EPR Properties explained

EPR Properties
Type:Public company
Traded As:
S&P 400 component
Location:Kansas City, Missouri
Revenue:$532 million[1]
Revenue Year:2021
Net Income:$99 million
Net Income Year:2021
Assets:$5.8 billion
Assets Year:2021
Equity:$2.6 billion
Equity Year:2021
Num Employees:53[2]
Num Employees Year:2021

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

Eat-and-play properties

Ski resorts

Museums

Notes and References

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

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