EPR Properties (EPR) sells charter school portfolio for $454 million.

EPR Properties (EPR) announced today that it has sold 47 charter school properties for gross proceeds of $454 million.  Combined with previous sales, the current transaction marks EPR's exit from this property type.  Commenting on the charter school market, CEO Greg Silvers noted: "structural market changes that increased earnings volatility"..."were incompatible with our mandate as a REIT to provide long-term and predictable income."  The company also said that it will continue to focus on experiential real estate, which may include the addition of casino resort properties to the current mix of movie theaters, golf complexes, ski resorts, and waterparks.

EPR said that it will book a $19 million loss on the charter school sale, including $26 million from the write-off of straight line rent and other receivables.  The company also increased its disposition target for 2019 and lowered its FFO/share guidance range.

Founded in 1997, Entertainment Properties (EPR) is a net-lease equity REIT that invests in entertainment facilities and other specialty property types. EPR has a total market capitalization of approximately $9.4 billion and is a member of the S&P MidCap 400 Index.