Episode #402: Unlocking Value & Growth Opportunities with Mike Geenen: REIT's, Experiential, and Leisure Assets

Mike Geenen is the Senior Director of Investments at EPR Properties. EPR is a 25+ year old, publicly traded REIT with $6.5B in investments, 350+ assets across 44 states and Canada, with more than 200 partners and tenants. A REIT is a real estate investment trust which owns (and sometimes) operates income-producing real estate or related assets. These typically include things like office buildings, malls, apartments, hotels, resorts, self-storage facilities, and so forth. 
 
Geenen states, "We bill ourselves as the diversified experiential REIT. And what that really means is that we focus on investing in real estate venues that facilitate out of home, leisure, recreation and social experiences . . . The majority of our investments outside of the theater business are with independents that are not necessarily private equity backed. We're in a bit of a niche market for the most part."

EPR is also the largest owner of movie theater real estate in the country since the theater space is their legacy business. They also own most of the Top Golf's in the states, and are interested in holding things for long term. They don't work like the typical private equity model of holding for 5-7 years. EPR's portfolio also includes ski areas, theme parks, and more. Mike is (rightfully) proud of the relationships he's built with his 200+ tenants and borrowers, as they were able to work together during the pandemic without having to go into any kind of litigation. 

Mike believes in the power of long-term partnerships and was passionate about his mission to provide capital to businesses that fit the "EPR model." 

In this episode, Pete and Mike discuss: 

1. What it means to be a “diversified experiential REIT” and why this model is attractive.

2. How EPR manages concentration risk and diversification within its portfolio of 350+ assets. 

3. What some of the benefits are of working with a REIT as opposed to working with a private equity firm.

Click here to download transcript.

Other episodes you'll enjoy around real estate: 

David West: https://www.halotalks.com/halotalks-podcast-with-david-west-of-integrity-real-estate-partners/ 

Jeff Roseman: https://www.halotalks.com/jeff-roseman-vice-chairman-newmark-knight-frank/ 

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