Conference Operator: Hello, and welcome to the EPRT's 24-hour year-end, 24-hour year-end call.
Jenny: We ask that you please hold all questions until the end of the question mark, at which time you will be given instructions for the question and answer session.
Conference Operator: Also, as a reminder, this conference is being recorded today.
Jenny: If you have any objections, please disconnect at this time. I will now hand the call over to Brian Moriarty, Senior Vice President of Corp.
Brian Moriarty: Okay, thank you, Jenny. Okay, thank you, Jenny. Thanks for joining us today. We're working year to year. We're working year to year. We're working year to year. We're working year to year. We're working year to year. And Ben Fox, the executive vice president, starts the call line for a new performance. The performance is defined by such words as will, believe, and hope. Hope, anticipate, or other. Thank you very much. Thank you. Thank you, Brian. Good morning, everyone.
Gretchen Silvers: Good morning, everyone. Good morning, everyone. Thank you. We are actively pursuing our activities across multiple targets across multiple targets. as they arise. Turning to industry and tenant performance, our Boliolio properties, our Boliolio properties, broadly demonstrate broad stability of the American box office, and we anticipate further growth, and we anticipate further growth by 2017. Thank you. As we expand diversity, as we expand the inter-folio order, we're seeing the balance of that. We're seeing the balance of sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, sectors, use this list of opportunities to justify the opposite of the delivery side, which is value-added legislation, writing value creation, and how balance remains one of our most important ways to address stress Thank you. Thank you. Thanks, Greg.
Greg [LastName]: At the end of the quarter, approximately $333,000. During the quarter, our investment spending was $147,147. 100% of the spending was in our expense report. is 99% leased. Our education portfolio, our education is 55% leased. And at the end of the quarter, and at the end of the quarter, it was 100% leased. Turning to coverage. The most recent data provided was the recent data provided based on the December trend. Overall, the overall coverage was strong at two times. Turning to the operating status. Turning to the operating status.
spk14: 2025 box office, 2025 box office was 8.5%.
Greg [LastName]: box office was 2.2 compared to 2.4. which grossed $337,337,000 and has exceeded $420,000 to date. Get Wicked for Good to get Wicked for Good to gross $300,000. Avatar Fire and Ash grossed $350,000 and picked up $400,000. After the 5 months of Freddy's 2, 5 months of Freddy's 2 also. The slate for 2020-26 will be the Star-Lord Galaxy Super. Spider-Man. Thank you very much. I thought it was helpful to share. This is stabilizing. This is no longer necessary. Additionally, it's important to highlight the importance of virtualization. which is based on the lease year, which is based on the calendar year. A couple of points related to boxes. For firsts, higher margin revenues, higher margin revenues, higher percentage, higher percentage. As such, it is not necessary for us to have competition. Second, as we have consistently known, as we have consistently made major releases, the number of major releases directly correlates to the next number of major releases, the number of major releases typically tries to increase. Over time, major releases tend to change our average 10% in the range of 70 million. Turning now to an update on our other major customer groups, REC, REC, and REC. ... ... ... ... ... ... ... ... ... ... ... We are quite pleased with the improvements that we've achieved here. ... ... ... ... We are bullish on this business, and we are bullish on this business since 2024. We have invested approximately $150 million, including log, fitness, and finance. All three of our contracts are strong year-over-year performance. Our education portfolio continues to grow. Our customer's trailing 12-year-old human was essentially flat, down, down, down, down, down, down. Coverage remains strong. Our investment spending continues. Our investment spending continues. Our investment spending continues. This includes funding for projects that we have not yet opened, but are not yet open. In addition, we have committed approximately 85,000 experience in redevelopment and re-development projects, which we expect will fund in 2026. Your foreign investment spending was banked by our acquisition of a lot of CHP funds. Thank you. Thank you. ... ... ... ... ... ... ... ... long-time strategic partner. We kicked off this message with the first order of action from the first order of acquisition of Eastside, in Essex Cross, for approximately $3,000,000. As I noted before, we are particularly bullish on what we are doing, and excited to grow our relationship with this outside-by-out-by-out-by-out-by-out-by-out. Thank you. Over the past several years, our investment spending for our investment spending for our 2020-2026 reflects our relationships and high quality opportunities. We are now announcing investments. We are announcing investments on 2026 in the range of $400 million to $500 million to $500 million.
Conference Operator: During the quarter, we sold two of these.
Greg [LastName]: During the quarter, we sold two of these. We sold two of these. Thank you. Thank you. Thank you. For discussion of the financials.
[Unknown]: Thank you, Greg. Thank you, Greg. Before I walk you through the key variances, I want to say one other thing. Before I walk you through the key variances, I want to say one another. . . . . . . . . . . . . . . . . . . . . In the prior year, the total revenue, the total revenue, the total revenue, the total revenue, or $7.8 million, or $7.8.99 million per year. And the increase was primarily to hire a person who primarily took care of subtraction, cultural property, as well as for one of our early childhood education teams. We also hired a person who was a torturator in the U.S.C. season for our Northeast ski property. Both other income and other expenses were made solidly on the property, solidly on the property. Thank you. Thank you. On the expense side, Shifting to full year results, Shifting to full year results, Shifting to full year results, Shifting to full year results, To the next slide, I'm going to turn to the next slide right over some of the company's key credit ratings. As you can see, our coverage ratio continues to be very strong. The coverage coverage at 3.4 times is debt service coverage ratio. Our net debt-to-analyze-to-analyze-to-analyze-to-analyze-to-analyze-to-analyze-to-analyze- our expected growth. At year-end, we had a consolidated debt of $2.9 billion, of which all of the fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, fixed-rate debt, $1 billion revolver. Additionally, in December, we finalized our new ATM. While no equity future fund should be planned, those funders plan to do it because we project to be below the point of target, or lever the point of target, or lever the point of target. We are introducing our 2020 first-year guidance to 5.1 percent of the expected similar percentage increase in AFFO per share. Note that primarily to the timing, primarily to the timing of the expected percentage rate in the last three quarters of the year, as well as the fact that the first quarter is off-season for our operating costs. We expect results for the first quarter of 2016 to be lower than the full year, divided by the full year, by about 11 cents per share. We are also providing a 2,000 cents in guidance for the 1,500,000 to 5,000,000,000 to 5,000,000,000 proceeds of 2025 proceeds. 25 million to 75 million. Thank you. including regal. In addition, guidance for our property is provided by giving us range for other income and others. Guidance details can be found at page 305. of our supplemental. Finally, based on our expectations, we are pleased to announce that we are pleased to announce a monthly dividend increase on our monthly dividend payable. Beginning with the dividend payable, we share all the records as of March 31st. We expect our 2020 dividend to be a well-meaning dividend and to be a well-covered share of payout. Continuing to be about 70% based on the dividend point of guidance.
Gretchen Silvers: point of guidance. out of this combination. Thank you. And he will be. Jenny.
Operator: At this time, if you'd like to ask a question, please click on the raise hand button at the bottom of your screen.
Jenny: When it is your turn, you will receive a message on your screen from the host and then you will hear your name. Please accept unmute your audio and ask your question. audio and if you're on a mobile device if you're on a mobile device we'll wait one moment to allow the cue to form Our first question will come from Michael Goldsmith with UBS. You will receive a message on your screen allowing you to unmute your audio and ask a question. Michael Goldsmith with UBS, you may ask your question.
Michael Goldsmith: Good morning, thanks for taking my question. Consistent with last quarter, where are you? Where are you? $400 million. $400 million. With your guidance. With your guidance. What you're targeting, what you're targeting, it represents a, it represents a, it's trying to get a sense of, you know, what you're looking at, what you're looking at, your confidence level, your confidence level, $4,500,000, $5,000,000 in acquisition.
Gretchen Silvers: Thank you. I clearly, I clearly, I say, you know, we don't want to put it out there, we don't put it out there, we don't put it out there, we don't put it out there, we don't put it out there, Not only hitting our neighbors, but hitting our neighbors throughout the year. So I think that we build really good about where we're working here. I think we're working at opportunities across associations, not all of our successors. I think, again, I feel like we have particular need access to the area. I agree.
Greg [LastName]: I agree. I agree.
Michael Goldsmith: Got it. Thank you very much for that. Thank you very much for that. With the company, and just, you know, the path, and, you know, the path, and with the specific locations that you are.
Gretchen Silvers: We've had more conversations with them, more conversations with them, so as they were about to vote, as they were about to vote, I think that's what they were encouraged to say. I think that's what they were encouraged to say. I think that's what they were encouraged to say. It's a very strong coverage. It's an integral part of the equation. I think there are opportunities that they're going to get. They have all the street retail and even in the business world. So I think they're very focused on the emotional opportunity sets. And you said that early in the past, early in the past year. Thank you.
Greg [LastName]: Thank you.
Operator: Our next question will come from John.
Jenny: Our next question will come from John. You may ask your question.
John [LastName]: Hi, good morning out there. Hi, good morning out there. My first question is, when does it start making sense to tap
Gretchen Silvers: I think that works. We're doing things, and we know we're doing things, and we know we're doing things, and we know we're doing things. I think it's important for us to take that away and get back on that flywheel, get back on that flywheel, get back on that flywheel. leverage at the point that we execute, but what it does is, but what it does more is, and maybe we can do more, I think it gives us a lot of options. It gives us a lot of options. Yeah, I think what Greg said, I think what Greg said is that it could be critical, particularly in spending, in higher spending.
[Unknown]: As Greg said, as Greg said, in the 50s, we'll see in the 50s, we'll see Low to mid-sevenths. Low to mid-sevenths. Cost of capital. Cost of capital. Nearly near the greatest points on the GATE. Of course, on the side of the GATE. Of course, on the side of the GATE. It's quite a new factor in our red bumps. So I feel good about that and the opportunity that lies ahead.
[Unknown]: Those are very helpful things. Those are very helpful things along the same lines.
John [LastName]: Let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist, let's say if you're a capitalist,
Gretchen Silvers: I think there are opportunities. Thank you. Thank you. Thank you, John.
Operator: Our next question will come from Smead Rose, the City Global Market.
Jenny: If you receive a message on your screen, please accept our mutual audio and accept our mutual audio. Smead Rose from the City Global Market. You may ask your question.
Smead Rose: Hi, thanks. I was just wondering if you had any updates on what's going on in the county? The ability to sell the ground lease that came up a while ago. That would be my first question.
Gretchen Silvers: Thanks, thanks. I would say, I would say, you know, it's not, it's not built into our plans. You know, our plan is utilized on its own. conversations with the operator.
Smead Rose: Okay, thanks. And then I was just wondering, you know, when we look in our world, you know, there seems to be a certain amount of disruption going on. I'm just wondering, are they showing us as a possibility
Gretchen Silvers: solution to some of the issues they might be facing. I think it's a very, very reasonable approach. I think it's a very, very reasonable approach. I think it's a very, very reasonable approach. All right, thank you. All right, thank you.
spk14: And best wishes to you. All right, thank you.
Smead Rose: And best wishes to you going forward. Oh, thanks, Nate.
Jenny: Our next question comes from Anthony Paolo.
Conference Operator: You receive a message on your screen. You receive a message on your screen.
Gretchen Silvers: you know, you know, where, where, where, where, where, where, where, where, I think now, I think where you look at, where you look at most of our stuff is, most of our stuff is, we're looking at something below that, something below that, and, and, and, and, and, and, and, and, and, and, and, and,
Greg [LastName]: That's kind of the way we look at it.
Conference Operator: Okay. Okay. Got it. Got it. Okay. Is that the spending outline there? Is that five million that you guys talk about in the presentation? Or do you put those together? Do you put those together? Yeah, no, that's what I was watching.
[Unknown]: Yeah, no, it's three million. It's only three million of those projects that you started at the end of the year. So at the end of the year, the difference between that and the five million projects that you started at the end of the year. So if you're looking at that, We're looking at what's spoken for, kind of at $85 million, $85 million, and then if we add, you know, the climate budget, we're sort of sitting at around $119 million right now. And as Greg said, I think the amounts that we'll add to get to $50 million is going to be mostly acquisition-oriented.
Conference Operator: Okay, got it. Thank you. Okay, got it. Thank you.
Operator: Thank you. Our next question comes from Michael. Our next question comes from Michael. Markets, you will receive a message on your screen.
Jenny: Unmute your audio and ask a question. Markets, you may ask a question. Markets, you may ask a question.
Michael [LastName]: Yep, thanks, thanks. We see things kind of laying out. Okay, okay. And then on the regal perspective, what you put in guidance, what did you assume would be the box office at least for the mid-July, mid-July, mid-July, prior years, kind of a similar box office, kind of a similar box office for a REGAL to be, kind of in line with what it was last year?
Gretchen Silvers: Yeah, I think it's slightly, yeah, I think it's slightly consistent with kind of, it's probably kind of two
[Unknown]: And again, Mike, and again, the regal race is here, and the race is here.
Greg [LastName]: You're not going to have the fall season. Yeah, yeah, I got that, I got that.
Michael [LastName]: And then just last one for me, I know you mentioned a little bit about the investment options you have, all your property types. Are there any specific properties or other types of activity that you could pursue?
Gretchen Silvers: I think as we've talked about, I would say it's a top three. I would say it's a top three. Because it's a wellness attraction. It's a wellness attraction. And we can look at those. We're still seeing the game. We're still seeing the game. But we're not getting as much. It's not as much as it is. So those are two, three, I think are going to be. And what are our investments going to come from?
Greg [LastName]: And Mike and I, when we say that, that's a very, that's a very obvious deal. We've done a couple golf deals now. We did a golf deal, a lime and gin deal. We did a lime and gin deal. It's a regular basis, a regular basis.
spk14: and the aperture in that space.
Operator: I appreciate it.
Jenny: Thanks. Thanks, Michael.
[Unknown]: You may take my question. You may take my question. That's beneficial to us.
Gretchen Silvers: But I think it feeds into what we've done. We're talking about 2% or we're talking about 2% or 5% or less. It's getting back into what is our trajectory. It's now our shareholders. And now as we're generating a lot of proceeds, generating a lot of proceeds, Let's get on that track. Let's get on that track for 20 years before COVID.
[Unknown]: I think we think it's still relevant. I think you're right.
Gretchen Silvers: I think it's really important. I think it's really important. I think it's really important. I think it's really important. I think it's really important. about wanting to avoid that. Great. Thank you. Good luck this year. Thank you.
Operator: Our last question comes from our last question comes from apologies. You will receive a message on your screen.
Jenny: You will receive a message on your screen. Please accept our mutual audio. Please accept our mutual audio. Jana Gallagher from America. Jana Gallagher from America. You may ask a question. Thank you. Good morning. Thank you. Good morning. And it's much, much smaller part of your portfolio. And it's much, much smaller part of your portfolio.
Jana Gallagher: They just provide an education portfolio. Education portfolio. And they're really changing trends. They have a private school. And
Gretchen Silvers: Again, I think, again, I think, again, I think, again, Thank you.
Jana Gallagher: And also wanted to congratulate Greg.
Greg [LastName]: Thank you. Thank you.
Operator: There are no more questions.
Jenny: So I will now turn it back over to Gretchen Silvers, Chairman and CEO for any closing remarks.
Gretchen Silvers: I just want to thank you all. I just want to thank you all. We're going to be talking here and we're going to be talking to you.
