EPR Properties

{{Infobox company

| name = EPR Properties

| logo = EPR Properties logo.svg

| traded_as = {{New York Stock Exchange|EPR}}
S&P 400 component

| founded = {{start date and age|1997|08|22}}

| key_people = {{ubl|Robert J. Druten, Chairman|Gregory K. Silvers, CEO & President}}

| revenue = $532 million{{cite report|title=Form 10-K: Annual Report|publisher=EPR Properties|date=February 23, 2022|pages=65–66|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1045450/000104545022000038/epr-20211231.htm|via=EDGAR}}

| 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{{cite report|title=Form 10-K: Annual Report|publisher=EPR Properties|date=February 23, 2022|page=9|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1045450/000104545022000038/epr-20211231.htm|via=EDGAR}}

| num_employees_year = 2021

| website = {{URL|https://www.eprkc.com/}}

| footnotes =

}}

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.{{cite news|title=One REIT's loss may be another REIT's Brain|work=Kansas City Business Journal|date=April 21, 2015|author=Rob Roberts|url=https://www.bizjournals.com/kansascity/news/2015/04/21/maxus-realty-trust-trustee-david-brain.html|access-date=2021-08-07}}{{cite news|title=Brain is the mind behind Entertainment Properties Trust|work=Kansas City Business Journal|date=October 7, 2007|author=Suzanna Stagemeyer|url=https://www.bizjournals.com/kansascity/stories/2007/10/08/story10.html|access-date=2021-08-07}} The company was incorporated on August 22, 1997.{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1045450/000104545020000019/epr-12312019x10k.htm | title=EPR Properties 2019 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}} It held its initial public offering in November 1997, raising $278 million.{{cite news|title=Inflation looks lowest in 11 years|work=The Charlotte Observer|agency=AP|date=November 19, 1997|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F0EB6D4E397C50D25|via=NewsBank}} By March 1998, Entertainment Properties had purchased 13 AMC theaters in sale-and-leaseback transactions.{{cite news|title=Big theaters, big money|work=The Kansas City Star|date=March 17, 1998|author=Joe Gose|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F0EAF457AD6DB4A54|via=NewsBank}}

In 2005, the company established VinREIT, a subsidiary focused on vineyard properties.{{cite news|title=Vineyard REITs gain foothold|work=Euromoney|date=November 28, 2005|url=https://www.euromoney.com/article/b1320x0wtf49yf/vineyard-reits-gain-foothold|access-date=2022-04-09}}{{cite news|title=Hunting for liquid assets|work=Marin Independent Journal|author=Jim Welte|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F10C6E9D9C2B43708|via=NewsBank}} It purchased a portfolio of six vineyards and wineries from Constellation Brands in 2008 for $115 million.{{cite news|title=Entertainment Properties buys vineyards, wineries for $115M|work=Kansas City Business Journal|date=June 12, 2008|url=https://www.bizjournals.com/kansascity/stories/2008/06/09/daily25.html|access-date=2022-04-09}}{{cite news|title=VinREIT funds big part of $209 million deal|work=San Francisco Chronicle|author=Jon Bonné|date=June 14, 2008|url=https://www.sfgate.com/business/article/VinREIT-funds-big-part-of-209-million-deal-3280726.php|access-date=2022-04-09}} By 2010, the company was "evaluating" VinREIT after a downturn in the wine industry,{{cite news|title=Moviegoers keep a cinema REIT rolling|work=The Wall Street Journal|author=A. D. Pruitt|date=February 24, 2010|url=https://www.wsj.com/articles/SB10001424052748703503804575083801388180406|access-date=2022-04-09}} {{subscription required}} and in 2011, all of the wine properties were put up for sale.{{cite report|title=Form 10-K: Annual Report|publisher=Entertainment Properties Trust|date=February 24, 2012|url=https://www.sec.gov/Archives/edgar/data/0001045450/000104545012000018/epr-12312011x10k.htm|page=8|via=EDGAR}} The sales were completed by 2014.{{cite news|title=Form 10-K: Annual Report|publisher=EPR Properties|date=February 25, 2015|url=https://www.sec.gov/Archives/edgar/data/0001045450/000104545015000023/epr-12312014x10k.htm|page=44|via=EDGAR}}

Entertainment Properties Trust began investing in charter school properties in 2007, primarily through a deal with Imagine Schools.{{cite report |title=Form 10-Q: Quarterly Report|publisher=Entertainment Properties Trust|date=October 31, 2007|url=https://www.sec.gov/Archives/edgar/data/0001045450/000095013707016314/c21090e10vq.htm|page=26|via=EDGAR}}{{cite news|title=Schools thrive on real estate deals|work=St. Louis Post-Dispatch|date=October 30, 2011|author=Elisa Crouch|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F13AEBD9824D6C170|via=NewsBank}} By 2012, the company owned 41 schools.{{cite news|title=Entertainment Properties Trust changes its name to EPR Properties|work=The Kansas City Star|date=November 12, 2012|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F14284AD0DE965E38|via=NewsBank}}

The company changed its name to EPR Properties in 2012 to reflect its diversification into recreation and education properties.{{cite news|title=Entertainment Properties Trust debuts a new name|work=Kansas City Business Journal|date=October 30, 2012|author=Steve Vockrodt|url=https://www.bizjournals.com/kansascity/news/2012/10/30/entertainment-properties-trust-debuts.html|access-date=2021-08-07}}{{cite press release|title=Entertainment Properties Trust announces name change to EPR Properties|publisher=EPR Properties|date=November 12, 2012|url=https://www.businesswire.com/news/home/20121112005520/en/Entertainment-Properties-Trust-Announces-Name-Change-to-EPR-Properties|via=BusinessWire|access-date=2021-08-07}}

In 2015, Brain retired as chief executive officer.{{cite press release | url=https://www.businesswire.com/news/home/20150224006649/en/EPR-Properties-Chief-Executive-Officer-Retire | title=EPR Properties Chief Executive Officer to Retire | publisher=Business Wire | date=February 24, 2015}}

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.{{cite press release | url=https://www.businesswire.com/news/home/20170406006303/en/EPR-Properties-CNL-Lifestyle-Properties-Announce-Closing | title=EPR Properties and CNL Lifestyle Properties Announce Closing of Transaction | publisher=Business Wire | date=April 6, 2017}}

In November 2019, the company sold its portfolio of charter schools for $454 million.{{cite news | url=https://www.bizjournals.com/kansascity/news/2019/11/25/epr-sells-school-portfolio-for-450.html | title=EPR sells school portfolio for $450M | first=Brian | last=Kaberline | work=American City Business Journals | date=November 25, 2019}}

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.{{cite web|title=Portfolio Overview|publisher=EPR Properties|url=https://www.eprkc.com/portfolio/portfolio-overview/|access-date=2022-04-23}}

Notable properties are listed below.{{cite web | url=https://www.eprkc.com/portfolio/property-map/ | title=Property Map}}