Epr Properties Announces Definitive Agreements to Acquire Seven Regional Parks

epr properties has entered into definitive agreements to acquire a portfolio of seven regional parks from Six Flags for a gross transactional value of $342 million, a move that significantly expands the REIT’s attractions holdings and represents its largest acquisition since 2017. The transaction is expected to close toward the end of the first quarter or the beginning of the second quarter, subject to closing conditions and third-party approvals.

• Gross transaction value: $342 million; company provided approx. $315 million.
• Portfolio: 7 parks, more than 1, 600 acres, 418 attractions, ~4. 5 million annual attendees.
• Timing: expected close toward end of Q1 or start of Q2; Six Flags brand rights through 2026.

Epr Properties expands attractions portfolio

The acquisition adds seven regional parks spanning five U. S. states and Canada, increasing scale across entertainment real estate. The parks are underwritten at a 2. 0x coverage multiple, and the company acquired non-branded property names as part of the deal while obtaining rights to the previous brand through 2026. The portfolio represents the company’s largest single acquisition since 2017 and is positioned to broaden its experiential property base.

Deal terms and financing

The gross transactional value is $342 million, with approximately $315 million provided by the buyer and the remaining funds contributed by operating tenants for working capital and capital improvements. The transaction includes capital infusions for the park operators and carries customary closing conditions and third-party approvals. No additional financing details are publicly stated in the transaction disclosure.

Parks acquired and operations

The seven properties include amusement-and-waterpark and waterpark formats across multiple markets. Six U. S. regional parks will be leased to and operated by a focused operator under a long-term master lease, and the single Canadian park will be leased to a Canadian operator following closing. Both operating entities are identified as existing partners with prior working relationships. The parks collectively cover more than 1, 600 acres, contain 418 attractions and draw roughly 4. 5 million visitors annually.

Guest impact and near-term outlook

No significant impact on guests is expected during the transition; the parks will continue regular operating schedules and all season passes sold will be recognized through the 2026 operating season. With the expected closing window stretching from the end of the first quarter into the start of the second quarter, operational continuity through the upcoming season is a stated outcome. If the transaction closes before peak-season preparations, the infusion of capital for operators may support planned improvements noted in the agreement.

Balance-sheet context and next steps

The buyer enters the deal with total assets of approximately $5. 7 billion after accumulated depreciation of about $1. 7 billion, spanning properties across 43 states and Canada. The company describes this move as an acceleration of its strategic expansion into experiential properties that deliver long-term cash flows, drive-to accessibility and underlying land value. Closing remains subject to the stated conditions; when finalized, the deal will transfer park ownership while preserving operator continuity for the 2026 season.