VAIL RESORTS INC 10-K

ITEM 2. PROPERTIES. The following table sets forth the principal properties that we own or lease for use in our operations: Location Ownership Use Afton Alps, MN Owned Ski resort operations, including ski lifts, ski trails, clubhouse, buildings, commercial space and other improvements Alpine Valley Resort, OH Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements Arrowhead Mountain, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Attitash Mountain, NH (279 acres) SUP Ski trails, ski lifts, buildings and other improvements BC Housing RiverEdge, CO 26% Owned Employee housing facilities Bachelor Gulch Village, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Beaver Creek Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Beaver Creek Mountain, CO (3,849 acres) SUP Ski trails, ski lifts, buildings and other improvements Beaver Creek Mountain Resort, CO Owned Golf course, clubhouse, commercial space and residential condominium units Big Boulder Mountain, PA Owned Ski trails, ski lifts, buildings and other improvements Boston Mills/Brandywine, OH Owned Ski trails, ski lifts, buildings and other improvements Breckenridge Ski Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Breckenridge Mountain, CO (5,702 acres) SUP Ski trails, ski lifts, buildings and other improvements Breckenridge Terrace, CO 50% Owned Employee housing facilities Broomfield, CO Leased Corporate offices Colter Bay Village, WY Concessionaire contract Lodging and dining facilities Crested Butte Mountain Resort, CO Owned Buildings, other improvements and land used for operation of Crested Butte Mountain Resort Crested Butte Mountain Resort, CO (4,350 acres) SUP Ski trails, ski lifts, buildings and other improvements Crotched Mountain, NH Owned Ski trails, ski lifts, buildings and other improvements Double Tree by Hilton Breckenridge, CO Owned Lodging, dining and conference facilities Eagle-Vail, CO Owned Warehouse facility Edwards, CO Leased Administrative offices 33 Location Ownership Use Falls Creek Alpine Resort, Victoria, Australia (1,112 acres) Leased Ski resort operations, including ski lifts, ski trails, buildings and other improvements Headwaters Lodge & Cabins at Flagg Ranch, WY Concessionaire contract Lodging and dining facilities Heavenly Mountain Resort, CA & NV Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Heavenly Mountain, CA & NV (7,050 acres) SUP Ski trails, ski lifts, buildings and other improvements Hidden Valley Resort, MO Owned Ski trails, ski lifts, buildings and other improvements Hotham Alpine Resort, Victoria, Australia (791 acres) Leased Ski resort operations, including ski lifts, ski trails, buildings and other improvements Hotham Airport, Victoria, Australia Owned Regional airport Hunter Mountain, NY Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements. Jack Frost Ski Resort, PA Owned Ski trails, ski lifts, buildings and other improvements Jackson Hole Golf & Tennis Club, WY Owned Golf course, clubhouse, tennis and dining facilities Jackson Lake Lodge, WY Concessionaire contract Lodging, dining and conference facilities Jenny Lake Lodge, WY Concessionaire contract Lodging and dining facilities Keystone Conference Center, CO Owned Conference facility Keystone Lodge, CO Owned Lodging, spa, dining and conference facilities Keystone Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, commercial space, property management, dining and real estate held for sale or development Keystone Mountain, CO (8,376 acres) SUP Ski trails, ski lifts, buildings and other improvements Keystone Ranch, CO Owned Golf course, clubhouse and dining facilities Kirkwood Mountain Resort, CA Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Kirkwood Mountain, CA (2,330 acres) SUP Ski trails, ski lifts, buildings and other improvements Liberty Mountain Resort, PA Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, and other improvements Mad River Mountain, OH Leased Ski trails, ski lifts, buildings and other improvements Mount Snow, VT (894 acres) SUP Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements. Mount Sunapee Resort, NH (850 acres) Leased Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Mt. Brighton, MI Owned Ski resort operations, including ski lifts, ski trails, buildings, commercial space and other improvements Mt. Mansfield, VT (approximately 1,400 acres) Leased Ski trails, ski lifts, buildings and other improvements used for operation of Stowe Mountain Resort Northstar California Resort, CA (7,200 acres) Leased (1) Ski trails, ski lifts, golf course, commercial space, dining facilities, buildings and other improvements Northstar Village, CA Leased (1) Commercial space, ski resort operations, dining facilities, buildings, property management and other improvements Okemo Mountain Resort, VT Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Okemo Mountain, VT (1,223 acres) Leased Ski resort operations, including ski lifts, ski trails, dining facilities, buildings and other improvements Okemo Valley Golf Club, VT Owned Golf course, dining facilities and commercial space 34 Location Ownership Use Paoli Peaks, IN Owned Ski trails, ski lifts, buildings and other improvements Park City Mountain, UT (8,900 acres) Leased (2) Ski resort operations including ski lifts, ski trails, buildings, commercial space, dining facilities, property management, conference facilities and other improvements (including areas previously referred to as Canyons Resort, UT) Park City Mountain, UT (220 acres) Owned Ski trails, ski lifts, dining facilities, commercial space, buildings, real estate held for sale or development and other improvements Perisher Ski Resort, NSW, Australia (3,335 acres) Owned/Leased/Licensed Ski trails, ski lifts, dining facilities, commercial space, railway, buildings, lodging, conference facilities and other improvements Red Cliffs Lodge, CA Leased Dining facilities, ski resort operations, commercial space, administrative offices Red Sky Ranch, CO Owned Golf courses, clubhouses, dining facilities and real estate held for sale or development River Course at Keystone, CO Owned Golf course and clubhouse Roundtop Mountain Resort, PA Owned Ski resort operations, including ski lifts, ski trails, buildings, commercial space and other improvements Seasons at Avon, CO Leased/50% Owned Administrative offices and commercial space Snow Creek, MO Owned Ski trails, ski lifts, buildings and other improvements SSI Venture, LLC (“VRR”) Properties; CO, CA, NV, UT, MN & BC, Canada Owned/Leased Approximately 265 rental and retail stores (of which approximately 120 stores are currently held under lease) for recreational products, and 6 leased warehouses Ski Tip Lodge, CO Owned Lodging and dining facilities Stevens Pass, WA Owned Employee housing and guest parking facilities Stevens Pass Mountain, WA (2,443 acres) SUP Ski trails, ski lifts, buildings and other improvements Stevens Pass Ski Resort, WA Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Stowe Mountain Resort, VT Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space The Arrabelle at Vail Square, CO Owned Lodging, spa, dining and conference facilities The Lodge at Vail, CO Owned Lodging, spa, dining and conference facilities The Osprey at Beaver Creek, CO Owned Lodging, dining and conference facilities The Tarnes at Beaver Creek, CO 31% Owned Employee housing facilities Tenderfoot Housing, CO 50% Owned Employee housing facilities The Pines Lodge at Beaver Creek, CO Owned Lodging, dining and conference facilities Vail Mountain, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Vail Mountain, CO (12,353 acres) SUP Ski trails, ski lifts, buildings and other improvements Whistler Blackcomb Resort, BC, Canada 75% Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Whistler Mountain and Blackcomb Mountain, BC, Canada MDA Ski resort operations, including ski lifts, ski trails, buildings and other improvements Whistler Blackcomb Resort, BC, Canada Leased Employee housing facilities Whitetail Resort, PA Owned Ski resort operations, including ski lifts, ski trails, golf course, buildings, commercial space and other improvements Wildcat Mountain, NH SUP/Owned Ski trails, ski lifts, buildings and other improvements Wilmot Mountain, WI Owned Ski trails, ski lifts, buildings and other improvements Many of our properties are used across all segments in complementary and interdependent ways. 35 (1) The operations of Northstar are conducted on land and with operating assets owned by affiliates of EPR Properties under operating leases which were assumed by us. The leases provide for the payment of a minimum annual base rent with periodic increases in base rent over the lease term. In addition, the leases provide for the payment of percentage rent based on a percentage of gross revenues generated at the property over certain thresholds. The initial term of the leases expires in fiscal 2027, and is subject to three 10-year renewal options. (2) The operations of portions of Park City are conducted pursuant to a long-term lease on land and with certain operating assets owned by TCFC LeaseCo, LLC and TCFC PropCo, LLC. The lease provides for the payment of a minimum annual base rent with periodic increases in base rent over the lease term and participating contingent payments of a percentage of the amount by which EBITDA for resort operations exceeds certain thresholds, also subject to periodic increases over the lease term. The initial term of the lease expires in fiscal 2063 and is subject to six 50-year renewal options. Additionally, in connection with the lease, we entered into certain ancillary agreements with third parties, including leases and easements, allowing for various resort operations.