2024-05-13 15:01:07 ET
Summary
- EPR dipped heavily in April to trade at 52-week lows with the triple-net lease REIT now trading for 8.5x times the midpoint of its 2024 FFOAA guidance range.
- The REIT is paying out an 8.2% dividend yield that's 142% covered by FFOAA.
- 2024 FFOAA is set to grow by 3.2% at the midpoint over 2023 with investment spending of $200 million to $300 million.
I doubled my position in EPR Properties ( EPR ) last month on the back of the experiential properties owner dipping to form a new 52-week low. This aggressive price action followed a consumer inflation release that disrupted the prior dovish timeline for Fed rate cuts in 2024. I remain bullish on EPR and also added a significant position in its 5.75% Series C convertible preferreds ( EPR.PR.C ) to my portfolio. I last covered the ticker with a buy rating in March with fiscal 2024 first-quarter earnings since deepening the bullish case. The REIT last declared a monthly cash dividend of $0.285 per share , kept unchanged from the prior month, and $3.42 per share annualized for an 8.2% dividend yield....
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Why I Made EPR Properties My Largest REIT Position