Company:EPR Properties

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Short description: Real estate investment trust
EPR Properties
TypePublic company
NYSE: EPR
S&P 400 component
FoundedAugust 22, 1997; 26 years ago (1997-08-22)
HeadquartersKansas City, Missouri
Key people
Revenue$532 million[1] (2021)
$99 million[1] (2021)
Total assets$5.8 billion[1] (2021)
Total equity$2.6 billion[1] (2021)
Number of employees
53[2] (2021)
Websitewww.eprkc.com

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.

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

  • Calypso Park — Limoges, Ontario
  • Camelbeach Waterpark — Tannersville, Pennsylvania
  • Frontier City — Oklahoma City, Oklahoma
  • Hawaiian Falls Garland — Garland, Texas
  • Hawaiian Falls The Colony — The Colony, Texas
  • Magic Springs — Hot Springs, Arkansas
  • Pacific Park — Santa Monica, California
  • Rapids Water Park — Riviera Beach, Florida
  • Six Flags Darien Lake — Darien, New York
  • Six Flags Hurricane Harbor Concord — Concord, California
  • Six Flags Hurricane Harbor Oklahoma City — Oklahoma City, Oklahoma
  • Six Flags Hurricane Harbor Phoenix — Glendale, Arizona
  • Six Flags Hurricane Harbor SplashTown — Spring, Texas
  • Valcartier Outdoor Water Park — Québec City, Québec
  • Valcartier Indoor Bora Parc — Québec City, Québec
  • Wet'n'Wild Hawaii — Kapolei, Hawaii
  • Wild Waves Theme Park — Federal Way, Washington

Eat-and-play properties

  • Entertainment Centrum — 4 locations in Ontario
  • New Roc City — New Rochelle, New York
  • Ninkasi Brewing Tasting Room — Eugene, Oregon
  • Topgolf — 36 locations

Ski resorts

  • Alpine Valley Ski Area
  • Alyeska Resort
  • Boston Mills/Brandywine Ski Resort
  • Camelback Mountain Resort
  • Hunter Mountain
  • Jack Frost Ski Resort / Big Boulder Mountain
  • Mad River Mountain
  • Mount Snow
  • Northstar California
  • Village Vacances Valcartier

Museums

  • City Museum — St. Louis, Missouri
  • Titanic Museum — Branson, Missouri
  • Titanic Museum — Pigeon Forge, Tennessee

References

  1. ↑ 1.0 1.1 1.2 1.3 Form 10-K: Annual Report (Report). EPR Properties. February 23, 2022. pp. 65–66. https://www.sec.gov/ix?doc=/Archives/edgar/data/1045450/000104545022000038/epr-20211231.htm. 
  2. ↑ Form 10-K: Annual Report (Report). EPR Properties. February 23, 2022. p. 9. https://www.sec.gov/ix?doc=/Archives/edgar/data/1045450/000104545022000038/epr-20211231.htm. 
  3. ↑ Rob Roberts (April 21, 2015). "One REIT's loss may be another REIT's Brain". Kansas City Business Journal. https://www.bizjournals.com/kansascity/news/2015/04/21/maxus-realty-trust-trustee-david-brain.html. 
  4. ↑ Suzanna Stagemeyer (October 7, 2007). "Brain is the mind behind Entertainment Properties Trust". Kansas City Business Journal. https://www.bizjournals.com/kansascity/stories/2007/10/08/story10.html. 
  5. ↑ "EPR Properties 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/1045450/000104545020000019/epr-12312019x10k.htm. 
  6. ↑ "Inflation looks lowest in 11 years". The Charlotte Observer. AP. November 19, 1997. https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F0EB6D4E397C50D25. 
  7. ↑ Joe Gose (March 17, 1998). "Big theaters, big money". The Kansas City Star. https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F0EAF457AD6DB4A54. 
  8. ↑ "Vineyard REITs gain foothold". Euromoney. November 28, 2005. https://www.euromoney.com/article/b1320x0wtf49yf/vineyard-reits-gain-foothold. 
  9. ↑ Jim Welte. "Hunting for liquid assets". Marin Independent Journal. https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F10C6E9D9C2B43708. 
  10. ↑ "Entertainment Properties buys vineyards, wineries for $115M". Kansas City Business Journal. June 12, 2008. https://www.bizjournals.com/kansascity/stories/2008/06/09/daily25.html. 
  11. ↑ Jon Bonné (June 14, 2008). "VinREIT funds big part of $209 million deal". San Francisco Chronicle. https://www.sfgate.com/business/article/VinREIT-funds-big-part-of-209-million-deal-3280726.php. 
  12. ↑ A. D. Pruitt (February 24, 2010). "Moviegoers keep a cinema REIT rolling". The Wall Street Journal. https://www.wsj.com/articles/SB10001424052748703503804575083801388180406.  (Subscription content?)
  13. ↑ Form 10-K: Annual Report (Report). Entertainment Properties Trust. February 24, 2012. p. 8. https://www.sec.gov/Archives/edgar/data/0001045450/000104545012000018/epr-12312011x10k.htm. 
  14. ↑ "Form 10-K: Annual Report". EPR Properties. February 25, 2015. p. 44. https://www.sec.gov/Archives/edgar/data/0001045450/000104545015000023/epr-12312014x10k.htm. 
  15. ↑ Form 10-Q: Quarterly Report (Report). Entertainment Properties Trust. October 31, 2007. p. 26. https://www.sec.gov/Archives/edgar/data/0001045450/000095013707016314/c21090e10vq.htm. 
  16. ↑ Elisa Crouch (October 30, 2011). "Schools thrive on real estate deals". St. Louis Post-Dispatch. https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F13AEBD9824D6C170. 
  17. ↑ "Entertainment Properties Trust changes its name to EPR Properties". The Kansas City Star. November 12, 2012. https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F14284AD0DE965E38. 
  18. ↑ Steve Vockrodt (October 30, 2012). "Entertainment Properties Trust debuts a new name". Kansas City Business Journal. https://www.bizjournals.com/kansascity/news/2012/10/30/entertainment-properties-trust-debuts.html. 
  19. ↑ "Entertainment Properties Trust announces name change to EPR Properties" (Press release). EPR Properties. November 12, 2012. Retrieved 2021-08-07 – via BusinessWire.
  20. ↑ "EPR Properties Chief Executive Officer to Retire" (Press release). Business Wire. February 24, 2015. External link in |publisher= (help)
  21. ↑ "EPR Properties and CNL Lifestyle Properties Announce Closing of Transaction" (Press release). Business Wire. April 6, 2017. External link in |publisher= (help)
  22. ↑ Kaberline, Brian (November 25, 2019). "EPR sells school portfolio for $450M". American City Business Journals. https://www.bizjournals.com/kansascity/news/2019/11/25/epr-sells-school-portfolio-for-450.html. 
  23. ↑ "Portfolio Overview". EPR Properties. https://www.eprkc.com/portfolio/portfolio-overview/. 
  24. ↑ "Property Map". https://www.eprkc.com/portfolio/property-map/. 

External links



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