David Brain, the longtime president and chief executive of EPR Properties, will retire from the Kansas City-based real estate investment firm at the end of March, the company announced Tuesday.
Brain’s successor is Gregory Silvers, who joined the company in 1998 and has most recently been chief operating officer and executive vice president. Silvers’ promotion was effectively immediately, EPR said. Silvers also has been appointed to the firm’s board of trustees.
“I have had the privilege of serving and leading EPR for more than 17 years,” Brain said in a statement. “I have worked side by side with Greg and am very confident that he is the right person to lead the company in the future.”
Brain, who could not be reached for further comment, had been president and chief executive for more than 14 years. He served as EPR’s chief financial officer from 1997 to 1999 and as its chief operating officer from 1998 to 1999.
The company said Brain’s severance package is expected to result in a charge to earnings in 2015’s first quarter “in a range of $18 million to $19 million.”
EPR disclosed the executive change on the same day it reported its 2014 fourth quarter and annual financial results. EPR is a publicly traded real estate investment trust, or REIT, that specializes in entertainment, education and recreation properties. It has more than $4 billion in investments under management.
For the fourth quarter, EPR reported net income of $46.7 million, down from $57.1 million in the same period in 2013. Total revenue climbed 17 percent to $104.7 million.
For the year, EPR earned $155.8 million on revenue of $385.1 million, compared with a profit of $156.4 million on revenue of $343.1 million.
Brain said in the earnings report that the company in 2014 delivered “record revenues, achieved record investment spending and announced our fifth consecutive significant dividend increase.” Looking ahead, he also said EPR sees “strong investment opportunities” in its three primary markets.