December 2, 2019 Comments (0) Views: 198 Midwest, Missouri, National News

EPR Makes Portfolio Shift with Sale of Charter Schools

EPR Properties recently sold substantially all of its charter school portfolio for approximately $454 million. The 47-property portfolio sold to a fund sponsored by Rosemawr Management LLC.

The sale moves the Kansas City, MO-based EPR toward a focus on experiential real estate. Although the charter school portfolio provided “very attractive returns,” competitive financing alternatives led to “structural market changes that increased earnings volatility and were incompatible with our mandate as a REIT to provide long-term and predictable income,” said EPR president and CEO Greg Silvers.

He added, “We recognize the strong consumer demand for location-based experiences, and believe our decades of experience, longstanding relationships and institutional knowledge will continue to provide us with a sustainable competitive advantage.”

The sale to the Rosemawr fund didn’t include three charter schools that EPR sold earlier in the fourth quarter, or the one remaining school which the company expects to sell by year’s end.

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