EPR Properties

Last updated
EPR Properties
Company type Public company
NYSE:  EPR
S&P 400 component
FoundedAugust 22, 1997;26 years ago (1997-08-22)
Headquarters Kansas 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)
Website www.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.

Contents

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

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References

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