EPR Properties (EPR) PT Raised to $46 at Truist Securities

Truist Securities analyst Ki Bin Kim raised the price target on EPR Properties (NYSE: EPR) to $46.00 (from $44.00) while maintaining a Hold rating.

The analyst commented: "We are maintaining our 2024 normalized FFO/sh. estimate at $4.86 and decreasing our 2025 estimate to $4.98 from $4.99. Lower TRS operating income, lower JV FFO, and a higher allocation of dev vs. acq spending (immediate vs. delayed earnings contrib.) were partially offset by lower G&A. Assumptions underlying our model include: 2024: $66m acquisitions at 8.0%, $131m in development completions at 8.5%, $55m mortgage loans at 9.0%, $70m dispositions at 4.1%. 2025: $170m acquisitions at 8.0%, $175m in development completions at 8.5%, $60m mortgage loans at 9.0%, $80m dispositions at 8.5%, $34m equity raise at $45/sh., $350m LT debt at 5.9%. We are increasing our price target to $46 from $44 based on our NAV estimate of $57.37/sh using a 7.75% cap rate and our DCF value of $46.06/sh using a 13.6% discount rate and a terminal growth rate of 1.5%."

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