EPR Properties — tenant map, revenue drivers and what investors need to know

EPR Properties is an experiential net-lease REIT that owns and finances leisure and entertainment real estate — movie theatres, amusement parks, ski resorts, golf-entertainment complexes and select specialty assets — and monetizes through long-term, triple‑net leases, mortgage receivables and selective property dispositions. Its cash flow profile is dominated by large, multi-year contractual cash rents (including minimum and negotiated percentage rents) and financing arrangements with operators, producing concentrated but predictable revenue streams. For investors evaluating customer risk and revenue durability, the tenant roster and contract structure are the primary levers to monitor.
Explore an operational risk lens at https://nullexposure.com/.

How EPR contracts and where its cash comes from

EPR structures its business around long-term, triple‑net leases and long‑dated mortgage-style financings, which shift operating expense and most maintenance obligations to counterparties and secure steady minimum rent receipts. The company reports that substantially all single-tenant properties are leased under long-term triple‑net arrangements or mortgage receivables with equivalent economics, and the portfolio is concentrated geographically across North America (40 US states plus Ontario and Quebec).

• Contracting posture: predominantly long-term, triple‑net leases that produce durable minimum rents and limited landlord operating exposure.
• Counterparty profile: the portfolio is leased to leading large theatre and leisure operators, indicating enterprise counterparties for key assets.
• Concentration and criticality: EPR discloses that three tenants represent a substantial portion of lease revenue, and percentage rents are meaningful for some theatre relationships — these concentration characteristics drive earnings sensitivity to a handful of partners.
• Maturity and activity: the wholly‑owned experiential portfolio is highly operational — 99% leased or operated excluding assets intended for sale — with ongoing development and land inventory supporting selective growth.
• Scale of contractual cash flows: aggregate minimum contractual rents for 2025 imply annual minimums in the mid‑hundreds of millions (approximately $503.8 million reported for 2025), underscoring a high spend band for landlord cash flow expectations.

For a focused view on tenant-level exposure and counterparty dynamics, see the relationship breakdown below. If you evaluate counterparties and revenue concentration, this page provides a concise investor-grade map: https://nullexposure.com/.

Customer roster — relationship-by-relationship investor notes

Below are the relationships extracted from publicly available filings and coverage; each entry is a one- to two-sentence investor summary with the cited source.

1. American Multi‑Cinema, Inc. (AMC) — Two theatre customers remain on a cash‑basis for revenue recognition because of collectability and operational uncertainty, and AMC is explicitly identified among them in the FY2024 10‑K. According to the FY2024 10‑K, AMC is one of the theatre customers affecting revenue recognition treatment.

2. Regal Entertainment Group — EPR reports that a significant portion of total revenue historically came from AMC and Cineworld/Regal theatre tenants, identifying Regal as a major revenue contributor in FY2024. The FY2024 10‑K lists Regal among the theatre operators that represent a material share of lease revenues.

3. Topgolf USA — EPR leases golf entertainment complexes to Topgolf and holds mortgage receivables tied to its golf portfolio; Topgolf is named as a top tenant in company disclosures. The FY2024 10‑K states Topgolf as the lessee or mortgage counterparty for EPR’s golf-entertainment assets.

4. Six Flags Entertainment Corporation — Six Flags entered a purchase agreement in 2018 to take over leasing rights for Darien Lake and other EPR‑owned parks, transferring operational lease rights to Six Flags affiliates. A 2018 WKBW news report described Six Flags’ agreement for leasing rights.

5. AMC (news report context) — AMC executed a global agreement with EPR effective July 1, 2020, under which EPR repositioned certain theatre arrangements and operational responsibilities. A local news report covering the FY2020 period referenced the July 2020 global agreement between AMC and EPR.

6. Ninkasi Brewing — EPR provided lease capital to Ninkasi as part of a strategic partnership and joint funding initiative alongside Legacy Breweries, effectively supplying property financing and lease arrangements. Coverage of the FY2019 transaction noted EPR received lease payments while Ninkasi gained capital from EPR and Legacy Breweries.

7. Topgolf (private equity context) — Management commentary during FY2026 coverage notes that Topgolf is one of EPR’s top tenants and was taken private by private equity, an ownership change with implications for tenant credit dynamics. A FY2026 industry report captured Topgolf’s private‑equity ownership and its status as a top tenant.

8. Premier Parks LLC (Darien Lake operator) — Premier Parks operated Darien Lake under a long‑term operating relationship and was expected to continue under a long‑term lease with EPR in the event of a transaction. A FY2016 Democrat & Chronicle article described Premier Parks’ operational role and lease expectations.

9. Vail Resorts — One of EPR’s ski and resort properties (Mad River ski resort) is operated by Vail Resorts, linking EPR assets to a leading mountain‑resort operator. A 2019 Dispatch article referenced Vail Resorts’ operational role at Mad River.

10. Advance Golf Partners — EPR disclosed that certain golf properties will be leased and operated by Advance Golf Partners, designating a dedicated operator for recently acquired golf assets. The FY2026 earnings‑call transcript identified Advance Golf Partners as the operator.

11. an affiliate of Premier Parks — Ocean Breeze was announced to be leased and operated by an affiliate of Premier Parks, reflecting continued operational partnerships within the amusement park vertical. The FY2026 earnings call transcript described the Ocean Breeze lease and operator affiliation.

12. Topgolf (earnings‑call transaction detail) — EPR management discussed the sale of a controlling interest in Topgolf (60% to Leonard Green Partners) as a material ownership change that informs landlord‑tenant dynamics. The Q4 2025 earnings call referenced the Topgolf transaction and valuation.

13. Vital Climbing — EPR acquired the Vital Climbing Lower East Side asset for approximately $34 million, representing a specialty experiential acquisition to be integrated into its lease portfolio. The Q4 2025 earnings call disclosed the acquisition and price.

14. Och‑Ziff Real Estate (OZRE) — EPR provided $251 million of five‑year secured debt financing to OZRE‑affiliated funds for the purchase of 14 CNL Lifestyle ski properties, indicating EPR’s role as a financing counterparty in resort acquisitions. A 2017 SAMinfo report documented EPR’s financing commitment.

15. AMC Theatres (operations change) — AMC announced the cessation of operations at six EPR‑owned theatre locations as part of a 2020 agreement, reflecting operational re‑alignment between tenant and landlord. A 2020 6ABC report covered AMC’s operational shutdowns at those EPR properties.

16. Premier Parks (operator profile) — Multiple reports indicate Premier Parks operated parks owned by EPR prior to ownership or lease transfers, reflecting a long‑standing operating relationship. A 2018 Blooloop article noted Premier Parks’ operational role across EPR holdings.

17. Peak Resorts — EPR financed and added Peak Resorts assets — including Northstar California and other CNL parks — to its portfolio, expanding its ski and attractions footprint via financed acquisitions. A 2017 SAMinfo item referenced EPR’s involvement in Peak Resorts and related acquisitions.

18. Cinemark — Local reporting from 2019 tracked EPR’s acquisition activity in theatre assets, including purchases such as the Cinemark Polaris 18 theater that align with its experiential strategy. The 2019 Dispatch article covered the transaction.

19. Enchanted Parks — The Great Escape theme park will continue to operate under a lease to Enchanted Parks, documenting a third‑party operator relationship for an EPR‑owned asset. A 2026 MynBC5 release cited the lease arrangement.

20. Legacy Breweries — EPR partnered with Legacy Breweries and craft operators in FY2019 to finance brewery acquisitions, providing capital and lease structures that support small‑cap specialty operators. A 2019 VinePair analysis summarized the EPR–Legacy Breweries strategic partnership.

21. Regal (earnings‑call percentage rent detail) — EPR management confirms that Regal is the principal source of percentage rent variability in the theatre portfolio, and Regal percentage rent is explicitly embedded in company guidance for the lease year ending July 2026. The Q4 2025 earnings call and FY2026 commentary outline Regal’s outsized role in percentage rent.

22. Regal (guidance context) — Management expects Regal percentage rents to be modestly higher (~2%) for the lease year ending July 2026, a point included in investor updates and media summaries. FY2026 news coverage and earnings‑call excerpts reported management’s guidance on Regal percentage rent.

What the relationship map means for investors

• Revenue stability is a product of contract design: EPR’s long‑term triple‑net leases and mortgage receivables deliver predictable minimum rents, but earnings sensitivity concentrates around a handful of large leisure operators, notably Regal and Topgolf/AMC exposures.
• Counterparty transitions are consequential: operator ownership changes (Topgolf private equity, Six Flags / Premier Parks operational transfers, AMC restructurings) change counterparty credit and operational dynamics and therefore affect collectability and percentage‑rent upside.
• Geographic and portfolio diversification reduces single‑asset risk but not concentration risk: the portfolio spans North America and is 99% occupied, yet contractual cash flows remain materially concentrated in top theatre and entertainment operators.
  If you want an investor‑grade extraction and counterparty heat map for deeper due diligence, start here: https://nullexposure.com/.

Investment conclusion and actionable next steps

EPR’s business model converts experiential real‑asset ownership into fixed contractual cash flow through long‑term leases and lending. Key investment considerations are tenant concentration (Regal/AMC/Topgolf), percentage‑rent exposure, and operator credit trends following ownership changes. For portfolio managers and credit analysts, monitoring tenant cash‑basis treatments, percentage‑rent seasonality and the performance of leveraged operators is essential to model downside scenarios.

For tailored counterparty analytics or to license a cleaned, investor‑ready map of EPR’s customer exposures, visit https://nullexposure.com/ for next‑step options.