EPR Properties has sold substantially all of its charter school portfolio, consisting of 47 charter school–related assets, for approximately $454 million to a fund sponsored by Rosemawr Management.
The sale does not include three charter schools that the company sold previously in the fourth quarter of 2019 for proceeds of $21.6 million and one remaining charter school, which the company expects to sell during the fourth quarter of 2019.
The company also announced that the sale of the charter school portfolio activates its strategic migration toward focusing its growth on experiential real estate.
“Since we entered the charter school market, we have enjoyed very attractive returns, but competitive financing alternatives, primarily in the tax-exempt bond market, have caused structural market changes that increased earnings volatility and were incompatible with our mandate as a REIT to provide long-term and predictable income,” stated Greg Silvers, president
