The registrant's reportable segments are Experiential and Education. As of December 31, 2025, Experiential investments totaled $6.6 billion, representing 94% of total investments, while Education investments accounted for $0.4 billion, or 6%. The Experiential segment includes 148 theatre properties, 60 eat & play properties (including seven theatres in entertainment districts), 26 attraction properties, 11 ski properties, four experiential lodging properties, 27 fitness and wellness properties, one gaming property, and one cultural property. The wholly-owned Experiential real estate portfolio comprises approximately 19.0 million square feet, is 99% leased or operated, and includes $54.9 million in property under development and $20.2 million in undeveloped land inventory.
Theatres constitute a significant portion of the Experiential portfolio, featuring modern megaplex theatres that have recovered from the 2023 writers' and actors' strikes. In 2025, North American box office revenues increased by 1% compared to 2024, accompanied by higher food and beverage revenues per customer visit. Studios have resumed exclusive theatrical releases lasting approximately 45 days, underscoring the economic and strategic importance of theatrical exhibition. Theatres have enhanced audio-visual experiences, introduced reserved luxury seating, expanded food and beverage offerings including alcohol, and implemented more efficient point-of-sale systems. Movie-going remains a prominent out-of-home entertainment option, with about 15 million tickets sold weekly in North America in 2025. Historical data indicates that theatre exhibition and at-home streaming coexist successfully, with frequent moviegoers also spending significant time streaming.
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