EPR Properties: The Valuation Disconnect Continues As Investments Hit Post-Pandemic Records

EPR Properties is rated Buy, with clear undervaluation and strong potential for a re-rating as its portfolio pivot progresses. EPR delivered a robust quarter: AFFO rose 7.7% to $100.13M (6.6% on a per-share basis), and the monthly dividend increased 5.1% to $0.31, still being very sustainable. The company is accelerating its diversification away from theaters, boosting 2026 investment guidance to $500M–$600M.