EPR Properties (NYSE:EPR) Q4 2017 Earnings Conference Call Transcript

Feb 28, 2018 • 05:00 pm ET


EPR Properties (NYSE:EPR) Q4 2017 Earnings Conference Call Transcript


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Mark Peterson

other change for 2018 guidance relates to lower expected prepayment fees related to public charter schools of $1 million given the mortgage note receivable repayment we received this quarter and we expected in 2018. As far as timing both expected prepayment fees and termination fees associated with public charter schools properties are not expected to occur until the back half of the year. Note also that while our 2018 guidance is unchanged for percentage rents and purchase of interest, these amounts are historically lower in the first half of the year than in the second half of the year and we expect to the same for 2018.

Accordingly, although we generally will not provide quarterly earnings guidance, we thought it will be helpful to provide guidance for the first quarter of 2018 for FFO as adjusted per share guidance to a range of $1.22 to $1.26. Guidance for 2018 is detailed on Page 30 of the supplemental.

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

Greg Silvers

Thank you, Mark. I want to reiterate that the fundamentals of our segments are strong and our opportunities within the segments are solid and growing. However, we are fundamentally capital allocators. And we take that responsibility seriously. Having been in this business for many years, we are also confident that asset prices will over time realign with capital cost and we will, again, become more acquisitive.

We understand that our tenants as well as sellers of assets are looking at the rear view mirror with our expectations and we are pricing capital with the forward perspective. But we also have a very strong conviction that we are in the right assets, that we have the right team to identify those assets and that over time, those assets will produce the cash flow results that investors value.

With that, I'll open it up for questions.