EPR Properties is a publicly traded real estate investment trust that invests in experiential properties across the United States and Canada. Originally founded as Entertainment Properties Trust on August 22, 1997, by AMC Entertainment executive Peter Brown and financial analyst David Brain, the company was established to finance megaplex movie theaters through sale-and-leaseback transactions. The REIT held its initial public offering in November 1997, raising $278 million, and by March 1998 had purchased 13 AMC theaters. The company changed its name to EPR Properties in 2012 to reflect its diversification into recreation and education properties beyond its theater roots. EPR Properties operates a portfolio of 335 locations with approximately $7.1 billion in total investments across 42 states and Canada, working with 59 operators. The REIT operates through two segments: Experiential and Education. The Experiential segment consists of approximately 150 theater properties, 64 eat-and-play properties, 26 attraction properties, 11 ski properties, experiential lodging properties, gaming, cultural, and fitness and wellness properties. The Education segment includes 46 early childhood education center properties and 9 private school properties. All owned single-tenant properties are leased under long-term, triple-net leases that span 15-20 years with embedded rent escalators. Over the years, EPR has executed a strategic shift away from theater dependence, reducing exposure from 60% of its portfolio in 2020 to just 16% by 2025. The company expanded into higher-margin experiential assets including Topgolf locations, ski resorts, amusement parks, waterparks, fitness centers, and wellness resorts. In 2017, EPR acquired a portfolio from CNL Financial Group for $456 million comprising the Northstar California ski resort, 15 waterparks and amusement parks, and 5 family entertainment centers. In November 2019, the company sold its charter school portfolio for $454 million. Most recently, in March 2026, EPR announced the acquisition of seven properties from Six Flags for $331 million, including six U.S. amusement parks and a water park, with the U.S. properties completed as of April 6, 2026.