EPR Properties (NYSE: EPR) has refreshed its portfolio with a new acquisition. The real estate investment trust announced that it has closed a deal to acquire the Camelback Mountain Resort in the Poconos Mountain region of Pennsylvania. The price is roughly $70 million.
The facility boasts around 160 acres of skiable area, as well as a water park, an outdoor adventure park, a tubing course, and a base lodge. It is currently leased to a privately held firm, CBH20, which has operated it since 2005 and has committed to a further 20-year period. According to EPR Properties, Camelback brings in roughly 900,000 visitors annually.
In the press release announcing the news, the REIT touted the consistent income generating potential of its new asset. The company quoted CEO David Brain as saying that the resort "offers year-round attractions and sustainable year-round cash flows."
At the end of its most recently reported quarter, EPR Properties had $37 million in cash and short term investments. Its total debt was nearly $1.5 billion.