False flag
EPR Properties (NYSE: EPR) announced definitive agreements to acquire seven (7) regional amusement parks from Six Flags Entertainment (NYSE: FUN) for $315 million (representing over 2/3 of EPR’s midpoint investment volume guidance for ‘26). Six Flags is divesting its operations and interest in the sites, meaning go-forward operations and lease obligations will be borne by Enchanted Parks (for 6 locations) and La Ronde Operations (for 1 location).
Enchanted Parks is a spinoff of Innovation Attraction Management and is led by James Harhi. The company formed a strategic partnership with EPR in 2024 when it acquired Water Safari Resort.
Six Flags St. Louis
According to the release, the properties “comprise over 1,600 acres, featuring 418 attractions across five states and Canada, and drawing approximately 4.5 million annual attendees.” New operators can utilize the Six Flags branding through 2026.
EPR notes a 2.0x underwritten coverage - although it’s unclear if that is based on prior operating history under Six Flags or pro forma estimates based on the new operators. In a separate press release, Six Flags noted net revenue of $260 million and adjusted EBITDA of $45 million from the subject sites in 2025. Potential new annual rent of ~$23 million (2x coverage on numbers from FUN) implies a 7.3% cap rate on EPR’s purchase (which feels low - the rent is likely higher with a pro forma 2x coverage).
Other than reference to a ‘long-term master lease’ no other transaction specifics were provided. The new operators (tenants) contributed an additional $27 million bringing the total OpCo/PropCo value to $342 million (92% funded by EPR’s sale/leaseback).
Paid-in-kind
Alpine Income Property Trust (NYSE: PINE) announced a further push into the lender arena with the funding of the first $8.6 million of a $32 million first mortgage loan commitment.
Collateralized by the development of an 11-acre, 101,000 square foot multi-tenant retail center in Newton County, Georgia, the loan carries a 24-month term and pays a 13% interest rate (inclusive of 1.5% paid-in-kind interest).
Accelerated equity sales
Net lease-focused non-traded perpetual REIT experienced accelerated equity raise on data reported in early March. All four active REIT saw flows increase materially, with the aggregate up over 40% versus the prior month.
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