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– By John Engle

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REITs action accustomed investors and institutions akin acknowledgment to absolute estate. An accretion cardinal are about traded, giving investors added best than anytime before. The acceleration of REITs is not artlessly numerical, but additionally strategic. A admeasurement of specialized REITs offers a all-inclusive card of sectoral targets, from accommodation to hospitals, with an appropriately assorted contour of accident and return.

In this analysis note, we booty a attending at a accurate REIT that has arise assimilate our alarm in contempo weeks, EPR Backdrop (EPR).

Experiences are the specialty

EPR aboriginal listed shares in 1997. It started out small, with a attenuated focus on the cinema sector. Originally, EPR endemic aloof 12 theaters, all operated by AMC (AMC). Back then, the REIT has developed appreciably and angled out to a ambit of acreage types.

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EPR invests in three acreage verticals, ball ($2.96 billion), amusement ($2.13 billion) and apprenticeship ($1.45 billion), and currently owns 396 backdrop beyond 43 states, alms a adequately absorbing akin of diversification.

Each of EPR’s three arch verticals is composed of a assorted arrangement of properties. The ball vertical includes megaplex theaters, ancestors fun centers and retail centers. The amusement vertical operates in a agnate environment, but is aimed added against active activities: ski properties, golf complexes, affair parks and such.

The apprenticeship vertical stands hardly afar from the added two, but makes faculty in the ambience of the targeted audience: families. EPR owns a cardinal of academy backdrop that are now busy to allotment schools, clandestine schools and aboriginal adolescence apprenticeship providers.

Specialized, but not too specialized

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EPR is a actual altered beastly from the small, awful concentrated REIT that went accessible 21 years ago, but its affected DNA still runs deep. The aggregation charcoal thoroughly focused on empiric properties.

EPR claims its access gives it assertive advantages over added REITs by neither over-diversifying, nor over-specializing:

“We focus on the white amplitude that exists amid acceptable REITs that are either awful adapted or awful specialized. EPR Backdrop maintains a specialized acclimatization complemented by about-face beyond and aural segments. Our action of advance in a bound cardinal of segments allows us to focus our absorption and advance greater abyss of ability in our called segments but still adore some allowances of portfolio diversity.”

While a advantageous booty on its own strategy, EPR’s statements are a bit boiler-plate. That said, there arise to be some advantages to the array of average alley specialization it has chosen, and the empiric amplitude offers ample allowance for growth. Indeed, as the millennial bearing comes into its own as the ascendant customer group, their abundant accurate alternative for adventures over actual things should action ample advance opportunities for EPR and its ilk.

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The investor’s payoff

From an advance perspective, there is abundant to like about EPR at a glance. Shares bankrupt at $70.30 on Sept. 10, apery a $5.23 billion bazaar capitalization. Its allotment crop is 6.15%, which is advantageous if not stellar. But payouts are monthly, which can action a solid befalling for circuitous growth.

Likewise, the allotment crop has been growing at a advantageous pace, averaging 7% back 2010. While we would apprehend that advance to apathetic in the aing few years, we still see anniversary allotment advance of about 4% as likely. Combined with a growing experience-based economy, EPR paints a adequately adorable picture.

A attending at banking sustainability

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When assessing the advance befalling in any income-based play, whether a allotment banal or a REIT, we charge ask this axiological question: Is the payout sustainable?

We already opined that allotment advance care to continue, but it is account answer this in a bit added detail. EPR currently has an 84% payout ratio, which is aerial compared to industry peers, admitting not the accomplished by any means.

In additional division 2018, EPR acquaint absorbing numbers compared to additional division 2017:

EPR has additionally adequate its antithesis sheet, advertisement acceptable advantage ratios and a net debt to adapted Ebitda of 5.6x. The April arising of $400 actor 10-year chief apart agenda has contributed to advantageous bottomward a acclaim line, and the 4.95% advertisement looks acquiescent beneath around any circumstances. With no debt maturities until 2022, EPR is sitting adequately pretty, financially speaking.

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Story Continues

Verdict

EPR has traded up added than 7% year-to-date. The aboriginal bisected of the year saw a cogent bead in price, but it has back recovered and again some. Indeed, over the accomplished three months, EPR has attempt up 23%. That forecloses the befalling of affairs this REIT at acutely bargain prices.

That said, the contempo acknowledgment has not rendered EPR an airedale proposition. As an assets comedy with advance opportunities over the aing several years acknowledgment to accretion appetence for accomplished based amenities, EPR looks absolutely enticing.

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EPR could accomplish a abundant accession to an income-with-growth strategy, with an eye against base the beginning experience-based economy.

Disclosure: I/We own no stocks discussed in this article.

This commodity aboriginal appeared on GuruFocus.

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