John Kalinowski's questions to EPR Properties (EPR) leadership • Q2 2025
Question
John Kalinowski from Wells Fargo Advisors asked about the implications of recent theater disposition cap rates on the pricing for core assets and requested a breakdown of percentage rent between theater and non-theater segments, questioning if the current guidance includes conservatism.
Answer
CEO Greg Silvers and CIO Greg Zimmerman stated that the 9-cap theater sale signals renewed market activity, while noting other core assets have sold at lower cap rates. CFO Mark Peterson clarified that theaters represent about one-third of the percentage rent guidance midpoint, with the remainder coming from diverse sources like ski and attractions. Management expressed confidence in their current box office predictions and overall guidance range.