Good day, ladies and gentlemen, and welcome to the Fourth Quarter and Year End 2017 EPR Properties Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a Q&A session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to turn the conference over to your host, Brian Moriarty, Vice President of Corporate Communications. Sir, you may begin.
Okay. Thanks to everyone for joining us today for our fourth quarter and year end 2017 earnings call. I will start the call by informing you that this call may include forward-looking statements as defined in the Private Securities Litigation Reform 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 Form 10-Q.
Now turn the call over to Company President and CEO, Greg Silvers.
Thank you, Brain. Hello, everyone and welcome to our fourth quarter and year-end call. I'd like to start by reminding everyone that slides are available to follow along at the EPR website at www.eprkc.com.
With me on the call today are the Company's CFO, Mark Peterson.
And CIO, Jerry Earnest.
As always I will start with our year-end headlines and then pass the call to Jerry to discuss the business in greater detail. Now I'll get started on today's headlines.
First, solid year supports our differentiated investing model. In 2017, we had a productive year achieving record levels in revenue, earnings and investment spending. For the year we delivered a 17% year-over-year increase in top line revenue along with a 4% year-over-year increase in FFO as adjusted per share. Our total investment spending of $1.6 billion which was highlighted by our $730 million CNL transaction added high quality assets and further diversified our tenants and geographies across each of our primary investment segments. This performance demonstrates our differentiated investment thesis which is strategically aligned with the experience economy.
Secondly, monthly dividend increase. Subsequent to the end of the quarter, we were pleased to announce an increase in our monthly common dividend for 2018 of nearly 6%. This equates to a $4.32 annual dividend and represents our eighth consecutive year with a significant dividend increase. Our average increase during the period has been approximately over 6%. While our dividend now represents a yield of over 7%, it remains well supported with an expected payout ratio of about 81% consistent with past years and well within our targeted range.
Third, earnings impacted by challenged tenant. As was outlined in our press release, following bankruptcy filings by subsidiaries of Children's Learning Adventure or CLA, we made the
Vice President of Corporate Communications
President and Chief Executive Officer
Chief Financial Officer
Chief Investment Officer
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