EPR Properties

EPR historically maintained an education segment that owned private school and early childhood education facilities. The firm announced a strategic shift toward pure-play experiential real estate and completed the full divestiture of its education assets in September 2024. Proceeds from the sale were recycled into experiential acquisitions and debt reduction.

EPR is a publicly traded equity REIT on the New York Stock Exchange under ticker EPR, meaning it must distribute at least 90% of taxable income to shareholders. The firm employs no external manager and takes no carried interest or promote on its deals — all revenue flows from lease payments, which the firm collects without involvement in the operations of the venues sitting on its land.

EPR avoids any real estate category where the underlying experience can be replicated digitally or delivered to the home. Office buildings, data centers, industrial warehouses, multifamily apartments, and net-lease retail are all explicitly outside the mandate. The firm's investment committee screens out any proposed acquisition that does not fit within its three experiential verticals: theaters, eat-and-play, and attractions.