EPR - Earnings call transcript Q1 2019

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Operator

Good day, ladies and gentlemen, and welcome to the Q1 2019 EPR Properties Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call may be recorded. I would now like to introduce your host for today's conference, Mr. Corporate of VP Moriarty, Communications. Brian Mr. begin. Moriarty, you may

Brian Moriarty

results may, this these and Thanks Thank as operations be, today The such us to company's report I'll could in the you the forward-looking believe, actual materially welcome. as Litigation intent, the Form forward-looking contained XXXX Identified these you, Hi, or those everybody may start cause and by statements from anticipate that comparable from in companies informing by of condition vary on Josh. XX-K Private for call company's may for defined will other terms. forward-looking hope, expect, financial call. statements. factors include results of statements contemplated joining filings, by earnings and call SEC the are Act XX-Q. materially Discussion our XXXX. differ Securities of quarter that first including words such continue,

CEO, company Now, I'll turn and the to call President Greg over Silvers.

Greg Silvers

Brian, are Thank slides quarter like that everyone and our along www.eprkc.com. our to remind website call. first Welcome XXXX via at earnings to to I'd you, follow available morning everyone. good

detail, standard over Peterson, the started headlines, get protocol, business review our the the will to who turn with quarterly in summary. our is As the I'll company Mark greater then call discuss CFO, financial company's

momentum. investments, first Our continued is; spending solid headline fundamentals,

per share X% continues investment strategy of to deliver as with growth focused adjusted and the Our previous revenues same increasing versus year. quarter FFO

totaling with of on recreation. the the half investment sustain focused of the in million entertainment XXXX we starting majority spending strong investment spending year second investments and momentum established we our with Additionally, $XXX.X

Compare XXX that of stability Report, remain the basketball whose by our attendance broad billion; box football, by league billion to office long-term consumer segments segments This office 'B'. baseball, demonstrate Theme attendance the was that all continue strength of the last and best investment and be characterized resiliency which that's million. recreation Highlighted MPAA investment primary was with portfolio, demand. may recent X.X over a and major the to identified healthy. our hockey, year's box combined Second,

Additionally, in demographic at provides population our remains American this segments. see context a once referring broadly North for all least of is went the a movie XXXX; theater that out-of-home to at choice XX% the supported entertainment and dominant by movie-going to

Third, leadership growth. for focused new

in to him player future. you market-dominant for the look experiential lead in opportunity of in the our in efforts becoming to and untapped of growth cost the calls real experiential our proceeds, public in to uniquely the access capital, improving space. an markets, great pleased recycling into To pursue ample capacity positioned continue entertainment provide Officer. of help excited to to in great are the company's these to and segments, I'm we we have new expansion the and welcome a help thought experience expertise on for pursuing strong company segments the As build leadership and role this and the Investment for differentiated experiential With Fourth, significant Greg's We participation the Greg join many fit capacity. and to Zimmerman, estate to the our meet lead growth proficiency. deep we're our near opportunities underwriting future play we directly him are the Greg's growth recreation capital revolver, for in which space, Chief on space. forward

growing human to We to base. capital financial our opportunity respond and both have the resources,

investments quarter, our the Now, of total the minutes I'll were review the properties take greater billion occupied. to a in with At XXX XX% $X almost that first detail. were in few end service business

million. $XX.X proceeds dispositions was were spending investment million, During our $XXX.X from the and quarter,

was consistency Additionally, our of our portfolio. demonstrates company coverage X.XX strength the and at level rent which times

entertainment segments; $X.X portfolio entertainment, an XXX provide on billion investments I'll properties in quarter-end, total three operators. in our our included service and approximately XX At Now, update recreation, with education.

coverage was occupancy times. XX% rent was X.XX and our Our

the revenues and QX XXXX. to the in and expectations strong for the for of representing of fourth year. for End American American box prior quarter, in Industry with $XXX which in property boost in North totaled weekend, worldwide, difficult million megaplex received this opening growth was segment XXXX in second all-time anticipated, North pundits approximately office As versus a $X.X Game for developments were of record theaters, the very North and box establishing Box call billion centers. $XX.X grossed million, the Investment period softer included to previous certainly comp. consisting entertainment history spending XXXX Office the largest XXXX entertainment established weekend balance a a overall which Black and family entertainment included The QX continue acquisitions a opening office of the year. Panther Avenger's primarily our and making centers, and retail redevelopment The which theater $XXX.X with build-to-suit America, million of of exceed

Theaters and recreation interesting continue also see $X.X of total billion properties transaction by in as approximately four under portfolio We our properties opportunities included with acquire in-service closed theater XX late to XX that three Escape million At March. theaters XX operators. evidenced to investments in development, quarter-end, service, with our

was our X.XX Our rent occupancy approximately times. and was XXX% coverage

average and an up XX% XX% ski revenue trailing versus outstanding season-to-date operators the to season. three-year enjoy the Attendance through are for Our continue respectively and February.

across $XX.X Park market golf over ramping the is media included developments Water scheduled weekend in spending the opening Park Water recreation our New up Catskills New opening airtime project's Kartrite a approximately in Kartrite May Investment million balance Good opening which the for Hotel attractions. grand $XX.X totaled segment Hotel which York and of primarily receive XX. grand and soft with our Additionally, extensive is Easter on entertainment York. coverage build-to-suit the million complexes including the the The for should consisting Day on of had

fully would by Schlitterbahn with will discussions June to proceeds mortgage X, be provide our on paid-off that extended we definitive during completion they Based the second third-party are Schlitterbahn with the are we front, month note sufficient anticipating XXXX. we the the understand and quarter nearing the the On note. disposition repay that one a of maturity that to a agreement Group, have

will guidance an speak comes and of billion no investments service, four this Mark At earnings upward to development, with education operators. under to, our despite properties approximately disposition our guidance. XXX revision included $X.X As to with change XX our in portfolio quarter-end, total properties

education rent education of $XX.X spending million, public our and occupancy developments redevelopments was was X.XX of totaled childhood schools and consisting and Our in approximately segment build-to-suit charter XX% times. coverage Investment our primarily centers. early

million land segment, including related to centers. proceeds designated received termination previously properties education and million land parcels fees. schools, of development operating education early quarter, disposition the first we three in one the for $XX.X the two school parcel, include disposition charter childhood charter $X During The of

continue revenue not de the the for to the to remainder to CLA our revisions XX expect XXXX transferred material our we no are cash properties agreement. year Crème change our or to Crème la original structure be bankruptcy, will revised of in our outlays. the courts replacement expected with stream to and the tenant failure throughout The properties transferring have We due rule on February

with XXXX. that, financials. paid Our rent operating April, to discussion turn short-term have With their in Mark applications is these Crème year. to lease schools la and with begin over CLA preparations continues of Crème license they de The this substantial later for through still to the and effect a I'll progress make it

Mark Peterson

website. Thank investor's can quarterly you, be Greg. from downloaded everyone supplemental I'd call on our to the remind like that our

compared first net the in was $XX.X to prior per $X.XX year. share first turning Now per million slide, $XX.X for or $XX income the quarter $XX.X million to the share year. in to was million or compared prior $X.XX the million FFO

prior for X%. of to the quarter to slide; the year, share adopted of and lease per standard $XX million at year. share $XXX.X want the $X.XX impact Lastly, first discuss was the in $X.XX adjusted increased an increase of FFOs accounting to the next versus new versus the we the prior Turn I year per million in the

summarize many receivables related tenants. prior would sublease to primarily numbers, year-over-year. recognized certain our used of comparable standard million, the quarter line leases Note assets straight not million, to and like $XXX ground of the was million, $XX to building elected, restate but briefly an line $XXX RIETs, we first At there of right expected and to year directly adoption, our no financials. As so we that, new our to are impact are we items we like I not our of liability how lessee earnings impacted where lease offsetting the ground

as well and rental and that gross-up ground primarily by we property quarter recognized million are would related then related have the $X.X over reimbursed which by the During totaling each, us operating costs expense other of lease and revenue, tenants. paid been sublease previously as recognized that to expenses revenue the

expense bad and Lastly property deduction revenue. less debt operating expense as rental a recognize but rather we to as part significant, no longer of

I discuss through to I key walk Before adjusted. to two to adjustments as to come want FFO the FFO variances,

$X options, purchase FFO gain-on-sale the has of added for get adjusted. of we charter sale FFO as which the net million completed of to tenant quarter fees to public in pursuant termination million and been included during $XX.X to First, two proceeds schools recognized to

the million Second, Park amount $X.X Kartrite pre-opening expenses transaction this quarter for $X.X related to were million Water with of connection the Hotel. and costs in Indoor

traditional a we lodging currently operate and lead call, last our in structure. discussed investment in own this As

let walk key item the me variances Now, year. through line for versus the the prior quarter

million. X% increased year the compared $XXX.X revenue prior to to total Our

This investments Within the $X.X during as children's payments the increased versus leased in to rental revenue adventure from $XXX.X revenue million. more to learning from the resulted quarter well the related under to agreement. million $XX.X related the revenue revenue prior rental by as new category, required million rental year increase

million of the prior gross new to $X.X I the were adoption previously. standard. for reimbursed revenue lease Additionally, related the for standard discussed the reimbursements the increase expenses included of $X million in year. accounting up the with increase $X.X new of The accounting lease quarter of tenant million versus to adoption the rental the certain Tenant related

direct $X.X other $X.X last to the pay financing quarter primarily for note $XXX,XXX in The fee XXXX. was investment offs mortgage income financing for quarter rents $XX.X was off received the a Mortgage the percentage four due was revenue million as in note rental OZRE leases. $XX.X versus was This prior classified by million decrease as partially to paid in year. year, Additionally, of prior as of and additional in in related the that year. also million the an included were million well decrease from July offset their Imagine in sale Schools versus

million of to lower $X due expense are lease adjusted. new for accounting income adoption the decrease provisions the due deferred this versus decrease future Recall lower expense was not deferred standard. primarily year. year, due primarily that taxes. The current quarter approximately of tax versus expense adjustments FFO On will the our by of taxes was remaining to related the side, to prior increased as property Income million in $X.X quarters. in $XXX,XXX from the was taxes with million operating that the repeat associated benefit prior $X Approximately tax reform excluded $XXX,XXX to

Turning the acquisition X.X due of denominator this ratio of next at million which process adjusted ratio included coverage I'll than was service and the quarter quarter to is of higher ratios the is the as as business times stage X.X for four our EBITDA review charge last and This times to well at of calculation. to X.X company's of no EBITDA end. some to key construction X.X at times the a and in debt also slightly on at $XX coverage the slide; times, interest range theaters part in credit X.X coverage debt times X.X day with our fixed

in adjusted adjusted acquired at the for This our for process EBITDA assets quarter debt during the adjusted items net supplemental. other X.X quarter as construction put impact to Our as service as annualize ratio such was of well and end. as times in or described

capital million. approximately to investments expected receive to raise second and XX% note a XX% year. gross of payoff basis to mortgage $XXX This fund Greg in market as remainder to in payoff we quarter basis. our as the near-term the Our was on Note assets net reduce the a as on book proceeds to totaling discussed, significantly our is Schlitterbahn also, from the over the well expect leverage debt reduce need

$XXX our in increased by X% an marks increase. over common the with we a of annualized to in the significant quarter first This dividend Lastly, year consecutive dividend monthly dividend XXXX. ninth

coupon is billion of that next which outstanding Now, $XX fixed of hand. debt been $X capital turn rate for markets $X approximately with outstanding let's fixed our quarter-end $X.X has had swaps total line We and update. we billion the quarter-end to blended credit X.X%. on or unrestricted and slide debt either on $XX.X through at of million million had our of billion of debt liquidity cash a At rate interest

X.XX%. $XX DSPP raise quarter-end, of our entered LIBOR we of plan swap pleased remaining common no issued rate effective purchase We million $XX.XX million and weighted continues seven low $XXX We average net during average into to debt an share took and price an be million. The a interest common to X.X very on plan to term approximately low-cost $XX.X have debt for million of are advantage quarter years of a equity. to until to a at rate Subsequent proceeds at of direct per the projected way approximately XXXX. maturity shares our fix loan and share maturities the

our hedge XXXX. at As blended of is February, a loan term rate result, now million until entire a X.XX% $XXX

balance and in great position very puts Our position sheet a continue to liquidity beyond. this be and XXXX strong and us for

Turning our and $XXX to guidance of guidance XXXX spending for to next of $XXX as confirming $XXX are adjusted share the to per FFO $XXX million. for we investments slide,

percentage expected payoff million million million our from was $XXX to timing XXXX proceeds favorable about of be original investment $XXX and is off increasing $XXX the per range additional $X pay the $XXX by due to not XXXX a offset approximately of of Schlitterbahn Note our earnings to of note as the mix of the note Schlitterbahn range the our share are for from disposition that's We million a million. impact dilution to as rents $X.XX expected expected year for in which well plan a anticipated to spending. of to

share share, related our Excluding for per to of XXXX in prepayment the guidance fees FFO or million mid-point as reflect $XX.X over of $X.XX the per non-education growth. continues XXXX adjusted X%

last rents to wanted lease year. related heavily year; fees that as note the also mortgage like termination to back just of I Before properties percentage to the half education prepayment our concluding, and as we expect to be well weighted

reduction in we of versus acceleration earnings per half year. result, a QX expect the adjusted with QX as in share the As a over an FFO back

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

Greg Silvers

you, Thank Mark.

these don't investment the look take to strong and flow As first see we of quarter. forward to quarter the on positioned opportunities. first demonstrated, open With opportunities that In to up it coming we that to building deploy have we for continue a ourselves questions? capital that, we've months, advantage I the why of momentum established in Josh.

Operator

[Operator first Capital Markets. KeyBanc comes Our from Mailman question of Craig Instructions]

proceed with may You question. your

Craig Mailman

guys. morning good Hey,

they the do going has can Is Just or this down refinance? they why their have enough to a first just cross collateralization on of that out Schlitterbahn, go they're either capital from guys of sense from under you feel elsewhere? get cost like away come

Greg Silvers

they're different I the it's couple think as well changing for all been with noise. could number a answer why to of be I Craig, issues better strategy. and years it's documented have question difficult it their for Again, been to a them think probably them of that of Again,

comment So, their rather than would to on what is, thoughts that strategy their us I them. leave of

Craig Mailman

putting of That's And you this fair. you want have capital Waterpark still kind debt you Okay. still, from XX:XX:XX]? there? are guys or [indiscernible guys way Did to or be this experience place out

Greg Silvers

that investment. still been back I that very and Actually think and very event a we financial standpoint liked a No. that, the unfortunate than from over see look we space other strong time all that's

coverage And and think invested, I So, flags demonstrated for that spend we demonstrates has Waterparks the having public type we at. that portfolio, desire with product as our their demonstrated performance. has we in of I have strong dollars recreation consuming think the continued, others have their six to

still feel very good we So about them.

Craig Mailman

just a Okay. at there your open early I of it Cartwright, was indications success but know soft versus up expectations? any

Greg Silvers

kinks kind work of out. so it's early just are that openings Again, to the and soft

So, rooms they all available. didn't the open even

part to just get So, is through I think the this operating. of

May we performing. have summer as towards and that's think in of view I we'll how get better the a

Craig Mailman

theater operator? could more give a maybe the on Okay. And acquisition, and you just of little right a us on little bit then bit there cap the color escape about

Greg Silvers

a family it's operation. Again,

back this the escape had portfolio the one a the look, of the go couple ago, of you If and we group. is of years when son -- that of it's family, children

able of So, that this chain ended were And those relationships going we now is this to would back around up being secure an sold eight. that to of Regal because the deal [ph]; think at or son in. I kinds

and into the turn chosen good of So to business about ability they've level experience that very we a the our feel markets operator, the opportunity. relationship-based

Craig Mailman

And the related pretty if coming kind vendors Could half to half slate to back here out what percent theater the there the rent the year. one of of the be I one, in back just last what's good year? of the upside sales then to portfolio? continued the a mean, for accelerate additional ticket

Greg Silvers

could theater still really I because the side we The opportunity. be. on think timing. rent just percentage But wasn't there of see

As we went still theater exists slate of percentage rent year to percentage there, And where theater we as kind year, that last into we last on had the out were end rent. opportunity we of with exceed the still the that's strong additional some noted year.

Mark Peterson

higher the over than is increase outlook Ski private with rent expected. secondly, had good going season. as schools, we Greg what's They a the a a properties. to respect really percentage The to And related revenues with went little good have then on

Operator

with next you. question comes And our Thank Joseph Nick from Citi.

your with proceed question. may You

Nick Joseph

operators or entertainment talked to recreation. expansion mean, into expand you or more operators concept? that into expand you an existing Greg, I about is Thanks. either and looking are

Greg Silvers

both. St. strong museum us last Louis quarter we we and at, a looking to concepts other say a think we space. it's probably that leadership I the about we and the little think, When thought just established in in that heard some talked city of it's you Nick, were experiential have safe

broadly within think either so, entertainment would And fall it our I recreation areas. or

think our today, identify will segments purview, take advantage talked we those and it about to Nothing it's continue within our that we've within types. look to new announce business money. concepts to existing consumer grow of, allow operators wants be, would as but types again, So, but new and to their to the product still where product we spend and

Nick Joseph

Thanks.

little or a CLA-driven on came just rent that else? is education maybe So, down ratio coverage sequentially, something

Greg Silvers

Again, CLA-driven. of somewhat schools bit the our charter else. that something is of little It's not we sales as the my It's can of margin. year, into kind things impact coverage on probably timing a guess like it's get this and that

Operator

of Thank Stevenson our you. next question from Rob Janney. And comes

You may your proceed with question.

Rob Stevenson

out guys. like theaters? talk move the several morning, seems acquiring large you can you the Greg, there the or Are landscape started net public Good seeing any less guys It competitive competition about on pricing? leads to space. any triple for impact from away today of

Greg Silvers

space nice. players marketplace, to lot that. Not that continue of that. really. we're in less I that a triple Rob. and not the to exposure But you've hope you're net Again, competitors having mean, We'd would have looking would again, I substantial seeing got correct, and be like theater that are a grow

articulated There back finding portfolio. the of think of with before challenge product in as lot, a market and are But don't several our lot but the out type. They a right of there performance not think a from don't the -- are sale. are I seen the a that well not mesh theaters. just theaters that we've pulling lot for we've I is quality

Rob Stevenson

updated ones conversions these should in do already this that have you thinking that how the redevelopment? you them are done to mean, ones the that acquired I the on or the they added quarter? And assets we you conversions be about had to quarter, plan

Greg Silvers

already. are In amenitized quarter, these the theaters

So, the versions. these are new

So, accordance see theaters it associated be wouldn't to we about but in with acquired. these that as it investment, that talked with redevelopment, continuing wouldn't but we're opportunities we for be

Rob Stevenson

As incremental the by guys Mark or by the the anticipate on but year, of education some segment? in towards quarter about of happenstance how largely then theaters? today talked acquisitions sort I through the weighted you conscious are acquisitions, feeling the weighted, we're of portfolio of the percentage has sort go that terms I backend pause first or investments we Okay. think education maintenance design, your about mean of heavily remainder And is there being that whether a there looking part greater being the in at you mix

Greg Silvers

but education, that be -- idea I for an not as will competitive is area as in in it spinning think market bond we school experience charter as XX Rob years traditional it not not has the bond wanted build-to-suit we that from especially to being Years were stronger some the in investment much gotten the who primarily, area. dollars the operating market, now are have of of ago, competitors, and they the X doing deals. people

not you're see is what So, to for do us reach going transactions.

it better in a areas. other sector. substantial are risk the opportunities have we're recreation our today, feel and amount reward We risk about rewards entertainment of, talking on we right standpoint, now and a in And

in more focusing we're So space. that

Mark Peterson

And termination to backend say fees and more I percentage Those that our the Rob, the as of acquisitions were I as year. earnings rents. said weighted, things back move prepayment back-waited two didn't come half well fees were

Rob Stevenson

Okay.

question recreation new guys this me just that Nick following added there anything up portfolio on asked, one the Sorry. Thank last concept then the to you. quarter? for that was you to And wise

Greg Silvers

are in to I concepts. with These as No. at I've established areas we've been, mentioned look but continuing different are do, that all we Nick,

supported though by XX -- consumer the entertainment anything even evolving just fourth to look domain. recreation we we concepts had and didn't want to in we strong are our feel don't continuing new I like that fit time, underlying and have portfolio and this of we at within So, are quarter

Operator

And Collin from Raymond comes question Mings you. next James. of our Thank

proceed may question. your with You

Collin Mings

morning. Good Thanks.

talking the even be run you're timing does current or make but your how with recognizing expanding are there issues for given range an end modestly? the mortgage opportunity here update investments the about, question range and set on sense that leverage target First down payoff, your towards thinking where lower for acquisitions that me bringing the some leverage and of stands out really maybe you're just cost Just targets just about be it there. to of capital

Mark Peterson

Well, our I is second leverage the quarter to is of substantially. the first that payoff Schlitterbahn going here thing think the in reduce

off the bank. cash in paid have the we'll in line in So, near-term in our

of So given we I But raising near-term -- million have raising on purchase you price on opportunity. And opportunistically capital, $XX plan. quarter, as stock the could agree we that's kind look opportunistic the our strong equity first raised we performance. at saw our direct stock

I we've you're a So, what understand coming. saying, near-term inflow got big but wise

Collin Mings

that's properties to the switching just that relates I update on enough. depth Okay, the additional gears updates quarter JVs on we in and are just how mean lodging fair the it an just maybe potential saying? And other recreational other Pete just progressing; the then to in portfolio, opportunities, St. but here any as last on discussed opportunities you're

Greg Silvers

to ready the think to Again, as more opposed I to those continue lease of to we anywhere that's kind of net to fixed that kind or at mean, now that a trying I have. income, of a triple have announce. announceable we really we right model direct operating look nothing kind

these were we at Pete slightly actually is I outperforming specific St. assets, expectations. think where on our two

that think some put and now Mark we along it's -- executed mentioned, on on leverage So that. moving well; and -- put I and JV we

along moving I to feel that asset those that -- announce two is nicely, we nothing So additionally and but overall, space. positioned is in think that well

Operator

of from Morgan. question And you. comes Anthony next Palone JP our Thank

question. your with proceed may You

Anthony Palone

considered the outside Just property or type here; you different casinos staying moving things like being revisiting match? all the U.S. have on

Greg Silvers

long investor our about of that. I Tony we've kind don't about in that here know Again, this; and had -- conferences discussions talked previous some we

said to and You of kind casino are idea. haven't correct, revisit -- the intend we we that

If it you it's ago, at at now, accepted it that an more we of but when really look when an much looked institutional you product product type. look back go wasn't and five years

we to more were feel we established. much out, didn't think a the whereas that that right we now it's So lead group

that let them look have know product we to going engaged to So that we're yes, type. investors at definitely

As had opportunity really Tony. far nothing an nothing tenants Again, that led think we our now, but horizon be right could to again, now. as that's us right I international, set, that on interesting if

Anthony Palone

Okay. the do Can we this end see on think something year, casino side? the of you by

Greg Silvers

It engaged as this opportunity know. we've call you got us knows, of the transactions; in minds, necessarily the really don't the and for it's conversations right on and of on quality with everyone don't we're costs have both terms we're would tell by for. driven and but that. to relative to if I I property Again, a of people is looking that what we mean charge meeting conversations to the in want that the property the

got So, we be the and we've where our yet momentum is it we never to investment type, to our does type opportunity but be adding product shall provide in we what do there. that see think another And growth product we drive that dominated can that that maintain and portfolio leadership makes experiential would sense. we existing by space, a while in it's that experiential fits think thought

Mark Peterson

as would million Greg kind our that spending something it spending. midpoint do investment investment at did any additive $XXX of said, But have guidance if don't we We to be for of casinos.

Anthony Palone

just on what And cap GAAP or of rate Schlitterbahn, over us yield can the then, that remind on be sort matter for the getting money back? is you'll

Mark Peterson

bit It's eight. a little over

Anthony Palone

yield work, a cost? started day bit a one comes in And at supplemental. that the -- whether that also Kartrite, of how on And that some us a remind time us blended you on it that is you expected remind that in base with then is can little I other think you if in that? whether basis projects then also kind What on have the or will certain yield

Greg Silvers

about improvements we're operating logic dollars; the that, Well, under model. on again, million and of now remember, a couple Tony, right a hundred

for we've opening contribution being the year this in year, said yield, little is So what that we expect for the XXXX.

Anthony Palone

kind the up fully what's when think of million hundred and running? what do on it's you anticipation yield Like And the is? couple of that

Greg Silvers

was a that think to I if development to very to part that activated mid we it solid of low we could how we would in investment. it relative Xs, Again, entire think be get overall would

Anthony Palone

of And used on on subleases. I Mark; then, what question you accounting on those think the the changes right for impact bottom-line see ground had touched some if where last and in Can the the assets you of FFO, changes with any? side you

Mark Peterson

impact. any have didn't It

Operator

Thank you. from Markets. [ph] Brian Capital next RBC comes our of And question

You your proceed may with question.

Unidentified Analyst

first deal have Schlitterbahn. And an don't, do to I that on pay on Is the you So, alternative pay-off contingent they question they getting if way guess done? back?

Greg Silvers

a deal got tell alternatives confidence Brian degree a to we high so expressed talked will it that with very is those; they've multiple of that what that executed. you have degree we several of this. they've to confidence get can Again, We've high of

Unidentified Analyst

now do most then opportunities you about weeks, with the And there Greg's the Okay. I CIO? see two where kind of been that new guess,

Greg Silvers

we and in talked he about place, speaking. the third talk here he's what joining about us them we'll today, is Again, not just

careful be in has to don't got we've much, comments talked his we've So, our I space. that experiential something say about very but too in background that been

those it's pace find he's help to new talking those existing opportunities of to be immediate -- of I today, as not well. help but push us breadth but we're able that's front where our and investments efforts. the the And also about So, those going with spaces; think so lead both that's increase on within as only investments

Operator

Thank you.

John Our from Massocca Thalmann. Ladenburg comes next question of

with question. may your proceed You

John Massocca

morning. Good

CLA kind the of XXXX. have beyond, rent? that through end revised earlier color transferring structure can it's just going pays provide call maybe and with Crème up back the CLA; impact affect the and the on in the any in on I'm you comments of to will XXXX imagining to assets terms on not Crème So, -- may gave on what you more going paying

Greg Silvers

It's affect going not actually to either.

not impact and it's to speed we're our path. to at it's get belief our the any on this. which in think continue -- that get our to primary want fighting want issue for our is the really care. the being in thing was We we from amount and over didn't standpoint, numbers think we that And going I creditors us the money big or I is paid, involved to relative we that groups just don't of properties transferred to able so execute have what's

impact So, see really we don't to us. any

John Massocca

is CLA? Is pursuing tangible you going up the On operating giving a impact from to kind do the level, change be the of Crème this physical asset operating this? is Properties? physical as I'm this Properties? transferred What result the on what's assets this of of to of like think assuming of

Greg Silvers

to transferred, It's the Yes, of we're going in which they're terms the speed changing how same they're being either is really things; at scenarios. and are transferred, the transferred. both Properties. what not under be assets our transferred This

John Massocca

guidance some then recreation potential of lodging on you've little of more year-to-date? a question XXXX structured kind those what of Collin's kind to Are Okay. And already touching assets may spending of the restructure. your under kind regards beyond bit with investment maybe that be a in any of closed

Greg Silvers

it Yes, Kartrite new. it's with like follow-on but to unless additional not nothing it's finish some

John Massocca

And then was the if there quarter? was, any positive last you can provide And on impact kind from provided there versus color of taxes some that? you guidance guys guidance

Mark Peterson

the in that change far that. as guidance benefit so first quarter; of in as No, a got as we result we anticipated that no

Operator

[Operator I'm the to at call over not turn remarks. further further any Silvers like to time. Instructions] would questions I this Greg now for back showing And any

Greg Silvers

appreciate talking Thank at We of and we quarter. everyone. to you, end everyone. the participation. you bye. Thanks and for to Thanks Bye, your next forward look your attention time

Operator

does gentlemen, have all and for Thank you program, conference. conclude wonderful today's a you. may participating Ladies today's and disconnect. This you day. thank Everyone in

EPR Properties (EPR) 30 Apr 192019 Q1 Earnings call transcript