EPR Properties (NYSE:EPR) today announced that subsequent to quarter end the Company closed on a transaction to acquire the Camelback Mountain Resort in Tannersville, PA, for approximately $70 million. The resort consists of 160 acres of skiable terrain and includes a waterpark, an outdoor adventure park, a 40 lane tubing facility and base lodge. The resort attracts approximately 900,000 visitors annually.
The property is currently leased to CBH2O who has operated the resort since 2005, and has committed to an additional 20-year term. Ken Ellis and Art Berry, principals of CBH2O, have consistently reinvested in the property to develop additional attractions to enhance attendance and cash flow in all seasons.
This resort expands the Company’s ski portfolio and extends its experience with waterparks. The Camelback Mountain Resort is located approximately 90 miles outside of New York City in the popular Poconos Mountain region.
David Brain, President and CEO, commented, “I am very pleased to announce this expansion of our Recreation portfolio with Camelback Mountain Resort. Camelback has been a very popular and successful recreation property for over 50 years and importantly, offers year-round attractions and sustainable year-round cash flows.”About EPR Properties EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $3.2 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. In addition, references to our budgeted amounts and guidance are forward-looking statements. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.