EPR Properties is entering 2021 in a weakened state. Does that suggest recovery potential, or is there still material risk here?
STORE Capital is a real estate investment trust, or REIT, that focuses on single-tenant properties operated by tenants in the retail, service, and manufacturing industries. STORE Capital estimates the size of properties it could potentially acquire at $3.9 trillion in market value from over 2 million properties. EPR Properties is an "experiential REIT," and while virtually all of its properties were shut down initially by the pandemic, about half of the portfolio was never in serious trouble.
One look at experiential real estate investment trust (REIT) EPR Properties' (NYSE: EPR) portfolio should give you a pretty good idea of how the company's business has performed during the COVID-19 pandemic. Of the properties in EPR's portfolio, 95% are experiential in nature. 47% (based on contractual rent) are movie theaters.