EPR_Properties

EPR Properties

EPR Properties

Real estate investment trust

EPR Properties, formerly Entertainment Properties Trust, is a real estate investment trust based in Kansas City, Missouri, that invests in amusement parks, movie theaters, ski resorts, and other entertainment properties. It owns 353 properties as of 2022.

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History

Entertainment Properties Trust was created by AMC Entertainment executive Peter Brown and financial analyst David Brain. They decided to establish a REIT focused on megaplex movie theaters after failing to find an existing REIT to help finance AMC's development of theaters.[3][4] The company was incorporated on August 22, 1997.[5] It held its initial public offering in November 1997, raising $278 million.[6] By March 1998, Entertainment Properties had purchased 13 AMC theaters in sale-and-leaseback transactions.[7]

In 2005, the company established VinREIT, a subsidiary focused on vineyard properties.[8][9] It purchased a portfolio of six vineyards and wineries from Constellation Brands in 2008 for $115 million.[10][11] By 2010, the company was "evaluating" VinREIT after a downturn in the wine industry,[12] and in 2011, all of the wine properties were put up for sale.[13] The sales were completed by 2014.[14]

Entertainment Properties Trust began investing in charter school properties in 2007, primarily through a deal with Imagine Schools.[15][16] By 2012, the company owned 41 schools.[17]

The company changed its name to EPR Properties in 2012 to reflect its diversification into recreation and education properties.[18][19]

In 2015, Brain retired as chief executive officer.[20]

In 2017, EPR bought a portfolio of properties from CNL Financial Group for $456 million, comprising the Northstar California ski resort, 15 waterparks and amusement parks, and 5 small family entertainment centers.[21]

In November 2019, the company sold its portfolio of charter schools for $454 million.[22]

Properties

As of 2022, the company owns 353 properties, including 175 movie theaters, 74 education properties, 56 eat-and-play properties, 18 amusement parks and water parks, 11 ski resorts, and 8 hotels.[23]

Notable properties are listed below.[24]

Amusement parks and water parks

Eat-and-play properties

Ski resorts

Museums

References

  1. [1]
    Form 10-K: Annual Report (Report). EPR Properties. February 23, 2022. pp. 65–66 – via EDGAR.
  2. [2]
    Form 10-K: Annual Report (Report). EPR Properties. February 23, 2022. p. 9 – via EDGAR.
  3. [3]
    Rob Roberts (April 21, 2015). "One REIT's loss may be another REIT's Brain". Kansas City Business Journal. Retrieved 2021-08-07.
  4. [4]
    Suzanna Stagemeyer (October 7, 2007). "Brain is the mind behind Entertainment Properties Trust". Kansas City Business Journal. Retrieved 2021-08-07.
  5. [5]
    "EPR Properties 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  6. [6]
    "Inflation looks lowest in 11 years". The Charlotte Observer. AP. November 19, 1997 – via NewsBank.
  7. [7]
    Joe Gose (March 17, 1998). "Big theaters, big money". The Kansas City Star – via NewsBank.
  8. [8]
    "Vineyard REITs gain foothold". Euromoney. November 28, 2005. Retrieved 2022-04-09.
  9. [9]
    Jim Welte. "Hunting for liquid assets". Marin Independent Journal – via NewsBank.
  10. [10]
    "Entertainment Properties buys vineyards, wineries for $115M". Kansas City Business Journal. June 12, 2008. Retrieved 2022-04-09.
  11. [11]
    Jon Bonné (June 14, 2008). "VinREIT funds big part of $209 million deal". San Francisco Chronicle. Retrieved 2022-04-09.
  12. [12]
    A. D. Pruitt (February 24, 2010). "Moviegoers keep a cinema REIT rolling". The Wall Street Journal. Retrieved 2022-04-09. (subscription required)
  13. [13]
    Form 10-K: Annual Report (Report). Entertainment Properties Trust. February 24, 2012. p. 8 – via EDGAR.
  14. [14]
    "Form 10-K: Annual Report". EPR Properties. February 25, 2015. p. 44 – via EDGAR.
  15. [15]
    Form 10-Q: Quarterly Report (Report). Entertainment Properties Trust. October 31, 2007. p. 26 – via EDGAR.
  16. [16]
    Elisa Crouch (October 30, 2011). "Schools thrive on real estate deals". St. Louis Post-Dispatch – via NewsBank.
  17. [17]
    "Entertainment Properties Trust changes its name to EPR Properties". The Kansas City Star. November 12, 2012 – via NewsBank.
  18. [18]
    Steve Vockrodt (October 30, 2012). "Entertainment Properties Trust debuts a new name". Kansas City Business Journal. Retrieved 2021-08-07.
  19. [19]
    "Entertainment Properties Trust announces name change to EPR Properties" (Press release). EPR Properties. November 12, 2012. Retrieved 2021-08-07 – via BusinessWire.
  20. [20]
    "EPR Properties Chief Executive Officer to Retire" (Press release). Business Wire. February 24, 2015.
  21. [21]
    "EPR Properties and CNL Lifestyle Properties Announce Closing of Transaction" (Press release). Business Wire. April 6, 2017.
  22. [22]
    Kaberline, Brian (November 25, 2019). "EPR sells school portfolio for $450M". American City Business Journals.
  23. [23]
    "Portfolio Overview". EPR Properties. Retrieved 2022-04-23.
  24. [24]
    "Property Map".
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