EPR Properties a play on Hollywood blockbusters


Income fans can get in on big profits rolling into Hollywood from franchise films with EPR Properties (EPR -1.1%), writes Jack Hough in Barron's. The REIT derives more than half of its income from multiplex theaters - it yields 6.5% and payouts are likely to increase in coming years, says Hough.

Not your standard office or retail rental REIT, EPR owns charter schools, ski resorts, and water parks, in addition to theaters. New leases typically have investment yields over 9%, occupancy is (currently) 98%, and almost all leases are triple-net.

The shares trade at about 13x this year's expected FFO vs. 16x for net lease REITs, and the dividend yield of 6.5% is more than 100 bps higher than the group average.

Earlier: Janney starts coverage on a number of equity REITs, EPR not among them.

ETFs of interest: FRI, WREI, FTY, ICF, IYR, REZ, RTL, PSR, KBWY, SCHH, RWR, VNQ, DRN, URE, DRV, SRS, REK, ROOF.

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