EPR Properties upgraded to Overweight with 15.5% upside on strong financials and dividend outlook

KeyBanc upgraded EPR Properties to Overweight with a $70 price target, implying a 15.47% upside from its current $60.62 price. The upgrade is based on strong Q2 financial results, including 15.3% growth in Adjusted Funds From Operations (AFFO) and raised full-year 2026 guidance for Funds From Operations As Adjusted (FFOAA) between $5.41 and $5.57 per share. EPR maintains a conservative 65% AFFO payout ratio, signaling potential for future dividend increases. The company focuses on experiential real estate like theaters and ski resorts, with a market cap of about $4.64 billion.