EPR Properties completed the purchase of six U.S. parks from Six Flags on April 6, 2026, as part of a seven‑park portfolio deal that was valued at $342 million. EPR paid approximately $315 million of that amount, with the remaining $27 million attributable to the Canadian park, La Ronde, which is expected to close later in 2026.
The acquisition is a key element of EPR’s capital‑recycling strategy, which seeks to replace lower‑margin movie‑theater assets with higher‑return experiential properties such as theme parks, fitness centers and family entertainment venues. By adding parks that generated $260 million in net revenue and $45 million in adjusted EBITDA in 2025, the deal expands EPR’s portfolio into proven regional markets and creates new triple‑net lease opportunities that align with its long‑term growth objectives.
EPR’s Q4 2025 earnings provide context for the transaction: revenue rose 3.2% year‑over‑year to $182.95 million, and adjusted funds from operations per diluted share reached $1.30, meeting analyst expectations. The company has guided 2026 FFOAA to $5.28–$5.48 per share and investment spending to $400–$500 million, reflecting confidence that the new parks will support its growth targets.
Management emphasized the strategic significance of the deal. Gregory Silvers, EPR’s chairman and CEO, said the closing “marks a significant milestone for the company and sets the tone for a highly productive year.” Six Flags president and CEO John Reilly noted that the divestiture “reflects Six Flags’ disciplined approach to portfolio optimization and the decisive action we are taking to concentrate our capital and operational focus on properties with the greatest long‑term growth potential.”
The transaction is EPR’s largest since 2017 and represents a substantial shift away from its theater‑heavy core. By reducing theater exposure and adding parks that generate robust cash flow, the deal positions EPR to accelerate its 2026 investment plan and strengthen its financial health, while maintaining a long‑standing dividend policy. Analysts have responded positively, raising their outlook for the company in light of the acquisition’s contribution to higher‑growth assets and improved portfolio diversification.
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