EPR Properties

What EPR Properties does

EPR Properties (NYSE:EPR) is a specialty real estate investment trust founded in 1997 and headquartered in Kansas City, Missouri. Originally named Entertainment Properties Trust, the company acquires, owns, and leases experiential real estate under long-duration triple-net lease structures, with a portfolio of approximately $5.7 billion in total assets spanning 335+ properties across 43 U.S. states and Canada. EPR invests across ten property categories: movie theatres, eat-and-play venues, attractions (including regional amusement parks), ski resorts, experiential lodging, gaming, cultural venues, fitness and wellness centers, private schools, and early childhood education centers. The company states its addressable market exceeds $100 billion.

EPR's business model centers on providing sale-leaseback, acquisition, build-to-suit, and tailored financing solutions to operators in entertainment, recreation, and education. Under triple-net lease structures, tenants operate the properties and assume responsibility for property taxes, insurance, and maintenance, while EPR collects rental income with built-in rent escalations. The portfolio maintains a 99% occupancy rate with a 2.0x tenant rent coverage ratio. Major tenants include AMC Entertainment (the largest theatre tenant with approximately 150 properties contributing roughly 36% of annualized Adjusted EBITDA), Cinemark, Topgolf, Vail Resorts, Enchanted Parks (operating the recently acquired Six Flags regional parks), and La Ronde Operations. EPR applies a proprietary "Five Star Investment Strategy" that evaluates opportunities at the Industry, Property, and Tenant levels.

EPR is capitalized through a combination of common equity, three series of preferred shares paying 5.75% to 9.00% dividends, a $1.0 billion revolving credit facility established in September 2024, and periodic debt issuances including a $550 million senior notes offering priced in November 2025. The company has raised its common share dividend three times since 2022, with the current $0.31 monthly dividend representing a 24% increase since 2022. EPR has delivered a 1,822% lifetime total return to shareholders since its November 1997 NYSE listing, which the company states is nearly double the MSCI US REIT Index (RMZ) and the Russell 1000.

Name

EPR Properties

Legal name

EPR Properties

Website

https://eprkc.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Short description

EPR Properties (NYSE:EPR) is a specialty REIT that acquires and leases experiential real estate—movie theatres, amusement parks, ski resorts, golf courses, and lodging—under triple-net structures to operators across 43 U.S. states and Canada.

Ownership category

akta.pro rank

Product category

Specialty Experiential REIT

NAICS

Lessors of Real Estate (5311), Lessors of Other Real Estate Property (53119), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Real Assets & Infrastructure ETFs (REITs, Infrastructure, Natural Resources) (FSAAAFAH)

Keywords

• Experiential real estate
• Triple net leases
• Specialty REIT
• Property investment trust
• Net lease portfolio

Headquarters

HQ city

Kansas City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Rental Income from Triple Net Leases: EPR Properties generates the majority of its revenue through rental income from triple net lease agreements with experiential property operators. Tenants are responsible for property taxes, insurance, and maintenance while EPR provides capital and retains ownership. This model provides predictable, recurring rental revenue with built-in rent escalations.
2. Senior Notes Offering: Debt capital raising through senior notes issuances. In November 2025, EPR priced $550 million of 4.750% senior notes due 2030 for debt repayment and general corporate purposes.
3. Revolving Credit Facility: Access to a $1.0 billion revolving credit facility established in September 2024 for liquidity and operational funding needs.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

EPR Properties is a specialty real estate investment trust (REIT) that owns and leases experiential properties under long-term triple-net lease arrangements. The company finances and holds properties across ten categories, including theatres, attractions, ski resorts, gaming, cultural venues, fitness & wellness, private schools, early childhood education centers, eat & play venues, and experiential lodging. Revenue is generated through negotiated rental income from operators occupying the properties.

Product overview

EPR Properties operates as a diversified experiential real estate investment trust (REIT) with approximately $7.1 billion in total assets. The company provides triple-net lease financing solutions for select experiential properties across ten distinct categories: Theatres, Eat & Play, Attractions, Ski, Experiential Lodging, Gaming, Cultural, Fitness & Wellness, Private Schools, and Early Childhood Education Centers. The portfolio spans entertainment, recreation, and education sectors with properties located across 43 states and Canada. EPR Properties offers sale-leaseback, acquisition, build-to-suit, and tailored financing options to operators within these experiential property segments.

Differentiator

Problem solved

Functional benefit

Products and services

• Theatres

Quantifiable outcome

• 99% portfolio occupancy rate
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Enchanted ParkscoreChannel Partner/ Reseller/ Distributor · 5 March 2026Enchanted Parks, a Florida-based regional park operator, partnered with EPR Properties to acquire six U.S. amusement parks from Six Flags for $315 million. The parks (Valleyfair, Worlds of Fun, Michigan's Adventure, Schlitterbahn Waterpark Galveston, Six Flags St. Louis, and Six Flags Great Escape) are operated under a long-term master lease agreement with Enchanted Parks. EPR retains ownership of the real estate while Enchanted Parks operates the properties.
• La Ronde Operations, Inc.coreChannel Partner/ Reseller/ Distributor · 5 March 2026La Ronde Operations, Inc., led by former Six Flags CEO Kieran Burke, operates Six Flags La Ronde in Montreal under a lease arrangement with EPR Properties. The acquisition of this Canadian amusement park was expected to close in Q2 2026 as part of the seven-park portfolio acquisition from Six Flags.
• Safe Harbor DevelopmentminorStrategic or Co-development Partner · 8 December 2025EPR Properties acquired the Margaritaville Hotel Nashville from Safe Harbor Development for $70 million, with Safe Harbor development involvement in the experiential lodging property acquisition.
• Championship Golf Courses OperatorsminorChannel Partner/ Reseller/ Distributor · 8 December 2025EPR Properties completed acquisitions of five championship golf courses in Dallas, adding to its experiential portfolio under operator management.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• VICI Properties: VICI Properties is an experiential-focused net-lease REIT specializing in gaming, entertainment, and hospitality properties — the closest direct peer to EPR given the overlapping focus on experience-driven real estate under long-term triple-net leases.
• Gaming and Leisure Properties (GLPI): GLPI is a triple-net lease REIT focused on casino and entertainment properties, directly comparable to EPR's gaming and attractions verticals given shared tenant structures, lease economics, and operator relationships.
• Realty Income (formerly Spirit Realty): Realty Income is the largest net-lease REIT globally with a diversified portfolio across retail, industrial, gaming, and experiential. Its multi-sector net-lease model and capital-markets scale are directly comparable to EPR's structure.
• W. P. Carey: W. P. Carey is a diversified net-lease REIT with single-tenant commercial properties across industrial, retail, and office — comparable to EPR in its use of long-term triple-net leases and broad portfolio diversification across property types.
• NNN REIT (National Retail Properties): NNN REIT is a net-lease REIT focused on single-tenant retail properties, comparable to EPR's smaller eat & play and fitness & wellness tenants in structure and underwriting approach.
• Agree Realty: Agree Realty is a net-lease REIT focused on retail and experiential tenants, comparable to EPR's smaller-scale tenants in the eat & play and fitness verticals through its long-duration, escalator-protected lease model.
• Four Corners Property Trust: Four Corners is a small-cap net-lease REIT focused on restaurants and experiential retail tenants, comparable to EPR's eat & play segment in tenant profile and lease economics.
• Broadstone Net Lease: Broadstone Net Lease is a diversified net-lease REIT spanning industrial, office, and retail tenants, comparable to EPR in its multi-vertical triple-net structure and portfolio diversification strategy.
• Essential Properties Realty Trust: Essential Properties is a net-lease REIT focused on middle-market experiential and service-based tenants, directly comparable to EPR's smaller experiential operators across eat & play, fitness, and entertainment categories.
• Getty Realty: Getty Realty is a net-lease REIT focused on convenience, automotive, and restaurant tenants — comparable to EPR's smaller-scale experiential leases in tenant underwriting and triple-net structure, though with less experiential focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/EPRInsight
• LinkedInlinkedin.com/company/epr-properties

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EPR Properties