EPR Properties (EPR)

Executive Summary

EPR Properties is the only public, pure-play experiential net-lease REIT in the United States, and at $57.89 the market is paying us a 6.4 percent dividend yield and roughly 11 times forward FFO to own a portfolio that has spent five years rebuilding itself out of the COVID and Cineworld craters. We at T&T Capital Management view EPR as a classic deep-value special-situation: a business the sell-side still anchors to the legacy theater narrative, even though theaters have fallen from sixty percent of the portfolio in 2020 to roughly twenty-five percent of revenue today, and even though the company is now deploying capital into Topgolf, regional amusement parks, ski resorts, and attractions at a pace that lifts 2026 investment guidance to $500 to $600 million.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers