EPR Properties (NYSE:EPR.PRF) Q4 2016 Earnings Conference Call - Final Transcript

Feb 28, 2017 • 05:00 pm ET

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EPR Properties (NYSE:EPR.PRF) Q4 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day ladies and gentlemen and welcome to the EPR Properties Fourth Quarter 2016 Earnings Conference Call. [Operator Instructions]

I would now like to introduce your host for today's conference, Mr. Brian Moriarty, VP of Corporate Communications. Please go ahead, sir.

Executive
Brian Moriarty

Thank you operator and thanks to everyone for joining us today for our fourth quarter and year end 2016 earnings call. As always, I will start the call by informing you that this call may include forward-looking statements as defined in the Private Securities Litigation Act of 1995, identified by such words as will be, intend, continue, believe, may, expect, hope, anticipate, or other comparable terms.

The Company's actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of these factors that could cause results to differ materially from these forward-looking statements are contained in the Company's SEC filings, including the Company's reports on Form 10-K and 10-Q.

Now, I will turn the call over to the Company President and CEO, Gregory Silvers.

Executive
Greg Silvers

Thank you Brian. Hello everyone and welcome to our fourth quarter and year-end call. I would like to start by reminding everyone that slides are available to follow along via our website at www.eprkc.com. With me on the call today are the Company's CFO, Mark Peterson.

Executive
Mark Peterson

Good afternoon.

Executive
Greg Silvers

And CIO, Jerry Earnest.

Executive
Jerry Earnest

Good afternoon.

Executive
Greg Silvers

I will start with our year-end headlines and then pass the call to Jerry to discuss the business in greater detail.

Now I will get started on today's headlines. Today's first headline, record year supports our differentiated investing model. As we noted in our press release, 2016 was the strongest year in the Company's history in terms of revenue, earnings and investment spending. For the year, we delivered a 17% year over year increase in topline revenue along with an 8% year-over-year increase in our adjusted FFO per share. Additionally, our investment spending totaled over $800 million. As we consider the totality of the year, we are more confident than ever in our strategy, which focuses on select noncommodity real estate segments.

Next, CNL Lifestyle transaction on track for closing. We continue to work with all parties to bring the transaction to a closing. CNL has sent out its proxy statement to shareholders and a special shareholder meeting has been set for March 24, 2017. It's anticipated that upon approval of the CNL shareholders, the transaction would close in the second quarter of 2017.

Our third headline is significant capital recycling progress. During the year, we were able to make solid advancements in the quality of our portfolio through our ongoing strategic asset disposition and capital recycling program. As we stated previously, we are committed to this program as an integrated component of our asset management and portfolio optimization process. Jerry will have an update on our fourth quarter news here.

Our fourth headline is monthly dividend increase. Subsequent to the end of the quarter, we were pleased to announce a 6.25% increase in our