EPR Properties valuation after golf course expansion and $400m equity raise: is experiential real estate still underpriced?

EPR Properties has expanded its experiential real estate footprint with a $113 million sale leaseback for five championship golf courses and a Virginia Beach water park, while simultaneously launching a $400 million at the market equity program.

See our latest analysis for EPR Properties.

Those moves come as sentiment cools a little in the near term, with the 7 day share price return at minus 3.8 percent. However, a 1 year total shareholder return of 20.26 percent and five year total shareholder return of 123.64 percent suggest momentum for the story is still very much intact.

If EPR’s expansion has you thinking about where else capital is quietly compounding, this is a good moment to explore fast growing stocks with high insider ownership.

With shares still trading below analyst targets yet boasting a long run of double digit total returns, the question now is whether EPR remains mispriced value in experiential real estate or if the market already reflects its growth runway.

Most Popular Narrative Narrative: 12.9% Undervalued

Against a last close of $50.82, the most followed narrative points to a higher fair value, framing recent deals and guidance upgrades as pivotal.

The company's conservative balance sheet (net debt-to-EBITDAre at the low end of targeted range, well-covered dividend, minimal near-term maturities) and readiness to pursue larger, accretive deals (enabled by improved equity valuation and ATM program) puts EPR in a strong position to capitalize on future opportunities from urban/suburban redevelopment trends, driving FFO and NAV per share growth over the medium to long term.

Read the complete narrative.

Want to see the math behind this conviction, the slow build of revenue, the margin lift, and the future earnings multiple that holds it together? Read on.

Result: Fair Value of $58.35 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, persistent streaming competition and weaker tenant credit in entertainment could derail box office recovery, pressure rents, and force less favorable lease restructurings.

Find out about the key risks to this EPR Properties narrative.

Build Your Own EPR Properties Narrative

If you would rather dig into the numbers yourself or question this perspective, you can build a personalized view in just a few minutes: Do it your way.

A great starting point for your EPR Properties research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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