EPR - Earnings call transcript Q4 2019

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2019 EPR Properties Earnings Call. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session and instructions will follow at that time. [Operator Instructions]

I would now like to hand the call over to your speaker for today, Mr. Corporate President, Vice Moriarty, Communications. Brian Thank you. ahead, go Please sir.

Brian Moriarty

that terms. welcome. you, words will or quarter us comparable joining defined may, Hi, in informing XXXX statements believe, Securities be, include and XXXX, Deb. everybody, Thanks hope, identified you by other intend, today call Act call. the start continue, for call as as anticipate I'll may forward-looking Thank earnings the this Litigation in of Private our expect, fourth such by

The condition those operations by cause XX-K Form of the financial contained differ company's vary such may the XX-Q. are that and statements to factors in Discussion including of company's actual materially company's results reports the and forward-looking filings, from statements. materially on could contemplated from results these these such forward-looking SEC

GAAP call measures X-K. this useful are reconciliation evaluating Additionally, non-GAAP certain contain the supplemental under today's to information to we to most are of will measures, the performance. Form furnished believe which comparable SEC earnings release the measures A these included and company's in in references directly

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

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

Greg Silvers

Thank and you, Brian, good morning.

our Let's year-end with and begin today headlines. QX

long-term headline, refocus for than we growth sustainable creates year positioned strategic first better today ago. Our were a simply, stronger Put are company. we a

baby income; real of control on millennials, our to estate school Experiential who by charter positions reduced our XX% income orientation strengthened a Experiential focus towards sell portfolio and and strong approximately disposable population two to lifestyles. largest fueled premier is REIT. Experiential who build rent continuing decision importantly, have segments: the our volatility, Our boomers, us opportunity to the The overall coverage

create time-tested our have experiences. congregate to desire connect, activates an and refocus people that innate memorable thesis to this Ultimately,

the hitting theater in a a memories As last simple transactions, Karting a or enjoying outstanding experiences consumer track watching on compelling commoditized increasingly become while a like golf food create TopGolf environment, at goods movie ball friends Andretti lifetime. at through online that passing

Opportunity, growth. stage Our second the headline, Experiential for sets

highlighted, $XXX estate more. opportunity nine or an includes target of real market estimated and our we've addressable billion As property broader Experiential types

are opportunity Experiential set the bullish We on quality investments. for

Our is penetrate XXXX. to in further intent opportunities these

XXXX, categories Since made we've a broaden premier the our categories Experiential include we've real nine concerted as investment opportunities. to identified effort estate to traditional

these and Experiential During theaters, acquisitions of categories, XXXXX, in in ski, our successfully significant play, team cultural. and eat invested investments most with lodging

indicates, reduce our guidance tenants continue the off. product over focus will and diversify spectrum on Three, opportunity, believe time. paying our acquisition and the seizing our will process come. As growth begins to growth concerted for unique our years Experiential to outsized categories will investment current fuel concentrations We

and estate objective optimize curate and exposure investing Experiential primary focused consistent four, diversity. various and through Our real cycles; stable of a durability asset economy; three, that asset is portfolio the to delivers following return economic tenant assets and on the to cash risk flows; with one, through reliable values underlying two, characteristics:

offices, plan, quality a necessary at To our to the establish to operators portfolio. execute to it's to relationships build the the meet and to conferences their industry critical go

grow relationships, we're our new long-standing continue knowledge estate. real ones creating, in Our with to depth along Experiential industry-leading of

I and Entertainment of Evolution. Sixth for with along most Experience month, our team, the were Angeles in this Annual Los acquisitions Just Greg Zimmerman

casino diversified highly floor, gaming opportunities knowledge when these valued to revenue the to prefer of impressed and experiences millennials new with were physical baby and operators ideas At major also remains We year. past companies is the operators. beyond by of the casino seeking over creative met with continue of We've goods. that clear broad most it time our the a are boomers volume Experiential

accomplish removing finally, XXXX. Today, to nearly to per which, growth guidance guidance midpoint, sold And share after that in as we're represents related for at X% adjusted the $X.XX of billion outlook This projected our introducing includes $X.XX, billion. fees for $X.X FFO task, gaming in of guidance investment investments introducing spending a a Experiential were $X.X To also property. billion reflects increase spending introducing to this XXXX. and bullish we're investment $X

agreements in gaming this making on release, As we're stated progress we press for our significant property. the definitive

We transaction the to in second details within to coming close and provide execute weeks This at that definitive the quarter. is expect agreements additional to expected time.

Additionally, annual of increase consecutive reflects to we dividends this common and continue our commitment proud are increase. shareholders, tenth our increasing for our

to the I'll detail. through greater to Greg the go Zimmerman Now call over turn quarter in

Greg Zimmerman

At Greg. in properties approximately quarter, the occupied. XX% XXX $X.X billion, the total end fourth service with were our of Thanks, were that investments

During our the was spending our investment was quarter, million, $XXX portfolio. proceeds to million charter sale from of entire and were $XXX.X $XXX.X the of dispositions our million, related which school

portfolio. our Our X.XXx, and coverage the company-level rent strength continuing of was consistency demonstrating

occupied portfolio Anchorage with for with development. bulk The Experiential were accounts primary The Girdwood; investments acquisition for $X million. premier XX% projects our primarily of of of theater operators, $X.X $XX consisted a investment our investments investments, build-to-suit high-quality under the XX development million our total of redevelopment properties remaining the total properties, Alyeska quarter – $XX.X mortgage and fourth $XXX.X south portfolio. of on in sea spending, Our and projects. in resort note Alaska of three XXX properties was and billion Experiential is in and just comprises billion Resort, the The two nearly million

time. out-of-home weekly. dynamic on with with slate. like all and the consumers' screen. which still ups see and in professional option I the to downs moment theaters. movies a entertainment People is customers form office box business The auditoriums second-highest the providing in the grossing titles large want cost is a of big in low XXXX more cinema content-driven arriving It's interest new movie than was corresponding a sports model to the combined. industry all draws spend to The collegiate on U.S., of cinema popular most entertainment

year's any for threats by more becoming winners, with as As theaters there wider long diverse and Oscar as ability of movies. this the reach is to number storytelling have have shown been audiences. Movie more resisted

demonstrates our been for solid rent history theater XX highlighted flows over our steady Our coverages. has years, a and consistent generator cash reliable by of portfolio

the to We in continue future. expect that

our As first opportunities, Experiential at understanding cash proven we focus business enduring flows. and is We grow for our level. look of industry business models the

great As competitive and real goes for with strong rent estate without we're looking and flows investors, estate, locations that high-quality saying asset-based it good cash positions coverages. also real

not solid Last want we and success, vision entrepreneurial least, management. but with tenants demonstrated

the many investment needed family gaming we're offers. simultaneously, opportunities the entertainment from $XX it's have Experiential million can business see guidance, robust resources our spending transformative or a a we the venture, both As focus $X execute talent you and transactions. our center Whether that about strategy, flow to excited the the and billion

a and Experiential To execute combined underwriting understanding platform. we're the entire deep with We takes strong this in proven that team of businesses the skills Experiential strategy, believe only group process. it a combines these

I'll to the Mark that, it of discussion for over financials. a With turn

Mark Peterson

versus quarter I financial adjusted today quarter Greg. the you, year. Thank year. per the will $X.XX prior our was for begin in and the $X.XX share by performance as FFO discussing for

as during to we discontinued Greg all in in and call remaining the charter all have sales XXXX schools November, discussed reclassified performance the of discussed, sold charter in These portfolio As operations. recorded, we fourth school our sold financial our were quarter.

the versus by quarter year. continuing revenue operations increased Total from XX% for prior

a total In to under water revenue increase to Kartrite well Experiential new operated addition due structure, traditional be impacts continues to other other net as associated Resort included revenue the this as indoor in in real fact expense. is which lodging investments park with estate, income that also the and REIT

from $X.X by relates $X.X standard, previous I higher lease calls. the increase the in have prepayment were property In is no offset on increases and million the adoption mortgage prior for current of in were fees included the there operating to year fact such expense, the note of prepayment addition, new offset discussed payoffs that the quarter. which the million These fees revenue by accounting quarter as

G&A $X payroll benefit professional million primarily decreased interest compared the the costs, quarter million $X.X as amortization Finally, expense percentage stock participating well decrease including in $XX.X versus to to rents fees. and to million grant in year for prior the the prior a as for million in and year. due totaled $XX.X quarter

Transaction related the were quarter to transfer Crème. $X.X to CLAs million primarily for the four of costs the remaining

transition that now pleased are is this complete. We

a reminder, totaled as quarter As excluded costs from million, $XXX.X disposition adjusted. proceeds FFO are year-to-date during received under transaction million. Disposition $XXX the our of just bringing proceeds

proceeds school and in which property attraction $X.X with million. charter the I a the also disposition land of sale addition sales In for resulted the of – result included parcels, earlier, discussed quarter gain two combined an to

year. Note million fees during the two FFO per recognized XXXX, For payoff share $X.XX $X.XX we versus mortgage in to prior adjusted as in the was the notes. year non-education $XX.X XXXX, prepayment related of full that

income, adjusted as If per our year for you FFO this share prior by versus increased X% year. exclude the

let's our sheet and capital market move Now activities. balance to

ratio Our was EBITDA X.Xx quarter at debt-to-adjusted end.

low during was adjust at went our in well you as end, that of range If quarter the occurred and X.Xx. the ratio targeted the dispositions that ratio acquisitions is annualize X.Xx properties end this this as other quarter which to X.Xx service, of to at

debt which debt XX% XX. all basis that been has assets a X.X%. fixed-rate rate of end, we fixed approximately and At interest was December debt book on XX% Our year either net is a billion, on swaps, of or outstanding at coupon total blended market of a debt-to-gross basis through had with $X.X

seven no until average maturity debt our Additionally, weighted is have XXXX. we debt and maturities years approximately

year in approximately cash quarter, year-to-date This investment end, this balance DSP credit line the maturities, bank plan outstanding we in Also under of share million. our debt fund positioned and low our our With the million to $XXX billion brings purchase sheet during no approximately $XXX of stock near-term $XX is $X or equity to certainly in million at leverage, well issuance our on unrestricted opportunities. nothing direct common issued plan our plan.

next to Turning the slide.

guidance We $X.X are billion to spending $X.X guidance investment $X.XX FFO that as adjusted discussed both venue investment anticipated which $X the introducing billion a Greg earlier. gaming to for $X.XX and for include share per of in of billion, of XXXX

million Disposition to $XXX total $XX million proceeds for to are expected XXXX.

off reflects quarter. fees sold year those of midpoint exceeded our dispositions coming of adjusted Excluding portfolio the in as dispositions school a investment X% XXXX fourth where in FFO for growth guidance was termination occurring and that spending, the XXXX, share per prepayment despite most with the related to charter approximately primarily

can our supplemental. Guidance XX on of found be details Page

release, the tenth increase. we straight As represents earnings XX year of March of of the April payable dividend This X%, the XX. as to with an dividend year-end record increase dividend in shareholders a part of also our announced common with beginning monthly

is that to us would to some fully investment like to great of and we hand strong the to the flexibility as Due fund additional how expected our $X credit. regarding close position respect cash details I in our With to with transaction quarter, our favorable closing sheet transaction gaming this concluding, can billion balance guidance. provides funded. on is line Before a at give second XXXX of approximate portion drawing venue position, this liquidity

While such with on equity will asset our of our $XX issuance range, our metrics, we one with stock also purchases do of could leverage combination form or additional the equity raise target plan method shares. or we and substantially our the month timing be excess to stated issuance based by executing leverage more conditions which maintain raising or under in could in our market per and be offerings funded have rebalance DSP an in of consistent We of plan both. a common can million

guidance In weighted to more $XXX the addition, that be of the remaining is to other year. million $XXX noted it spending the investment second heavily of half our in million should

Lastly, approximately we report due we adjusted investments divided redeployment for to disposition FFO $X.XX in that the XXXX timing significant by of into in quarter the we the as XXXX, lower than of the X. in per received share anticipate the new expectation proceeds first the year will full

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

Greg Silvers

growing to the Thank Hopefully, about everyone's investment. net morning: EPR's this Mark. we're heard talking you, returned message

years, faced many we the last and Over two challenges. solved

to our grow to premier investments now positioned build look we're earnings, the and superior we've However, forward net to continue and REIT. and we strategy refocused Experiential we delivering results both as

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

Operator

from Mailman of your first comes with Instructions] line And KeyBanc. the [Operator Craig question

Craig Mailman

Hi, good morning, guys.

Greg Silvers

morning, Craig. Good

Craig Mailman

investment. on casino Just curious the here

this a first jump previously, think maybe in decision property entering Could here? almost a harder XX% investment indicated guys thoughts of give more of I approach the the you to bit little and is measured company. just your to total around you type had kind deal some that of

Greg Silvers

kind a slightly is $XXX this think something saying, we in off it start what, to think, with isn't when able opportunity $XXX million you're that often to great like. And for presented the you're always that of higher, you I'd later. know say, an direction million. get Craig, think, like I the about But one you would I to talked we asset, I come,

deeper. us that doesn't and going if there'll be our at you've to be get able and coverage at our the you asset outweighed look we pretty the anchor kind itself present think those. got the premier it this as investment to to we're that we're this, a when well to little is asset of what recognized quality levels gaming, I discuss deal day, long think every we're risk/reward of I is of Part can a growing able going it for at And a appreciation in able and completely think hard on get and to that buy of that

Craig Mailman

Okay. gave a expected relative just this pipe sale charter the when bit of of the yield prominence of could little lower could the kind kind and school of where it? given a Or to Was in the one this size come be maybe than you in? dilution

Greg Silvers

part several of we is it were and to have talking talking think I been people.

I we several because had we working kind things. asset were this on So identified don’t think replacement of

lots are of there there’s out said, we we’ve As us opportunities still for many – think gaming there.

slightly sell revenue – than what really $XXX and remember, million that then as are about, when go practically talked we of more about fees, million think million, back look, have of and we $XX I we million sold $XX charter we earning talking we So million you’re schools, you to and down – XX had $XX we’re of – approximately $X. so

asset committed hey, for replace did So wasn’t we we it got owning makes that. I to But market-dominant mean, we assets. out us, if to right sense what find say, – remain for that never we’ve set is say, the we

what you industry. in assets we best is If years look portfolio, portfolio, Experiential that XX at and established the over in our we’ve our own the

So I introduction which, anchor think a will us the asset, great space. be that to gaming into kind of think, commitment for led this our I

Craig Mailman

yield what kind on $X.X maybe, Then of whole helpful. as billion? should good of That’s assume the Mark, billion we What’s $X.X kind blended to a a placeholder?

Mark Peterson

X slight – low let’s around a Xs roughly, a maybe Let’s blended. GAAP call say, of for it, kind maybe little the

Craig Mailman

off you I the Okay, remember was the on okay. And you SARS or kind that Experiential what then guys tenants you guys Coronavirus spook don’t But hit early just impact one last hand. invest one what of people? know the of happen to just if retail when XXXXs. continues if for this the have kind me. in Kind of could Vis-à-vis, theater attendance in? do

Greg Silvers

And really effect. gone we looked and actually I’ve It’s negligible at And Sure. great a Craig. it went it. question, have back a back, and did

Toronto. SARS Canada It it actually recall, in U.S. than mainly up If you affected did showed more the

a the as impactful year, was to negligible XX really effect. overall XX to for about had of days, that a you use a if but kind it it So set,

Craig Mailman

you. Okay. Great, thank

Greg Silvers

you. Thank

Operator

line Your Janney. with next question of from comes Rob the Stevenson

Rob Stevenson

purchase Good heard morning. you Greg, one gaming described as the asset.

asset in than one So market portfolio one here? rather a

Greg Silvers

fair That’s a assessment.

Rob Stevenson

what years? talk over whichever today, But in terms you last you’ve couple value. monitor more use Cinemark in And about of I assets Obviously, concerned business X-wall you’re performance theater the think can coverage investors AMC, you’ve the Regal on credit moved you recent the side then equity horrible Cineworld the trend your or of the the bit of Okay. by or – the on is stock has seen to a rent metric years. guys got and and some credit where theater little your and about

Greg Silvers

let’s And tight investor you range all kind great our it been about and show our theater actually Sure. investor generally. our package, if look for And – That’s question, a Rob. years. very, very what you a a talk mark it’s of of XX at we coverage, within XX-year presentation,

theater it’s down-content both the years nearly is X portfolio years, shows range. probably X for been it’s dramatically our very so that our reality within you portfolio theater – that coverage. doesn’t it, as X that’s look And respond office. years. to of think very, a XX a up-content people I at traded And entire again, The X tight So box necessarily a range take if it’s think and as to

Rob Stevenson

Okay. talk to And you expectations? performing date then can about Kartrite Cal versus is your

Greg Silvers

Yes.

of kind along expected year money. kind we think of operator, in I LEGOLAND, to ramp glove with as which about we spoken with Kartrite lose what point, many more which of we’ve money to This and breakeven all family-friendly as last we’re kind hand into doing kind making will at is that is is a what can we our another is was the what year that, we when that launch I’ve year was turn think be growing into this entertainment of fit more of will which to consistent much year we of of plans the you, property. a of introduction a XXXX, really, said is this Cal think

Rob Stevenson

thanks, Okay. guys.

Greg Silvers

Thank you.

Operator

And from Bin next with your question SunTrust. comes Kim Ki

Ki Bin Kim

good morning. Thanks,

Greg Silvers

morning. Good

Ki Bin Kim

gaming you’re wondering activity. you blended, have you some but if tenants mentioned obviously, the Well, asset, rate’s assets color for you can that guys was maybe for for? just on the plans XXXX of cap big the pricing. investment looking So provide some the or the I quality casino

Greg Silvers

– that I of I think, we’ll the have have to the for announced I what information necessarily quality, at. for we’ve Ki transaction, where mean, get the be and not we’re market’s we – is, quality. think think kind going but with don’t Bin, more I when said to overpay we’re consistent

we of property, that kind a of of who wanted, here analysts was as they to think, we have will they asset we’ve to property all we within about quality as back kind when that staff, into talk in which, market-dominant be also going when gaming. this of concur what this go them, – an they their and of that analysts think I which to talked kind and gaming I of the anything a kind would great anchor get announcement is

Ki Bin Kim

in is you’re have Okay. it gaming a to close suggested already you that XQ on given that assume is where you this license? asset XXXX, fair that a a location to And going

Greg Silvers

to been mean, this. that haven’t assume No, false we to things I – it’s deal think kind way along again, with of that would be I the doing

that’s a I we weeks team working said, our work find time. our of And on like with on and think we I just jurisdictional-dependent. have There’s with some didn’t So people who ago. this going staff, for this been transaction couple been on who’ve gaming

Ki Bin Kim

Okay, thank you.

Greg Silvers

you. Thank

Operator

next from Markets. Michael comes Your Carroll question of the RBC Capital with line

Michael Carroll

in thanks. talk about a right master is exposure that dispersion you to Yes, Greg, leases your is put can your the three the theater bit in that I total coverage? your three supplement? those there? exposure? of Is of portfolio Is little XXX. And largely around big master that is theater around know you comprised the dispersion what leases the

Greg Silvers

those the one it’s they’re mean, coverage. mean, constitutes think assumption I you – reflective in that get list overall how AMC, the you at we’re rent if big look our enough couldn’t Yes. if I the just about of would with I talking you concentration look Cinemark, generally, big top what and of XX a you that Regal – that at of – of to each

Michael Carroll

Okay.

those in measurements? that – with XXX your around with So it’s pretty tight

Greg Silvers

comes it’s kind the an As of some there’s to always, time, within – we’ve But seen median relative operator, that is over there. dispersion I degree there’s of what so… said, in of a like

Michael Carroll

that what’s is you ago? then Is try factors? I years Is to big, too what’s today? different are I buying typically boutique it the many you from mean, drive that? there? smaller And strategy the shy And away targeting theaters operators better? to guess, I stuff screens Okay. mean, the today from doing mean, you’re the invest I type – five what of

Greg Silvers

Michael, we’re looking think, I amenitized theaters. still at

the really kind Greg, have in of high-intensity probably mean, of kind that of sweet pursuing we market high-amenitized. years. think the vogue kind theaters. somewhere spot between true The screens, and I The But is XX say of in-theater not spoken big XX amenitized that consumer dining. would has out that those now I screens. idea – for I we’re is don’t I the been the like of do know. probably XX likes

Greg Zimmerman

forward. we’re or they’re theaters, I whether at DMAs are in smaller resistant DMAs, And add that looking in more also any to Yes. would that going market-dominant large competition

Greg Silvers

I he know this and ask said. to Michael, back question this Ki question, for I asked And a he didn’t didn’t for go question Bin’s something, appreciate I I to want and because apologize you but what

the it’s York on while lot, Let you, phone. me asset This isn’t be the you our talking about tell in – we’re gaming, asset. can’t clear a not to give I everyone I could New

we when maybe So those buying not that licensed is place he are – asset. that said who be we’re then a it in, might is that he thought It asset.

Michael Carroll

And screens? just, great. stuff I Yes, you happy type the many XX now over problem. are that right still of, be that how would guess, disposed you’ve that wholly? of or already you theaters is Okay, then And no have do

Greg Silvers

said, I I don’t have mean, really don’t market-driven. we again, I like it’s know, of kind but –

XX if not screens in Empire City. So have the New over – worried if about having XX, you you’re York had you

in not But which really support think much I it’s generally I to would are locations, the So large screens speaking, in don’t kind MSAs, of say are the major XX going that more be screens. dependent market. new many fill so – upon builds it’s and

Michael Carroll

deals? I is additional Okay. last accessing investments asset, do to for is of capital of feel your deals gaming Or largely dependent capital on $XXX that pretty outside those doing markets? about comfortable meaningfully cost million without fund question And mean, of and those you to the then million me ability the that $XXX

Greg Silvers

about, always that. maintaining net going think I metrics kind and you’re your how investment-grade a Mark as talked of about cost capital of lease I our worried are you’re investor, to do mean, as that,

we’re mindful But a DSPP. as use think of cost variety lot tools you So also, to fund of effectuate our have deal a have tools that to that a or that. he cost of But going I affect again, said, have always will of of mindful how There’s that. whether to be we capital, a of there’s to be we marketed capital. we we can always our

Mark Peterson

focused benefit the in low-cost we you near-term practically look got an capital. in be line. bank it Obviously, would Anything will more it, on that on transactions appropriate of just accretive. not a do we at provide using and look generally cash and on spread we do that the calculated do nothing at we’re Yes, We our way. permanent finance basis those

Michael Carroll

thanks. Great, Okay.

Operator

comes Your with next question from Citi. Nick Joseph

Nick Joseph

Thanks.

For the of there partner? or a casino the that be $X billion JV will asset, XXX%, is

Greg Silvers

think we transaction, an want long-term our is. of Again, in like into rather strategy what intent our property I to is to anything give is said, holders this go has and but be – detail. specific leased about than we’ll to asset, I our you been could be don’t leased always I our tell that’s be the owner But glad, a weeks hopefully, intent to what coming –

Nick Joseph

Okay.

of do underwrite to So assets more what gaming maybe sort you broadly, typically? just coverage

Greg Silvers

the around I we two. those. coverage? higher I be with mean, of again, happier mean, fairly I think I mean, doubt. No would at established kind market’s

I again, say, So stay tuned.

Nick Joseph

to gaming? exposure And gaming other the do All large then finally, of you is then of the $X how right. pipeline want And assets billion? what maybe just behind

Greg Silvers

to kind our and makes sense across greater sense the lot think, I of trying diversity of a find Again, we’re overall in the portfolio. think rebalance question, that I

don’t So pick tenants if want finance the get that get do We something. difficulty want we when of we decide to to to is to it.

them billion kind of market, an our gaming be is set. But yourself kind do look of platform is outside – the because work you kind relative go see the XX XX%. that. think, to that set. think right and Experiential the long-term I at could you overall, those you categories proportion goal across then could That’s addressable The – We’ll all of create have in addressable as nine immediately itself? opportunity I diversity and presented the $XXX to those if to balance and of low question opportunity on down opportunity

Nick Joseph

the… assets Are in included guidance there other beyond gaming

Greg Silvers

our our At mentioned, this that, throughout point, – of the up go gaming because there’s not – ongoing that we fact that doesn’t exposure Again, guidance of and lot mean people as that discussions been we year with of – wanting one with tenants Greg the Experiential to couldn’t several for have background said, like who, and met it entire have. a people lot we’ve the operators. reason, I a interest of

are with us So – it discussions we think win-win I as this to of could lot there’s definitely wanting and operators have how a who together. a are seeing about partner

Nick Joseph

you. Thank

Operator

Your next question comes Ladenburg from John Massocca with Thalmann.

John Massocca

Good morning.

Greg Silvers

Good morning, John.

John Massocca

guess, low acquisition? a difference volume besides the for had the of there end guess, maybe, also pretty the high guidance. end wide casino range is funding for I that the I and XXXX You the anything driving between range the investment range? And

Mark Peterson

I variability investment that operating then it’s it, move But could so both ways, percentage Kartrite Water than $X.XX, spending, down. somewhat. all, I up think Park far of as needle, as is the amount less And of a first and asset, the how the timing finance can of obviously, think – vary Well, an X% rent. you obviously, the what

can number that things. X% the is move it, down that grand but think basis, of big – scheme up from there’s the percentage So I things down a in on a range midpoint of up a not X or

John Massocca

Okay.

So and volume? transaction funding it the sounds investment just of like it’s then basically casino Kartrite

Mark Peterson

Yes. and funding Investment volume. that of the volume

Greg Zimmerman

timing. the And

Mark Peterson

Timing, yes.

John Massocca

portfolio? I disposition the is kind assets to kind Experiential versus be disposition of much mean, And of of side, activity that guess, the pruning just Okay. going on how legacy of Education I regular way,

Greg Zimmerman

our the so we’re legacy it’s it’s not education be wants advantage the of taking improving to the going number said, of I point, pay the much of I to more think in asset. of always a this somebody either or something, At As portfolio profile for if market. big pruning risk of

Mark Peterson

it’s And $XX $XXX at pretty to million only modest million.

John Massocca

there’s Understood. probably you I their trying ramp those of proceeds you here, but… assets you a a some I potentially the can bit as achieve balance if little in guess, could like of that get to feel you’re non-core? know mean, education as redeploy prune given I later we year,

Greg Silvers

bought. Yes. of that’s probably be? stuff I it’s that about we dead a could sense, function at same or sold, John, I the – two I the there we’ve you’re mean, sold think years, mean, last truly that Yes. – I look on of more the right stuff we at amount you mean, in if

Now we still growth challenge. a were able it to throughout that, but is achieve

of So net it’s about a getting our from calls function. lease probably we’re portfolio Educational a in of daily lot assets. those competitors own types Clearly, our who

set could grow opportunity kind overall of – investment after two are of substantially focused be spending. But we focusing was asset yes, the an that the net to years on the lower net to growing if opportunity. really that and need itself, growth So we’re present be

John Massocca

Okay. very it much. me. Thank That’s for you

Greg Silvers

Thanks, John.

Operator

We questions queue. Do Instructions] in have [Operator closing any remarks? you have no

Greg Silvers

for say our as of look forward call. we I thank to just outside want you we season begin and time offices you guys everyone’s conference our to and seeing attention, in

So thank you, guys.

Mark Peterson

Thank you.

Greg Zimmerman

Thanks.

Operator

gentlemen, and does call. conclude conference Ladies this today’s

You may disconnect. now

EPR Properties (EPR) 25 Feb 202019 Q4 Earnings call transcript