EPR Properties EPR

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
63/100
Moderate

Ranked against 23 peers in REIT - Specialty

About EPR Properties

EPR Properties is the leading diversified experiential net lease real estate investment trust, specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.5 billion … Full EPR analysis →

Key strengths

  • Strong AFFO Generation AFFO generation is strong (score 0.91), supporting dividend sustainability.
  • Dividend Well-Covered by AFFO Dividend coverage is healthy (score 0.96).

Key risks

  • Volatile Occupancy/NOI NOI volatility is high (stability 0.48), raising occupancy concerns.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
71
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where EPR ranks in REIT - Specialty

EPR Properties ranks #6 of 21 scored companies in REIT - Specialty by moat score — the top 29%. The widest moat in the group is Gaming and Leisure Properties, (GLPI) at 85/100.

# Company Moat score Rating
2 Digital Realty Trust, Inc. DLR 69/100 Moderate
3 Lamar Advertising Company LAMR 67/100 Moderate
4 Equinix, Inc. EQIX 67/100 Moderate
5 Farmland Partners Inc. FPI 64/100 Moderate
6 EPR Properties EPR 63/100 Moderate
7 Global Self Storage, Inc. SELF 63/100 Moderate
8 SBA Communications Corporation SBAC 62/100 Moderate
9 American Tower Corporation (REI AMT 62/100 Moderate
10 Crown Castle Inc. CCI 61/100 Moderate

See every Real Estate Investment Trusts company ranked by moat score →

How EPR scores on the REIT Specialized defenses

Rent Pricing Power

Score 71 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 93 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 48 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 38 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 91 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 41 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding EPR's moat

What is EPR Properties's moat score?

EPR Properties (EPR) scores 63 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #6 of 21 scored companies in REIT - Specialty, the top 29%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Specialty. Its strongest defense is AFFO Strength (93/100) and its weakest is Capital Recycling & Growth (38/100).

How does EPR Properties compare with other REIT - Specialty companies?

EPR Properties ranks #6 of 21 scored companies in REIT - Specialty by moat score. The widest moat in REIT - Specialty is Gaming and Leisure Properties, (GLPI) at 84/100. The companies ranked closest are Farmland Partners Inc. (FPI) at 64 just above it and Global Self Storage, Inc. (SELF) at 63 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Specialty. The defenses are then weighted to produce the overall score out of 100.

Why is EPR Properties scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for EPR Properties?

The REIT Specialized template measures 6 defenses, and EPR scores: Rent Pricing Power (71), AFFO Strength (93), Balance Sheet & Cost of Capital (48), Capital Recycling & Growth (38), Operational Efficiency (91), Portfolio Quality & Diversification (41). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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