EPR Properties Announces Definitive Agreements to Acquire Portfolio of Seven Regional Parks
EPR Properties announced today that it has entered into definitive agreements to acquire a portfolio of seven regional parks from Six Flags Entertainment Corporation for a gross transactional value of $342 million, of which the Company provided approximately $315 million and our operating tenants provided the balance, including funds for working capital and capital improvements. This transaction significantly expands the Company’s attractions portfolio and represents its largest acquisition since 2017.
The seven parks comprise over 1,600 acres, featuring 418 attractions across five states and Canada, and drawing approximately 4.5 million annual attendees. The six regional parks that are located throughout the U.S. will be leased to and operated by Enchanted Parks (formerly Innovative Attraction Management) pursuant to a long-term master lease, and the one park located in Canada will be leased to and operated by La Ronde Operations, Inc. following the completion of the transaction. Both entities are proven operators with which the Company has an existing relationship.
“This strategic acquisition represents a compelling opportunity to expand our attractions portfolio with high-quality experiential real estate assets in established regional markets,” said Gregory K. Silvers, Chairman and Chief Executive Officer of EPR Properties. “These properties embody the essential characteristics we seek: delivering stable, long-term cash flows, strong drive-to accessibility, multi-generational appeal, and significant underlying land value. This transaction aligns with our disciplined investment criteria and accelerates our strategic expansion into experiential properties that create enduring value for our shareholders.
Properties Included In Transaction
U.S. Parks – Enchanted Parks
- Worlds of Fun – Amusement & Waterpark – Kansas City, MO
- Valleyfair – Amusement & Waterpark – Minneapolis, MN
- Six Flags St. Louis – Amusement & Waterpark – St. Louis, MO
- Schlitterbahn Waterpark Galveston – Waterpark – Galveston TX
- Michigan’s Adventure – Amusement & Waterpark – Grand Rapids, MI
- Six Flags Great Escape – Amusement & Waterpark – Queensbury, NY
Canadian Park
- Six Flags La Ronde – Amusement Park – Montreal, QC
Investment Highlights
- Properties Underwritten at a 2.0x Coverage
- Compelling Valuation
- New Focused Operators with Capital Infusion
- High Quality Real Estate
- Strong Master Lease
The company has acquired the non-Six Flags branded property names as part of the transaction and acquired rights to the Six Flags brand through 2026. The transaction is expected to close toward the end of the first quarter or beginning of the second quarter, subject to the satisfaction of certain closing conditions and third-party approvals. No significant impact on guests is expected during this transition. The parks will continue their regular operating schedules, and all season passes sold will be recognized through the 2026 operating season.
About EPR Properties
EPR Properties is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.7 billion (after accumulated depreciation of approximately $1.7 billion) across 43 states and Canada. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns.
About Enchanted Parks
Enchanted Parks is a leading owner and operator in the entertainment and leisure industry. The third largest privately held regional park operator in the United States, Enchanted Parks operates eight properties nationwide, delivering memorable experiences across amusement parks, water parks, and destination attractions. The company operates its parks through empowered teams and entrepreneurial practices that drive operational efficiency, exceptional guest service, and strong, lasting customer relationships by consistently delivering outstanding value.
About La Ronde Operations, Inc.
La Ronde Operations, Inc., is owned by Kieran Burke, who, through various companies, operates and manages theme parks, water parks, accommodations and multi-use venues throughout the US and Canada including EPR’s other Canadian parks, the Valcartier Resort and Calypso Waterpark. As one of North America’s largest independent operator of visitor attractions and experiences, Mr. Burke’s companies leverage more than 250 years of combined experience to improve financial performance and operations at 14 properties.
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