EPR Properties operates as a real estate investment trust (REIT) with a rather specific, almost philosophical, niche: owning the physical spaces where humanity attempts to escape the mundane. This entity is the silent partner behind many of your weekend escapades, specializing in what it terms "experiential real estate." Its portfolio, spanning 43 U.S. states and parts of Canada, includes the hallowed halls of megaplex movie theaters, the chaotic joy of eat-and-play venues like TopGolf, the frosty slopes of ski resorts, and the splashy fun of waterparks. Essentially, if it involves discretionary spending on out-of-home entertainment, recreation, or even a dash of education (a legacy segment including private schools), EPR likely owns the dirt it sits on.

Operating on a triple-net lease model, EPR typically acquires properties and then leases them back to operators, who shoulder the glorious burdens of taxes, insurance, and maintenance. This business model allows EPR to capitalize on the enduring human desire to "do things" rather than just "buy things," a trend that has become a competitive advantage in a world increasingly valuing shared experiences over material possessions. However, this focus on gathering places proved to be a double-edged sword during the recent global unpleasantness, when the very act of congregating became a public health hazard. The pandemic triggered significant debates and challenges, particularly for its heavily theater-dependent portfolio, leading to rent deferrals and a temporary dividend suspension as the world collectively decided to stream movies in pajamas. While the company has since diversified and weathered that storm, its journey highlights the inherent irony of investing in the "social infrastructure of society" when society is told to stay home.