That has Hollywood happy, but it’s also great news for EPR Properties, a member of the Global Income Edge REIT Portfolio that started last month. EPR Properties (NYSE: EPR) is a specialty REIT that invests in entertainment, recreation and education-related properties in the United States and Canada. It has 230 properties in 39 states worth $4.1 billion.

The REIT pays shareholders a generous and steadily growing dividend of 6.2%. And the company’s properties are full: Its 99% lease rate generates lots of cash to continue expanding its portfolio while delivering strong returns.  Since the financial meltdown, EPR’s share price climbed 45% and its dividend grew at an annualized rate of 6%.

This strong performance was due mainly to its fun-oriented portfolio, and with the economy improving, more people will have the means to spend on entertainment at EPR Properties.

Business Trio

Roughly two-thirds of the REIT’s operating income is generated by its entertainment segment, which consists of 135 megaplex theaters, nine entertainment retail centers and six family entertainment centers. All of its megaplex theaters are leased by 16 different theater operators.

Theaters, you know. But what are entertainment retail centers? These large complexes combine movie theaters, restaurants, fitness centers and leisure activities such as mini golf. Family entertainment centers include the other kind of theaters where a band or a comic performs, plus bowling lanes and sports venues, with observation decks atop all buildings.

This is a steady company. EPR expects to maintain its high lease rate for the next few years. Only three of its megaplex theater leases expire in 2015 (they account for 3% of revenue). Theater-lease expirations through 2017 only represent about 8% of revenue. These far-off expirations shouldn’t be a concern as tenants typically renew their leases.

The company spent about $136.4 million on expanding its entertainment portfolio in the first quarter, adding a megaplex theatre in Virginia while improving existing ones.

EPR’s education segment is also a growing business. It makes up about 19% of operating income and owns 62 public charter school properties, five early education centers and two private schools. All of its education properties are leased with no significant expirations in the next few years, adding to its stability. EPR currently has three public charter schools, eight early education centers and one private school under construction.

Management is flexible. If selling a property is the best route, the company won’t hesitate to let go—a year ago it sold four charter schools in Florida.

Its recreation segment, which accounts for 16% of operating income, may be its most cyclical. This 100%-leased group includes 10 metro ski parks, four waterparks and 11 golf entertainment complexes. This segment may feel the biggest pinch when the economy dips, but when times are good, it also sees the biggest gains.

Last year, the company announced it will co-develop the $1.3 billion Adelaar Casino project in upstate New York. EPR will build and run the new indoor waterpark hotel and adventure park at the casino resort.

Over the past five years, EPR’s funds from operations (FFO) increased at an annual rate of about 6%, and the company returned this income to investors, as its five-year dividend growth of 6% marched in lock step with its cash flow.

In the first quarter, management boosted its monthly dividend to $0.30 per share, up 6.1% from the prior year. The REIT recently raised its 2015 guidance for FFO per diluted share to $4.34 to $4.44 from a prior range of $4.32 to $4.42.

Growth has intensified recently. Just within the past five quarters, EPR expanded its portfolio from 180 locations at the end of 2013 to 230 locations as of March 31, 2015. Management expects to pump $500 million into capital spending annually for the next two years.

As long as the economy doesn’t take a sudden dive, investors should expect more of the same FFO and dividend growth for a few years.

EPR currently trades at a 10% discount to its all-time high of about $66 and still pays out a nice 6.1% yield. With a forward FFO per share standing at about 14.3, which is on par with the industry average, the REIT is also reasonably valued.

EPR is a good play for when consumers’ disposable income picks up and more dollars are spent on movies and theme parks. Yielding 6.2%, EPR is a buy below $68.