth of our investment pipeline at this point in the year and have confidence in our revised investment guidance.

因此，我們將處分指引的下限與上限各上調2,500萬美元，新的區間為5,000萬至1億美元。總結而言，我們的投資組合持續展現韌性，我們對投資環境仍保持熱忱。我們對今年此時投資管線的深度感到鼓舞，並對修訂後的投資指引具信心。

With that, I'll turn it over to Mark for a review of our financial performance.

接下來我把時間交給Mark，請他回顧我們的財務表現。

Thank you, Ben. Today, I will discuss our strong financial performance for the first quarter, provide an update on our balance sheet and close by discussing the increases to our earnings and investment spending guidance for the year.

謝謝你，Ben。今天我將說明我們第一季強勁的財務表現，更新資產負債表狀況，最後說明我們上調今年的獲利與投資支出指引。

FFO as adjusted for the quarter was $1.26 per share versus $1.19 in the prior year an increase of 5.9%. And AFFO for the quarter was $1.29 per share compared to $1.21 in the prior year, an increase of 6.6%.

本季調整後FFO為每股1.26美元，較去年同期的每股1.19美元增加5.9%。本季AFFO為每股1.29美元，較去年同期的每股1.21美元增加6.6%。

Before I walk through the key variances, I want to explain 2 items excluded from FFO as adjusted and AFFO. First, during the quarter, we exercised our purchase option to convert a $70 million mortgage note receivable secured by an experiential lodging property into a wholly owned rental property subject to a long-term triple net lease. At the time of the conversion, we recognized a $1 million gain on real estate transactions and the $1.3 million benefit for credit losses.

在我說明主要差異之前，我想解釋兩項自調整後FFO與AFFO中排除的項目。第一，在本季我們行使購買選擇權，將一筆由體驗型住宿物業作為擔保的7,000萬美元應收抵押貸款票據，轉換為由我們全資持有、並受長期三重淨租約約束的出租物業。在轉換時，我們確認了100萬美元的不動產交易收益，以及130萬美元的信用損失回沖利益。

Second, benefit for credit losses was $5.6 million for the quarter, and related to the conversion I just discussed as well as changes to our expected -- our current expected credit losses in our third-party model based on improvements to both property level performance and certain relevant economic conditions.

第二，本季信用損失回沖利益為560萬美元，與我剛提到的轉換事項，以及我們第三方模型中對「預期—我們現行預期信用損失」的變動有關，該變動係基於物業層級表現改善及若干相關經濟條件的改善。

Now moving to the key variances. Total revenue for the quarter was $181.3 million versus $175 million in the prior year, an increase of $6.3 million. This increase was mostly due to the impact of investment spending as well as rent and interest bumps. This was partially offset by dispositions and a decrease in percentage rents and participating interest, which was $2.5 million for the quarter versus $5.1 million in the prior year. This decrease was mostly due to out-of-period percentage rent and participating interest totaling $2.9 million recognized in the first quarter of 2025.

現在轉到主要差異。本季總營收為1.813億美元，較去年同期的1.75億美元增加630萬美元。此增幅主要來自投資支出的影響，以及租金與利息的調升。部分被資產處分以及百分比租金與參與式利息的下降所抵銷；本季百分比租金與參與式利息為250萬美元，去年同期為510萬美元。此下降主要因2025年第一季認列了合計290萬美元的跨期百分比租金與參與式利息。

Both other income and other expense relate primarily to our consolidated operating properties, including the Kartrite Hotel and Indoor Water Park and our 4 operating theaters. The decrease in other income and other expense versus prior year is due primarily to the sale of 2 operating theater properties in the first quarter of 2025.

其他收入與其他費用主要與我們合併的營運型物業相關，包括Kartrite飯店與室內水上樂園，以及我們的4家營運中影城。相較去年，其他收入與其他費用的下降，主要是因2025年第一季出售了2處營運中影城物業。

On the expense side, interest expense net increased by $1.7 million due to an increase in average borrowings and a decrease in capitalized interest versus the prior year.

在費用方面，淨利息費用增加170萬美元，原因是平均借款增加，以及相較去年資本化利息減少。

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 very strong with fixed charge coverage at 3.3x in both interest and debt service coverage ratios at 3.9x. Our pro forma net debt to annualized adjusted EBITDAre was 4.8x at quarter end, which is below the low end of our targeted range of 5 to 5.6x. Pro forma net debt is calculated by subtracting from net debt. The estimated net proceeds from the forward sales agreement we executed during the quarter that I will discuss shortly.

接著看下一張投影片。我將回顧公司幾項關鍵信用比率。如各位所見，我們的覆蓋比率持續非常強勁，固定費用覆蓋倍數為3.3倍，利息與債務償付覆蓋倍數為3.9倍。季末時，我們的備考（pro forma）淨負債對年化調整後EBITDAre為4.8倍，低於我們目標區間5至5.6倍的下緣。備考淨負債係以淨負債扣除。本季我們執行的遠期出售協議之預估淨收益（我稍後將說明）。

Additionally, our pro forma 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 70% for the first quarter.

此外，季末時我們的備考淨負債對總資產（以帳面基礎計）為39%，而我們的普通股股利仍獲得非常良好的覆蓋，第一季AFFO配息率為70%。

Now let's move to our capital market activities and balance sheet, which is in great shape to support our continued growth. At quarter end, we had consolidated debt of $2.9 billion, of which all is either fixed rate debt or debt that has been fixed through interest rate swaps with an overall blended coupon of approximately 4.4%. Our liquidity position remains strong with $68.5 million of cash on hand at quarter end and no balance drawn on our $1 billion revolver.

現在我們來看資本市場活動與資產負債表；其狀況非常良好，可支持我們持續成長。截至季末，我們的合併負債為29億美元，其中全部為固定利率負債，或透過利率交換固定利率的負債，整體加權平均票面利率約為4.4%。我們的流動性部位仍然強勁，季末手上現金為6,850萬美元，且我們10億美元的循環信貸額度未有任何動用餘額。

Additionally, in March, we were pleased to enter into a forward sales agreement under our ATM program to sell an aggregate 797,422 common shares for initial gross proceeds of $47.5 million or an average sale price of $59.52 per share. We can settle the outstanding shares anytime before March 1, 2027 for the gross proceeds subject to various adjustments.

此外，在3月，我們很高興在我們的 ATM 計畫下簽訂一項遠期出售協議，出售合計 797,422 股普通股，初始總募集款項為 4,750 萬美元，或平均每股售價 59.52 美元。我們可在 2027 年 3 月 1 日之前的任何時間交割未結算股份，以取得總募集款項（並受各項調整影響）。

As of today, we have not settled any of these shares. We are increasing our 2026 FFO as adjusted per share guidance to a range of $5.37 to $5.53 from a range of $5.28 to $5.48, representing an increase versus the prior year of 6.5% at the midpoint. We expect a similar percentage increase in AFFO per share. We are also increasing our 2026 guidance for investment spending to a range of $500 million to $600 million from a range of $400 million to $500 million and increasing disposition proceeds to a range of $50 million to $100 million from a range of $25 million to $75 million.

截至今日，我們尚未結算任何這些股份。我們將 2026 年每股經調整 FFO 指引區間由 5.28 至 5.48 美元上調至 5.37 至 5.53 美元，按中位數計算，較前一年增加 6.5%。我們預期每股 AFFO 也將有類似百分比的增長。我們亦將 2026 年投資支出指引由 4 億至 5 億美元上調至 5 億至 6 億美元，並將處分收入由 2,500 萬至 7,500 萬美元上調至 5,000 萬至 1 億美元。

We are confirming our percentage rent and participating interest income guidance of $18.5 million to $22.5 million which continues to be very heavily weighted to the back half of the year. We are also confirming our G&A expense guidance of $56 million to $59 million and 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.

我們確認按百分比租金及參與式利息收入指引為 1,850 萬至 2,250 萬美元，且仍然非常明顯地偏重於下半年。我們也確認一般及行政（G&A）費用指引為 5,600 萬至 5,900 萬美元，以及我們合併營運物業的指引（係透過提供其他收入與其他費用的區間來呈現）。指引細節可見於我們補充資料第 23 頁。

Finally, we were pleased to have increased our monthly common dividend by 5.1% to $3.72 per share annualized which began with the dividend payable April 15 to shareholders of record as of March 31. We expect our 2026 dividend to be well covered with an AFFO payout ratio below 70% based on the midpoint of guidance.

最後，我們很高興將每月普通股股利上調 5.1%，年化至每股 3.72 美元，並自 4 月 15 日支付之股利開始適用（股權登記日為 3 月 31 日）。以指引中位數計算，我們預期 2026 年股利將有良好覆蓋，AFFO 配息率將低於 70%。

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

接下來，我把時間交回 Greg 作結語。

Thank you, Mark. As discussed today, both our investments and earnings are accelerating and reflect the resiliency and opportunity of our experiential focus. We've also demonstrated our ability to utilize multiple sources of capital to fuel this growth with the initial execution of our ATM program, along with opportunistically recycling capital with planned asset sales. All of these positives reinforce our conviction that EPR's unique platform and asset classes position us to deliver outsized shareholder returns.

謝謝你，Mark。如同今天所討論的，我們的投資與獲利皆在加速成長，反映出我們以體驗型資產為核心的韌性與機會。我們也展現了運用多元資金來源以推動成長的能力，包括初步執行 ATM 計畫，以及透過規劃中的資產出售把握時機進行資本回收再投入。這些正面因素都強化了我們的信念：EPR 獨特的平台與資產類別定位，將使我們能為股東帶來超額報酬。

With that, operator, why don't we open it up for questions?

那麼，接線員，我們開始開放提問吧？

(Operator Instructions)

(接線員指示)

Our first question will come from Jana Galan, BofA.

我們的第一個問題來自 BofA 的 Jana Galan。

Congrats on a really nice first quarter. Mark, for the increase in AFFO guidance, can you help parse out how much came from a slightly better first quarter? And then how much you're seeing from the acceleration in investment activity? Or is it maybe also better yields on that investment activity?

恭喜第一季表現非常亮眼。Mark，關於 AFFO 指引上調，你能否協助拆解一下，其中有多少來自第一季略優於預期的表現？另外有多少是來自投資活動加速？或者也可能是該投資活動的收益率更好？

Yes, we did -- we were a little better for the quarter, about $0.01 or $0.02. But then as you look forward, really, the increase is due to a couple of things. One, obviously, we raised our investment spending and paid for that via the capital raise, but there was probably $0.01 out of that increased guidance.

是的，我們——本季確實略優一些，大約高出 0.01 或 0.02 美元。但往前看，這次上調主要來自幾個因素。

And then I think more broadly, we got a benefit from being fairly conservative with respect to the Six Flags transaction at the end of the year because we weren't sure -- for sure it would close and when exactly it would close. So I think the ultimate outcome of that was better than anticipated. And I think the remaining investments, not just the increase for the year, but the remaining investments are coming in a little bit sooner than planned and at a better cap rate.

另外更廣泛地說，我們在年底對 Six Flags 交易採取相當保守的假設，因為我們不確定——它是否一定會完成，以及確切何時完成。因此我認為最終結果比預期更好。而且我認為其餘投資——不僅是今年增加的部分，連同剩餘投資——進度比原先規劃略早，且資本化率（cap rate）也更佳。

The last thing I'll mention that impacted our FFOAA guidance was the Margaritaville conversion to a -- from a note to a lease. We got incremental straight-line rent from that, and that was probably a little under $0.02 in terms of straight-line benefit converting from a mortgage to now a 20-year lease with escalators that had some straight-line impact.

最後我想提到，影響我們 FFOAA 指引的還有 Margaritaville 從——由票據轉為租賃。我們因此取得額外的直線法租金（straight-line rent），就直線法效益而言大概略低於 0.02 美元；這是因為從抵押貸款轉為現在一份 20 年期、含調升條款的租約，帶來了一些直線法影響。

And then maybe just one for Ben, on the strategy to kind of employ more convertible or other mortgage structures as a way to invest in assets. Just curious, is kind of the first quarter purchase option that you guys exercised kind of a key example of what this would look like?

另外也想問 Ben 一題，關於策略上更多採用可轉換或其他抵押貸款結構，作為投資資產的方式。我很好奇，你們在第一季行使的那個購買選擇權，是否算是這類做法的關鍵例子？

Yes. Jana, that's exactly right. Really, the mortgages that we use, as I mentioned, are pathways to real estate ownership. And so that conversion of the Margaritaville is exactly representative of the types of structures we enter into. And so as opportunities present themselves, we will convert those and use those selectively.

是的。Jana，你說得完全正確。如我提到的，我們使用的抵押貸款，實際上是通往不動產所有權的途徑。因此 Margaritaville 的這次轉換，正好就是我們所採用結構類型的代表。所以當機會出現時，我們會選擇性地進行轉換並加以運用。

Our next question will come from Bennett Rose, Citi.

下一個問題來自 Citi 的 Bennett Rose。

I just wanted to follow up on that on these convertible mortgage opportunities. Could you maybe just talk a little bit about sort of how many you have and kind of what that could look like over the next couple of years as we choose to go down that path?

我想就這些可轉換抵押貸款機會追問一下。你能否談談你們目前大概有多少筆，以及未來幾年若我們選擇走這條路，可能會是什麼樣貌？

Yes. It's a good question. And really, if you look at our mortgage book, the majority of those, probably more than 80% are convertible, right? So what we're highlighting here is with this transaction in Margaritaville, that is just an example of the opportunities that sit within the existing portfolio as well as the types of structures that you could see us enter into in the upcoming quarters and years.

好的。這是個好問題。其實如果你看我們的抵押貸款組合，其中大多數——可能超過 80%——都是可轉換的，對吧？所以我們在這裡強調的是，Margaritaville 這筆交易只是既有投資組合中所存在機會的一個例子，同時也代表你可能在未來幾季與幾年看到我們採用的結構類型。

Okay. And then I just wanted to ask you on your -- the acquisition of theme parks from Six Flags, do you guys see them, I guess, as a potential partner going forward? Is it your sense that Six Flags may want to shed more what they would consider noncore assets? And is that something you would be willing to lean into more at this juncture?

了解。另外我想問關於你們向 Six Flags 收購主題樂園的交易，你們是否把他們視為未來可能的合作夥伴？你們是否認為 Six Flags 可能想要處分更多他們認為非核心的資產？而在目前這個時點，你們是否願意更積極地投入這類機會？

Smedes, it's Greg. I think -- again, I think, clearly, we've demonstrated a partnership with them. So we'll definitely take a look at that. I think they're exploring. And I think real estate solutions are being explored across the board in the attraction space. And I think our team has demonstrated our ability to be a market leader in that space, whether that's with Six Flags or with other participants.

Smedes，我是 Greg。我想——再次強調，我們顯然已經展現了與他們的合作關係。所以我們一定會評估這方面的機會。我認為他們正在探索中。而且我認為在整個景點／吸引力（attraction）領域，各方都在探索不動產解決方案。我也認為我們的團隊已證明我們有能力在該領域成為市場領導者，不論是與 Six Flags 或與其他參與者合作。

Our next question comes from Upal Rana, KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Upal Rana。

Just on the Six Flags transaction, could you walk through the strategy behind...

關於 Six Flags 這筆交易，你能否說明一下背後的策略……

We kind of cut you off, but I think you're saying what was the strategy? So I think our put was, again, long term, we look at these as incredibly stable assets. If you look over time, that these are -- they're market-dominant that you just cannot create has been reported. These assets were -- have had multibillion dollars spent on them that we can buy very attractively, which we think create long-term stability. They're very much part of the communities and where they exist.

我們剛剛有點打斷你了，但我想你是在問策略是什麼？所以我認為我們的看法是——再次強調，長期而言，我們把這些視為極其穩定的資產。如果你從時間維度來看，這些——它們是市場主導型資產，且如外界所報導，你根本無法再複製打造。這些資產——已投入數十億美元的資本支出，而我們能以非常具吸引力的價格買入；我們認為這能帶來長期穩定性。它們也非常融入其所在的社區。

So we feel like this is a really strong anchors to an experiential portfolio. I think, again, as we said, there's really been no new parks built in decades. So we feel the durability and the resilience of these are quite good. And we will continue, as I said, to explore opportunities.

因此，我們覺得這些是體驗式投資組合非常強而有力的錨定資產。我想，再次如我們所說，數十年來確實沒有新建的樂園。所以我們認為這些資產的耐久性與韌性都相當不錯。而且我們也會如我所說，持續探索機會。

Okay. Great. That was helpful. And then maybe in your prepared remarks, you mentioned you're encouraged by your pipeline that you're seeing. Maybe you could talk a little bit about that and what types of deals you're seeing and any kind of sizes?

好的。很好。這很有幫助。接著也許在你們事先準備的發言中，你提到你對目前看到的案源管線感到鼓舞。也許你可以多談一點：你們看到哪些類型的交易，以及大概的規模？

I'll let Ben add a little bit to this, but I think what we're encouraged is kind of what I talked about in the beginning. Experiential spending continues to accelerate. And we continue to see multiple reports about how people are valuing experiences over things and continuing to prioritize those.

我先請 Ben 補充一些，但我想我們感到鼓舞的，某種程度上就是我一開始談到的。體驗式消費支出持續加速。而且我們持續看到多份報告指出，人們更重視體驗勝過物品，並持續把這些放在優先順序。

So again, whether it's Attractions, Fitness, Eat & Play, across the board, we're seeing strength. And so therefore, I think we would say that almost all of our categories, as we said, we're not growing theaters, but all of our categories, our pipeline of opportunities is expanding, but I'll let Ben if you want to add anything.

所以再說一次，不論是景點（Attractions）、健身（Fitness）、餐飲與娛樂（Eat & Play），整體而言我們都看到強勁表現。因此，我想我們會說，幾乎我們所有的類別——如我們所說，我們不擴張電影院——但我們所有類別的機會管線都在擴大；不過我先讓 Ben 看看你是否要補充。

I think that's exactly right. It really is across the board. And just the ability to get a lot of our relationships to the table is increasing, and there's a general increased willingness to transact and derisk capital markets exposure.

我覺得完全正確。確實是全面性的。而且讓我們許多合作關係能夠坐上談判桌的能力正在提升，整體上也更願意進行交易，並降低對資本市場曝險的風險。

(Operator Instructions) Our next question comes from Justin Haasbeek, UBS.

(接線員指示) 下一個問題來自 UBS 的 Justin Haasbeek。

This is Justin on for Michael Goldsmith. Are you seeing any cap rate compression or increased competition in your top 3 acquisition segments of Fitness & Wellness, Attractions and Eat & Play? And are those still your top 3 in terms of acquisition focus?

我是 Justin，代 Michael Goldsmith 提問。在你們前三大收購領域：健身與健康（Fitness & Wellness）、景點（Attractions）以及餐飲與娛樂（Eat & Play），你們是否看到資本化率（cap rate）壓縮或競爭加劇？而這三個領域仍是你們收購聚焦的前三名嗎？

I would say, yes. I mean, again, especially on our flow business, I mean, clearly, with what we did with Attractions this year, that was a big anchor transaction, but our flow business, I think those are still the top. And as Ben commented in his opening comments, I think our cap rates remain stable. I think, again, our position as kind of a leading market participant here makes us get the first call usually on these type of assets.

我會說，是的。我的意思是，再次強調，特別是在我們的常態性收購（flow）業務上；當然，今年我們在景點（Attractions）所做的那筆是大型的錨定交易，但就我們的常態性收購而言，我認為這些仍是前三大。而且如 Ben 在開場評論中提到的，我認為我們的資本化率仍維持穩定。我想，再次強調，我們作為這個市場的領先參與者，通常會在這類資產上先接到電話。

So I think there's always going to be competition. But again, everyone in this space knows who we are, and we're going to get that call. So I think that bodes well for us continuing to grow that pipeline more and more.

所以我認為競爭永遠都會存在。但同樣地，這個領域的每個人都知道我們是誰，我們會接到那通電話。因此我認為，這對我們持續把管線越做越大是很有利的。

Okay. Great. And does the strong box office performance in the first quarter here, does that change how you think about your exposure? And has there been any private market interest in theaters? Has that changed at all?

好的。很好。那第一季強勁的票房表現，是否改變你們對曝險配置的看法？另外，私募市場對電影院是否有任何興趣？這方面有改變嗎？

There's -- again, I -- first of all, I should answer the first one. I don't think it's changed our interest in the sense that we still believe that increasing our diversity is a strategic objective of ours. I think there's no doubt that there continues to be getting an improving interest in the theater space as this continues, especially with some of the things that Ben mentioned in his comments, you've got the studios now kind of embracing much more on a theatrical forward kind of direction whether it's embracing the windows, whether that's Netflix now starting to use theatrical.

這個——再說一次——我先回答第一個。我不認為這改變了我們的想法；因為我們仍相信提高多元化是我們的策略目標。我想毫無疑問的是，隨著這樣的趨勢延續，電影院領域的興趣確實持續改善，尤其是 Ben 在評論中提到的一些事情：片商現在更傾向採取以院線為主的方向，不論是重新擁抱上映窗口期，或是 Netflix 現在也開始採用院線上映。

So I think there's a lot more positive feeling about it. So we're seeing more interest in there. We'll see if that plays out to a ability for us to transact. But there's no doubt that we're getting more inbound calls on our portfolio.

所以我認為整體氛圍更正面。因此我們看到更多興趣。我們會看看這是否會發展成我們能夠實際成交的機會。但毫無疑問，我們的投資組合正收到更多主動洽詢（inbound calls）。

Our next question will come from Michael Carroll, RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Michael Carroll。

Greg, can you talk a little bit about the current macro uncertainty and how that has impacted the experiential space? I guess, mainly, have you received any calls from potential sellers looking to further derisk, I guess, their company and maybe doing a deal with you just given the potential volatility that could be caused in the capital markets?

Greg，你能談談目前宏觀不確定性，以及它如何影響體驗式領域嗎？我想主要是：鑑於資本市場可能出現的波動，你們是否接到一些潛在賣方的來電，想要進一步降低風險（derisk），也許透過與你們交易來降低其公司風險？

I think, as Ben said, we're getting inbound calls of people who are -- again, I think the idea of it used to be at the beginning or the end of last year, wait until rates improve. And now I think that volatility in that market has helped in that sense. I think though, the underlying the thing that's got us is the underlying support and resiliency of the activities. I mean as we said, our coverage remains very strong against this backdrop.

我想如 Ben 所說，我們確實收到一些主動來電；再說一次，我認為原本在去年年初或去年年底的想法是：等利率改善。而現在我認為該市場的波動在某種程度上反而促成了這件事。不過，我認為真正支撐我們的是這些活動本身的基本面支撐與韌性。我的意思是，如我們所說，在這樣的背景下，我們的覆蓋倍數（coverage）仍然非常強勁。

So I think it gives us confidence to move forward that the consumer is still there. And I think there is, as Ben noted, some people who on the capital side are looking at saying, Okay, it doesn't look like rates are going materially down, and there is a risk with where we're at of them going up. So let's see if we can lock in transactions. But Ben, I don't know if that's consistent.

所以我認為這讓我們有信心繼續往前走，因為消費者仍然在。而且我認為，如 Ben 所指出的，資本端有些人會看著說：好吧，看起來利率不太可能大幅下降，而且以目前位置來看，利率上升是有風險的。所以看看能不能把交易鎖定下來。不過 Ben，我不確定這是否與你看到的一致。

That's very consistent with what we're seeing.

這與我們看到的情況非常一致。

Okay. And then on the disposition side, I know that you modestly increased your target. I mean should we think about those sales still mainly be coming from the early education segment? Is that the focus? Or is there other sales outside of that, you can look at?

好的。那在處分（disposition）方面，我知道你們小幅提高了目標。我們是否仍應該認為這些出售主要會來自幼兒教育（early education）領域？這是重點嗎？還是你們也會考慮該領域以外的其他出售？

I think it's going to -- you're going to see that probably will be a bulk of that. I think you will also see us, as I mentioned earlier, hopefully capitalize on some really interesting opportunities on our theater side to sell some assets, so that we can show some real kind of interest in that. So -- but we'll have to go from there.

我想會——你們大概會看到其中多數會來自那裡。我想你們也會看到我們，如我先前提到的，希望能在電影院端把握一些非常有趣的機會，出售部分資產，讓市場看到那裡確實有相當的興趣。所以——但我們得再往下看。

Okay. And then on the theater side, if you sell assets, I mean, can you -- I'm assuming you can't do much out of AMC given that's now in a master lease, right, unless you do a bigger JV. So should we think about those potential sales being with smaller operators.

好的。那在電影院端，如果你們出售資產，我的意思是——我猜你們在 AMC 那邊應該做不了太多，因為那現在是在一個總租約（master lease）之下，對吧？除非你們做一個更大的合資（JV）。所以我們是否應該認為那些潛在出售會是與較小的營運商相關？

One-offs or things offs and other opportunities there, but you're exactly correct. It will not -- probably not be out of the master lease.

可能是單筆（one-offs）或其他一些機會，但你說得完全正確。它不會——很可能不會從總租約中剝離。

There are no more questions. So I will now turn the call back over to Greg Silvers, Chairman and CEO, for any closing remarks.

目前沒有更多問題。接下來我將把電話交回給董事長兼執行長 Greg Silvers，請他做結語。

Thank you, guys. I appreciate the time and attention today. We look forward to talking to you as we go through the rest of the year and appreciate your interest. Thank you all. Thank you.

謝謝各位。感謝大家今天撥冗並專注參與。我們期待在今年接下來的時間與各位持續交流，也感謝各位的關注。謝謝大家。謝謝。

Thank you for joining EPR Properties First Quarter 2026 Earnings Call. This concludes today's call. You may now disconnect.

感謝您參加 EPR Properties 2026 年第一季財報電話會議。今天的會議到此結束。您現在可以掛線。