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KANSAS CITY - EPR Properties (NYSE:EPR), a diversified experiential net lease real estate investment trust with a market capitalization of approximately $3.8 billion, announced on Monday it has priced an underwritten public offering of $550 million in 4.750% Senior Notes due 2030. According to InvestingPro data, the company currently trades at $50.21 and is considered slightly undervalued compared to its Fair Value estimate.
The offering is expected to close on November 13, 2025, subject to customary closing conditions. None of the company's subsidiaries will initially guarantee the notes, though certain domestic subsidiaries may be required to provide guarantees under specific circumstances.
J.P. Morgan Securities, BofA Securities, Barclays Capital, and RBC Capital Markets are serving as joint book-running managers for the offering, alongside several other financial institutions acting as co-managers.
EPR Properties plans to use the net proceeds to repay the outstanding principal balance of its unsecured revolving credit facility, with remaining funds allocated for general business purposes, potentially including financing the company's pipeline of acquisition and build-to-suit projects.
The notes will be issued through a prospectus supplement and accompanying prospectus filed as part of an effective shelf registration statement with the Securities and Exchange Commission.
EPR Properties specializes in experiential properties across the leisure and recreation sectors. The company currently maintains total assets of approximately $5.5 billion (after accumulated depreciation of approximately $1.7 billion) across 43 states and Canada, according to the press release statement.
In other recent news, EPR Properties declared a monthly cash dividend of $0.295 per common share, with an annualized payout of $3.54 per share. Additionally, the company announced quarterly dividends for its preferred shareholders, including payouts for Series C, E, and G shares. EPR Properties is also in the process of selling its lone casino asset, which is expected to positively impact its leverage position. In terms of analyst actions, JPMorgan raised its price target for EPR Properties to $65, maintaining an Overweight rating due to improved performance expectations. Wells Fargo upgraded the stock from Underweight to Equal Weight, following the announcement of a $200 million land sale to Genting Malaysia. Conversely, KeyBanc downgraded EPR Properties from Overweight to Sector Weight, citing concerns about the sustainability of box office growth. Citizens reiterated its Market Perform rating, noting EPR's significant exposure to the movie theater industry. These developments reflect a mix of optimism and caution among analysts regarding EPR Properties' future prospects.
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