EPR Properties Expands Attractions Portfolio with $342M Seven-Park Acquisition

Event summary

  • EPR Properties to acquire seven regional parks from Six Flags for $342M, with $315M provided by EPR and the rest by operating tenants.
  • Portfolio includes over 1,600 acres with 418 attractions across five U.S. states and Canada, drawing 4.5M annual attendees.
  • Six U.S. parks will be leased to Enchanted Parks, one Canadian park to La Ronde Operations under long-term master leases.
  • Transaction expected to close by Q2 2026, with no significant impact on park operations or guests.
  • EPR acquires non-Six Flags branded property names and rights to the Six Flags brand through 2026.

The big picture

This acquisition marks EPR Properties' largest since 2017, significantly expanding its attractions portfolio with high-quality experiential real estate assets. The deal aligns with EPR's strategy of targeting stable, long-term cash flows and properties with strong land value, reflecting broader industry trends toward experiential and leisure-focused real estate investments. With total assets of approximately $5.7 billion, EPR is positioning itself as a key player in the experiential net lease REIT space.

What we're watching

Integration Challenges
How EPR will manage the transition of seven parks to new operators without disrupting guest experiences or operational continuity.
Valuation Impact
Whether the 2.0x coverage underwriting will sustain long-term cash flows and shareholder value in a potentially volatile economic environment.
Strategic Expansion
The pace at which EPR can leverage this acquisition to further expand its experiential properties portfolio and solidify its market position.

Related topics

Acquisition