EPR Properties
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.
- Company typePublic
- Founded1997
- HeadquartersKansas City, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
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.
EPR Properties firmographics
Firmographics- 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
EPR Properties industry classification
Industry- 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
Where EPR Properties is headquartered
LocationHeadquarters
- HQ city
- Kansas City
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
EPR Properties business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Technology or R&D, Others
Revenue model
- 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.
- 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.
- Revolving Credit Facility: Access to a $1.0 billion revolving credit facility established in September 2024 for liquidity and operational funding needs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Common Share Monthly Dividend: $0.31 per share |
| Subscription | Quarterly | Series C Preferred Shares: 5.75% dividend |
| Subscription | Quarterly | Series E Preferred Shares: 9.00% dividend |
| Subscription | Quarterly | Series G Preferred Shares: 5.75% dividend |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
EPR Properties product offering
Product offeringCore 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
Companies that use EPR Properties
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles2 records
EPR Properties technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
EPR Properties partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Enchanted ParkscoreEnchanted 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.coreLa 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 DevelopmentminorEPR 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 OperatorsminorEPR 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
EPR Properties competitors and assessment
Company assessmentDirect 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
EPR Properties social profiles
Digital presenceEPR Properties financial estimates
Financial estimateRevenue estimate
Valuation estimate
EPR Properties leadership team
Management profileNumber of profiles
Profiles4 records
EPR Properties funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EPR Properties M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EPR Properties
What does EPR Properties do?
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.
Is EPR Properties a public or private company?
EPR Properties is a public company. It is classified as public and is currently operating.
When was EPR Properties founded?
EPR Properties was founded in 1997. It employs 51 to 100 people.
Where is EPR Properties based?
EPR Properties is headquartered in Kansas City, United States, in the North America region.
How does EPR Properties make money?
Three revenue lines are on record. Rental Income from Triple Net Leases are the primary driver. The others are senior Notes Offering and revolving Credit Facility.
Who are EPR Properties's main competitors?
Direct peers on record are VICI Properties, Gaming and Leisure Properties (GLPI), Realty Income (formerly Spirit Realty), W. P. Carey, NNN REIT (National Retail Properties), Agree Realty, Four Corners Property Trust, Broadstone Net Lease, Essential Properties Realty Trust and Getty Realty.
Does EPR Properties have an API?
No public API is recorded for EPR Properties.
What industry is EPR Properties in?
EPR Properties's product category is Specialty Experiential REIT. Its primary akta.pro industry code is FSAAAFAH, Real Assets & Infrastructure ETFs (REITs, Infrastructure, Natural Resources). Its NAICS code is 5311 and its SIC code is 6798.