EPR Properties announced a definitive agreement to acquire seven regional amusement parks from Six Flags Entertainment Corp. for a total cash consideration of $331 million. The portfolio includes Valleyfair in Minneapolis, Worlds of Fun in Kansas City, Michigan’s Adventure in Grand Rapids, Schlitterbahn Waterpark Galveston, Six Flags St. Louis, Six Flags Great Escape in Queensbury, New York, and Six Flags La Ronde in Montreal, Quebec. The transaction’s gross value, including tenant contributions, is reported at $342 million.
The deal expands EPR’s experiential portfolio, adding attractions that complement its existing hot‑springs, fitness, and golf assets. For Six Flags, the sale is part of a broader portfolio‑optimization strategy aimed at sharpening operational focus, accelerating debt reduction, and concentrating resources on parks with the highest growth potential. The transaction is EPR’s largest experiential acquisition since 2017 and signals continued consolidation in the amusement‑park industry.
EPR’s FY2025 financials show a FFOAA per diluted share of $5.12, up from $4.87 in 2024, reflecting steady growth in its core experiential assets. Six Flags reported a net loss of $1.60 billion for FY2025, largely driven by a $1.5 billion non‑cash impairment charge. The seven parks generated approximately $260 million in net revenue and $45 million in adjusted EBITDA in 2025, underscoring their value to both companies’ balance sheets.
Operationally, EPR will partner with Enchanted Parks to manage the six U.S. parks and with La Ronde Operations, Inc. to run the Montreal venue. EPR will retain the right to use the Six Flags brand through 2026, and no significant impact on guests is expected; all season passes sold for the 2026 season will be honored.
The acquisition is expected to close in the second half of 2026, though some sources indicate a potential closing in the first or second quarter of 2026. The deal will provide EPR with percentage‑rent upside from the Six Flags master lease and strengthen its presence in key regional markets, while Six Flags will use the proceeds to pay down debt and improve its leverage profile.
Gregory K. Silvers, EPR’s chairman and CEO, said the acquisition represents a compelling opportunity to expand its attractions portfolio with high‑quality experiential real estate assets in established regional markets. John Reilly, Six Flags’ CEO, noted that the sale allows the company to focus on parks with the highest growth potential, accelerate cash‑flow generation, and strengthen its financial position.
The transaction reflects a broader trend of consolidation and portfolio optimization within the amusement‑park sector, as operators seek to streamline operations, reduce debt, and invest in high‑growth assets.
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