Eat & Play

The emergence of the ‘eatertainment’ category has inspired an increasing number of successful concepts that appeal to consumers by providing good food and high-quality entertainment options all at one location.

55

Properties

23%

Annualized Adjusted Revenue*

10

Operators

Our partner, Topgolf, has been a leading eat and play concept in the US and is credited with revolutionizing the game of golf powered by its combination of entertainment, competition, food and fun. By offering a unique year-round experience, Topgolf provides highly social experiences for families, novice and serious golfers and Millennials alike. With over 17 million guests in 2018, their fun, flexible, all-inclusive approach to the sport is connecting with consumers and driving the brand’s continued strategic expansion.

Our investments in both Family Entertainment Centers (FECs) and Entertainment Districts arose from deep insight into how consumers spend their leisure-time dollars. Research shows that 70% of consumers prefer to visit eatertainment formats versus typical casual dining for group occasions.** From upscale bowling and bocce eateries to retro-themed gathering spots designed to appeal to socially-motivated Millennials, our partners create vibrant destinations that allow consumers to access wide varieties of entertainment and retail for tenant success. As Millennials continue to fuel change in the industry by their emphasis on experiences, operators are creatively combining eating and entertainment options into one-stop-shops.

*Annualized Adjusted Revenue (a non-GAAP financial measure) is Total Revenue for the quarter ended September 30, 2019, excluding public charter school total revenue, other income and pass through revenues, further adjusted for in-service projects and percentage rent and participating interest. This number is then multiplied by four to get an annual amount. See reconciliation of Annualized Adjusted Revenue to Total Revenue on Slide 17 in the Charter School Transaction Presentation in the Investor Center.
**Technomic Research 2019