NYSE:EPR.PRG

Stock Analysis Report

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Executive Summary

EPR Properties is a leading experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry.


Snowflake Analysis

Good value with concerning outlook.


Similar Companies

Share Price & News

How has EPR Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: EPR.PRG's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.3%

EPR.PRG

2.5%

US REITs

1.1%

US Market


1 Year Return

-30.9%

EPR.PRG

-14.0%

US REITs

4.6%

US Market

Return vs Industry: EPR.PRG underperformed the US REITs industry which returned -14.8% over the past year.

Return vs Market: EPR.PRG underperformed the US Market which returned 4.1% over the past year.


Shareholder returns

EPR.PRGIndustryMarket
7 Day-1.3%2.5%1.1%
30 Day9.3%0.9%5.5%
90 Day-35.4%-20.5%-4.9%
1 Year-26.2%-30.9%-10.4%-14.0%7.0%4.6%
3 Yearn/a6.9%-6.3%28.6%20.1%
5 Yearn/a31.2%4.1%52.5%35.3%

Price Volatility Vs. Market

How volatile is EPR Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is EPR Properties undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: EPR.PRG ($16.99) is trading below our estimate of fair value ($42.51)

Significantly Below Fair Value: EPR.PRG is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: EPR.PRG is good value based on its PE Ratio (19.7x) compared to the REITs industry average (25.8x).

PE vs Market: EPR.PRG is poor value based on its PE Ratio (19.7x) compared to the US market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: EPR.PRG is poor value based on its PEG Ratio (1.8x)


Price to Book Ratio

PB vs Industry: EPR.PRG is good value based on its PB Ratio (0.8x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

How is EPR Properties forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

11.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EPR.PRG's forecast earnings growth (11.1% per year) is above the savings rate (2.2%).

Earnings vs Market: EPR.PRG's earnings (11.1% per year) are forecast to grow slower than the US market (21.6% per year).

High Growth Earnings: EPR.PRG's earnings are forecast to grow, but not significantly.

Revenue vs Market: EPR.PRG's revenue (1.6% per year) is forecast to grow slower than the US market (8.9% per year).

High Growth Revenue: EPR.PRG's revenue (1.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: EPR.PRG is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has EPR Properties performed over the past 5 years?

-0.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EPR.PRG has a large one-off loss of $62.6M impacting its March 31 2020 financial results.

Growing Profit Margin: EPR.PRG's current net profit margins (18.3%) are lower than last year (35.7%).


Past Earnings Growth Analysis

Earnings Trend: EPR.PRG's earnings have declined by -0.7% per year over the past 5 years.

Accelerating Growth: EPR.PRG's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: EPR.PRG had negative earnings growth (-45%) over the past year, making it difficult to compare to the REITs industry average (5.3%).


Return on Equity

High ROE: EPR.PRG's Return on Equity (4.9%) is considered low.


Next Steps

Financial Health

How is EPR Properties's financial position?


Financial Position Analysis

Short Term Liabilities: EPR.PRG's short term assets ($1.4B) exceed its short term liabilities ($127.8M).

Long Term Liabilities: EPR.PRG's short term assets ($1.4B) do not cover its long term liabilities ($4.2B).


Debt to Equity History and Analysis

Debt Level: EPR.PRG's debt to equity ratio (131.5%) is considered high.

Reducing Debt: EPR.PRG's debt to equity ratio has increased from 97% to 131.5% over the past 5 years.

Debt Coverage: EPR.PRG's debt is not well covered by operating cash flow (10.5%).

Interest Coverage: EPR.PRG's interest payments on its debt are not well covered by EBIT (2.4x coverage).


Balance Sheet


Next Steps

Dividend

What is EPR Properties's current dividend yield, its reliability and sustainability?

7.91%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate EPR.PRG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate EPR.PRG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if EPR.PRG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if EPR.PRG's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: EPR.PRG is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of EPR.PRG's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.5yrs

Average management tenure


CEO

Greg Silvers (55yo)

5.25yrs

Tenure

US$4,159,755

Compensation

Mr. Gregory K. Silvers, also known as Greg, J.D., has been the Chief Executive Officer, President, and Secretary of EPR Properties since February 24, 2015, February 24, 2015, and January 2015 respectively. ...


CEO Compensation Analysis

Compensation vs Market: Greg's total compensation ($USD4.16M) is about average for companies of similar size in the US market ($USD4.91M).

Compensation vs Earnings: Greg's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Gregory Silvers
President5.25yrsUS$4.16m0.65% $15.1m
Mark Peterson
Executive VP13.92yrsUS$2.00m0.20% $4.6m
Gregory Zimmerman
Executive VP & Chief Investment Officer1.08yrsUS$1.87m0.042% $986.9k
Craig Evans
Executive VP5.08yrsUS$1.29m0.074% $1.7m
Michael Hirons
Senior Vice President of Asset Management4.25yrsUS$1.22m0.084% $2.0m
Tonya Mater
VP & Chief Accounting Officer4.67yrsUS$952.84k0.045% $1.0m
Liz Grace
Vice President of Human Resources & Administration2.17yrsno datano data
Brian Moriarty
Vice President of Corporate Communications8.92yrsno datano data
Aaron Linn
Vice President of Underwriting & Analysis2.33yrsno datano data
April Jenkins
VP & Controller3.83yrsno datano data

4.5yrs

Average Tenure

55yo

Average Age

Experienced Management: EPR.PRG's management team is considered experienced (4.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Gregory Silvers
President5.25yrsUS$4.16m0.65% $15.1m
Peter Brown
Independent Trustee10yrsUS$308.09k0.0063% $146.7k
Jack Newman
Independent Trustee11yrsUS$322.83k0.0083% $194.1k
Robert Druten
Independent Chairman of the Boardno dataUS$360.13k0.040% $941.6k
Barrett Brady
Independent Trustee16yrsUS$320.19k0.019% $449.1k
Thomas Bloch
Independent Trustee7yrsUS$322.83k0.027% $624.7k
James Connor
Independent Trustee1.33yrsUS$279.53kno data
Virginia Shanks
Independent Trustee1yrUS$252.53kno data
Robin Sterneck
Independent Trustee6.67yrsUS$322.83k0.0024% $56.7k

6.8yrs

Average Tenure

61yo

Average Age

Experienced Board: EPR.PRG's board of directors are considered experienced (6.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.6%.


Top Shareholders

Company Information

EPR Properties's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: EPR Properties
  • Ticker: EPR.PRG
  • Exchange: NYSE
  • Founded: 1997
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Market Cap: US$2.335b
  • Shares outstanding: 77.48m
  • Website: https://www.eprkc.com

Number of Employees


Location

  • EPR Properties
  • 909 Walnut Street
  • Suite 200
  • Kansas City
  • Missouri
  • 64106
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EPRNYSE (New York Stock Exchange)YesCommon SharesUSUSDNov 1997
E2HDB (Deutsche Boerse AG)YesCommon SharesDEEURNov 1997
EPR.PRCNYSE (New York Stock Exchange)PFD C CNV 5.75%USUSDDec 2006
EPR.PRENYSE (New York Stock Exchange)CONV PFD 9% SR EUSUSDNov 2012
EPR.PRGNYSE (New York Stock Exchange)5.750% CUM PFD GUSUSDNov 2017

Biography

EPR Properties is a leading experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have over $6.7 billion in total investments across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/26 09:35
End of Day Share Price2020/05/22 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.