EPR Properties - the Owner/Operator tangled web

[dlague]

With all the resort purchasing fervor, I became interested in who owns or operates what and found this interesting.

So .... I thought Peak Resorts owned Hunter, Mt Snow, Jack Frost etc. but it turns out they are just the operators of the resorts apparently.

There is a REIT EPR Properties that actually owns the CNL Properties that were sold a while back and also happen to own the several Peak Resorts Properties. See the map in the link below:

http://www.eprkc.com/portfolio/property-map/

Apparently, Och-Ziff Real Estate borrowed some money from EPR Properties and is also the co owner of the CNL Properties that they let go but in more recent articles Och-Ziff is no longer mentioned. OZ was in the middle of a scandal in Africa - so not sure if they backed out or not.

This list is rather interesting in the tangles web

http://www.eprkc.com/portfolio/recreation/ski-areas/property-list/

BTW Brighton is on that list.

 

[Smellytele]

With all the resort purchasing fervor, I became interested in who owns or operates what and found this interesting.

So .... I thought Peak Resorts owned Hunter, Mt Snow, Jack Frost etc. but it turns out they are just the operators of the resorts apparently.

There is a REIT EPR Properties that actually owns the CNL Properties that were sold a while back and also happen to own the several Peak Resorts Properties. See the map in the link below:

http://www.eprkc.com/portfolio/property-map/

Apparently, Och-Ziff Real Estate borrowed some money from EPR Properties and is also the co owner of the CNL Properties that they let go but in more recent articles Och-Ziff is no longer mentioned. OZ was in the middle of a scandal in Africa - so not sure if they backed out or not.

This list is rather interesting in the tangles web

http://www.eprkc.com/portfolio/recreation/ski-areas/property-list/

BTW Brighton is on that list.

so peaks only owns Crotched, Wildcat and Attitash?

 

[Jully]

With all the resort purchasing fervor, I became interested in who owns or operates what and found this interesting.

So .... I thought Peak Resorts owned Hunter, Mt Snow, Jack Frost etc. but it turns out they are just the operators of the resorts apparently.

There is a REIT EPR Properties that actually owns the CNL Properties that were sold a while back and also happen to own the several Peak Resorts Properties. See the map in the link below:

http://www.eprkc.com/portfolio/property-map/

Apparently, Och-Ziff Real Estate borrowed some money from EPR Properties and is also the co owner of the CNL Properties that they let go but in more recent articles Och-Ziff is no longer mentioned. OZ was in the middle of a scandal in Africa - so not sure if they backed out or not.

This list is rather interesting in the tangles web

http://www.eprkc.com/portfolio/recreation/ski-areas/property-list/

BTW Brighton is on that list.

Very interesting! I've had a decent grip on the owner/operator divisions, but had no idea the owner web of REITs was so complex. The OZ scandal is causing some disruption in multiple places, including the ski resorts I've heard.

 

[o08]

Also interesting is that I think that Peaks is essentially owned by Summer rd. llc, the investment arm of Purdue pharmaceuticals. Figured it was a way for them to wash money from Oxycontin sales so that state governments would be unable to claw back profits given the ensuing heroin crisis.

 

[BenedictGomez]

Also interesting is that I think that Peaks is essentially owned by Summer rd. llc, the investment arm of Purdue pharmaceuticals. Figured it was a way for them to wash money from Oxycontin sales so that state governments would be unable to claw back profits given the ensuing heroin crisis.

Well that's a bizarre conspiracy theory on numerous levels. For starters, SKIS is a publicly traded company, and Summer Road owns a relatively small, minority 10% share of the company. Secondly, SKIS market cap is "peanuts", at less than $70 Million dollars, LOL. But even more obvious is the fact that really, really, really rich people invest their money, this is not shocking.

 

[LuvToSki]

so peaks only owns Crotched, Wildcat and Attitash?

Peaks is a house of cards and totally overleveraged, hence why they're hovering at barely half their IPO price and why they had to sell $20 million of its Series A cumulative convertible preferred stock this time last year to what is basically Summer Road LLC (see press release from Aug 23, 2016 - http://www.peakresorts.com/news-updates/page-675/ ). Their balance sheet is unnerving (i.e. embarrassing).

They should have stuck to their base in the midwest and focused on building a core of skiers there as "feeder" mountains to get people to visit larger resorts to help address the systemic stagnant growth (and for a while steady decline) in skier/rider visits based on NSAA data. You know, a "raise the tide for all" strategy to help get more people into the sport and keep them in it.

 

[mbedle]

If you read the latest SEC filing, there is no mention that EDR actually owns these properties and leases them back to Peaks. Pages 28-29 and Page 6. From the report is looks like the only leases they have is the federal and state land leases and one at Mad River. It appears that EDR is just the primary lender for the acquisition of these resorts and hold the "mortgage". To me, it seems like a play on words, but I am not a financial guys at all.

http://www.snl.com/Cache/c389454093.html

 

[thetrailboss]

http://www.wcax.com/content/news/NH-residents-speak-out-about--441516233.html

 

[o08]

Conspiracy theory deepens when former vice president of peaks was busted by local cops setting up oxy ring. http://www.kmov.com/story/28450740/...-using-company-to-funnel-drugs-across-country

 

[dlague]

http://www.wcax.com/content/news/NH-residents-speak-out-about--441516233.html

I appears the media is using EPR and Och-Ziff interchangeably. I can pull up several news stories where EPR is mentioned and Och-Ziff are not. in this case Och-Ziff is mentioned.