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My name is Whitney, and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Operator Instructions As a reminder, this call is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Mr. Thank you very much, welcome all. Thank you for joining us.

I'll start with our opening preface, which is, as we begin this afternoon, I'll inform you that this conference call may include forward-looking statements defined in the Private Securities Litigation Reform Act of '95, identified by such words as will be, intend, continue, believe, may, expect, hope, anticipate, or other comparable terms.

The company's actual financial conditions, results of operations may vary materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause actual results to differ materially from those forward-looking statements is contained in the company's SEC filings, including the company's report on Form K for the year ending December 31, This is the earnings call for the second quarter of And I will mention this as I usually do that there are slides available via our website at eprkc.

But I'll start with as usual, the headlines for EPR Properties for the second quarter of they are, first, record quarter results in line with guidance. Second, key tenant industries and portfolio properties performance remain very healthy despite media focus on early summer box office slump. Third, new investment volumes surging ahead of guidance and portfolio growth guidance increased.

And our last headline today positive momentum for dormant land inventory. It's good to join Most Popular Vegas Casinos and report of the second quarter for I'll dive right into our first headline, which is as I said record quarter results in line with guidance.

As mentioned in our headlines, we are revising our investment guidance for the year and I'll expand on this point in a moment, but first I just want to point out that the reported second quarter results for EPR are very healthy and very much in keeping with our expectations.

Our second headline this afternoon as usual, deals with some of our key tenant industries performance. Usually it is resoundingly positive this quarter less so in one of our investment segments. It is key tenant industries and portfolio properties performance remain very healthy despite media focus on early summer box office slump.

And outside of movie theatres, tenant revenues remains strong and positive as we related to you quarter-after-quarter. Our movie theatre portfolio is still very healthy with strong ramp coverage statistics, but has experienced a bit of a drop in current revenue performance as early summer box office got off to a slow start.

The good news is that our tenant client rent coverage is very healthy even in the event of such a dip. There is not much we have to offer you as explanation on this point except for the quality of films released of late. You know whenever there is a small or temporary decline in box office receipts we usually see expressions of concern in the media about some type of systemic change that is wholly inconsistent with any review of any authoritative date set of duration.

Now our third headline this afternoon new investment volume surging ahead of guidance and portfolio growth guidance increase reflects the strong and healthy long term trends in our key investment categories.

Now due to the limited calendar year income statement impact of late year transactions and the build-to-suit nature of the vast majority of our investments, we are at this time not adjusting our earnings guidance for I want to elaborate on the vast majority transactions we pursue which differentiate us and comprise our pipeline. They are non-speculative, build-to-suit generally single tenant investments, negotiated directly with the tenant client, often a repeat customer with economic contribution well clear of our cost of capital.

These investments are made in categories where we have a depth of knowledge and a breath of experience. They are typically not purchases of option to properties. I frequently included in our quarterly headlines referenced to our strengthening balance sheet position along with our outstanding portfolio performance statistics and our fourth headline is supportive of those themes. EPR already enjoys investment grade ratings from both Moody's and Fitch.

So this upgrade was important in that it makes our unsecured debt offerings all investment grade, which we expect lowers our cost of capital. We are greatly pleased with this recognition of our company's plan, progress and performance. Our last headline this afternoon positive momentum for dormant land inventory reflects two pieces of news for portfolio undeveloped land elements. The first news item announced after the quarter end in fact just yesterday, is the U.

Soccer, the governing body of soccer in all it forms in the U. We're excited about this announcement that we believe will be the catalyst for monetizing our remaining investment and approximately acres at that site. The second news item is the application made for casino to be located at our Adelaar property formerly known as the Concord site in Sullivan County, New York.

This topic, current status and outlook is complicated. It's certainly not fully under our control and nothing is really finalized but it merits comment particularly by what we know and what we do not know about the amount, timing and returns on our current or any potential incremental EPR investment in connection with the application.

Their application reflects multiple investment scenarios based on various license award scenarios because New York contemplates awarding multiple casino gaming licenses in some of which will and others will not be competitive with our property site. We want to let you know this is not what we expect. There are numerous license award scenarios, potential investment scenarios and our dialog with Empire and the NYS Gaming Commission has only begun.

Regarding timing, it appears that the NYS Gaming Commission will require casino operations to commence within two years of the license award, which is expected to be made by the end of the year. There is no way at this time to determine with great precession our potential investment amounts timings and returns. Now if a license is awarded to Empire Montreign at Adelaar, we do expect EPR will make some incremental investment at the site for summer all of the project elements mentioned above.

In all cases we expect additional rents will be paid to us on our incremental investments that constitute yields at least at the level we Gold Vip Club Casino experience and report to you.

In all of this it is our objective to make more than normal returns on incremental investments it is to make a return on our currently dormant land investment. Despite its history, the Concord Adelaar property now represents an opportunity for increased shareholder Empire City Online Casino Login Fbr. With that, I'll turn it over to Greg, Mark will follow with financial go-through and then we'll go to your questions. However the later part of the summer schedule along with a promising holiday season have industry pundits hopeful that we can recover from this summer's lackluster film offerings.

Additionally, our overall rent Jeux Casino Gratuit Slot Machine of our theater portfolio continues to be strong at 1. In our Recreation segment, tenant performance remained strong.

Our TopGolf investments continue to perform at a high level with portfolio coverage at three times or greater. Also Empire City Online Casino Login Fbr we discussed in our last call, our ski portfolio completed the season at a coverage level of 1. With regard to our Education segment, we continue to grow our portfolio while increasing our operator and geographic diversity.

The public charter school category continues to see demand outstrip supply as waiting list continue to expand and now stand at over one million.

With this type of demand combined with our expertise in the category we see increasing opportunities in the education sector and believe that EPR has established its role as a leader in financing and delivering quality real estate solutions that supplies this growing demand. Our investment pipeline remains robust and we Empire City Online Casino Login Fbr to have strong confidence in our ability to grow this segment with quality transactions.

We have a truly differentiated investment approach focused on specialty categories as well as build-to-suit investments that require deep expertise and relationships. This increase has driven across -- by opportunities across all of our investment segments. Before I get into the details should be noted upfront that as expected our results for the quarter were impacted by the sale of the Imagine schools in early April as well as the use of lower average leverage versus the prior year by over basis points.

Now let me walk through the key line item variances for the quarter versus the prior year. This increase is due to the sales of the four public charter schools discussed previously. As we continue to look at capital recycling opportunities across our portfolio. The decrease in financing income is a result of the sale of the schools was partially offset by the impact of additional real estate lending activities.

This increase resulted from an increase in our outstanding borrowings during the quarter, and was partially offset by a decrease in our weighted average interest rates. The remainder is current tax expense. Now, turning to next slide, I would like to review some of the company's key credit ratios. As you can see on the slide, our coverage ratios are strong with fixed charge coverage at 2.

As you can tell by these metrics, our balance sheet is in a great position to fund our expected growth. Let's turn to next slide.

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I'll provide a capital markets and liquidity update. We are in excellent shape with respect to debt maturities.

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Going forward, the upgrade allows us to access a set of dead investors who could not previously invest in split rated credits and should serve to reduce our cost of capital as David mentioned.

This increase relates primarily to build-to-suit projects, which will not go into service until Great, thank you Mark. Now, before we go to your questions I just want to point out something new that may answer some of your questions now or in the future.

The insight center is an adjunct to our normal company website that will attempt to address some of these questions. While our normal website focuses on the company itself, the insight center will focus on the industries and generations of properties and trends within them that are the focus of our investments. We now have a slide up that is a screenshot of our insight center. I invite you and encourage you to take a look at it. At the insight center we use not only narrative but pictures and videos to illustrate the real estate and concepts that comprise the value to support our portfolio.

With that, I will turn Wheeling Downs Casino over to questions and operator you there to open the line up? Just curious though, what kind of a focus on being in investment grade credit here your thoughts long term about where why are you willing to let leverage go before you would kind of look to do more equities through the drip or something else?

So, name of the game is flexibility. We funded all that with debt.

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The other thing that kind of can come into play is obviously when you look at our portfolio for asset dispositions if we see something that makes sense that maybe another way to fund the capital spend going forward. Hi Craig, this is David. I think Mark's nailed that we could have a issuance of either debt or equity for the end of the year.

We'll enough drawn on our line to probably merit but we also could just sit tight. So we have that flexibility. Then David, your comments on Adelaar were helpful. I guess, is there any way you could just put goalpost around what you think your total spend could be there?

Was that a fair kind of indication or was I reading your comments wrong.

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