Reported Earlier, Land & Buildings Issues Presentation Highlighting Opportunity To Unlock Substantial Real Estate Value At Six Flags

 Believes a REIT Conversion or Sale of the Company's Real Estate Could Result in 100% Upside to Current Share Price Over Next 18 Months Given the Deep Discount SIX is Currently Trading At

L&B Has Had Constructive Discussions with Management and Believes the 2022 Repositioning Strategy Should Lead to Higher Attendance and Strong EBITDA Growth in 2023

Confident Multiple Parties Would Be Interested in Sale-Leaseback Transaction of Six Flags Parks at a Premium Valuation and That a Six Flags REIT Would Trade at Superior Valuation to SIX Shares Today

Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings", "L&B," "us" or "we"), an approximately 3% shareholder of Six Flags Entertainment Corporation (NYSE:SIX) (the "Company" or "Six Flags"), today issued a presentation detailing why it believes the Company is significantly undervalued and how Six Flags could unlock substantial value by executing a strategy to monetize its real estate while driving an operational turnaround.

The presentation is available at: https://bit.ly/3HStjkx

"Six Flags is an iconic brand with a tremendous value creation opportunity in front of it," said Land & Buildings Founder and Chief Investment Officer, Jonathan Litt. "The Company is currently trading at a deep discount to its historical valuation following an aggressive 2022 repositioning of its parks, which resulted in a sharp drop in attendance this year. However, following recent discussions with management, we are optimistic that modifications to the repositioning strategy should lead to an enhanced guest experience, higher attendance and strong EBITDA growth in 2023."

Litt continued, "Further, it is the ideal time to take action to monetize Six Flags' uniquely valuable real estate portfolio given the high multiples similar assets are trading at in the public and private markets. This strategy of separating the real estate and operator is a structure we have seen succeed in maximizing value of numerous hospitality and leisure companies that we've invested in historically. We look forward to continuing our constructive dialogue with leadership and helping the Company to realize the potential of Six Flags for all shareholders."

Key takeaways from the presentation include:

• Six Flags could add $11 per share today by unlocking its real estate value. The Company owns and operates 17 parks across North America. L&B believes that Six Flags is a prime candidate for an Opco/Propco separation and that its real estate is likely valued at more than the Company's entire current equity market capitalization of approximately $1.8 billion. L&B is assuming conservative estimates of value and that Six Flags could drive 50% upside to the shares in 2023 and over 100% in the next 18 months. The Company, under prior leadership, explored monetizing its real estate through a REIT structure in the 2015 - 2017 timeframe and gained comfort with the IRS that such a transaction could be achieved on a tax efficient basis.

• The Company is poised for an operational rebound. The aggressive repositioning of the parks introduced by new CEO Selim Bassoul in 2022 led to a loss of over 10 million in attendance this year, which depressed EBITDA and has resulted in Six Flags trading at a substantial multiple discount to its historical valuation. However, L&B believes that the repositioning should lead to an enhanced guest experience and create a more profitable, higher margin business over time.

• There are clear precedents for monetizing Six Flags' real estate. In 2016 – following an investment and campaign from Land & Buildings – MGM Resorts (NYSE:MGM) created MGM Growth Properties (NYSE:MGP), a REIT which owned several highly regarded integrated casino resorts primarily in Las Vegas leased and operated by MGM. In 2022, MGP merged into VICI Properties (NYSE:VICI) to create a $50 billion experiential net lease REIT. This structure was innovated by Marriott (NYSE:MAR) in the 1990s, creating what is today called Host Hotels & Resorts (NYSE:HST), a $16 billion REIT, owning 78 properties, including the iconic Ritz-Carlton and Four Seasons hotels.

• There are attractive partners for sale-leaseback transactions. VICI Properties, Gaming and Leisure Properties (NASDAQ:GLPI), Realty Income (NYSE:O), EPR Properties (NYSE:EPR), and Blackstone, as well as numerous private equity funds, have expressed interest in acquiring real estate related to large-format leisure assets, including theme parks. There is available liquidity and an attractive cost of capital for several of these buyers to acquire Six Flags' real estate at a favorable valuation for the Company's shareholders.

• Land & Buildings is optimistic that discussions with management can remain constructive. Land & Buildings has had encouraging discussions with members of senior management, including CEO Selim Bassoul. L&B believes management understands the potential value available to the Company by unlocking its real estate and will explore this pathway, and that the team also recognizes the levers it can pull to reverse the negative results of 2022. L&B looks forward to ongoing collaborative discussions with Mr. Bassoul and the other members of Six Flags' leadership.