- Business
- EPR Properties (NYSE: EPR, EPR-PG) operates as a specialty real estate investment trust (REIT) focused on the experiential net lease sector, owning properties primarily in the entertainment, recreation, and education industries. The company invests in a diversified portfolio of experiential properties, including theatre complexes (such as those operated by AMC Entertainment and Regal Cinemas), amusement parks (including Six Flags and Cedar Fair locations), ski resorts (like Vail Resorts and Alterra Mountain Company properties), waterparks, family entertainment centers (featuring brands like Dave & Busters and Topgolf), lodging facilities adjacent to major attractions, fitness and wellness centers (such as Life Time Fitness), casino resorts (including partnerships with Boyd Gaming and Penn National Gaming), golf entertainment venues (like Topgolf), and private charter schools (operated by entities like National Heritage Academies); it generates revenue through long-term net leases with corporate operators, mortgage financing, and other structured financings. Headquartered in Kansas City, Missouri, and founded in 1997, EPR Properties maintains a broad geographic footprint across the United States and Canada, with select international exposure through joint ventures and investments. Recent strategic developments include the continued execution of its portfolio optimization program, which has involved divesting non-core assets such as certain out-of-home (OOH) advertising investments and early childhood education properties to recycle capital into higher-return experiential opportunities; in 2024, the company completed acquisitions of additional Topgolf-related properties and announced investments in new family entertainment and wellness assets amid a post-pandemic recovery in experiential spending; additionally, EPR Properties enhanced its liquidity position through successful preferred stock offerings, including the EPR-PG series, and reported resilient occupancy rates above 95% in its core portfolio as of late 2025, reflecting ongoing expansion in high-growth segments like golf entertainment and outdoor recreation.