EPR Properties: Assessing The Convertible Preferred Securities

EPR Properties' Series E convertible preferred (EPR.PR.E) offers a materially higher yield than Series C (EPR.PR.C), driven by its ~9% coupon, despite trading at premium to its convertible value. EPR.PR.E provides a balanced profile: higher yield than Series C, equity upside optionality, and downside protection if common shares decline. Series C offers greater capital appreciation potential if EPR's common stock outperforms, but at a yield ~1.5% lower than Series E. EPR.PR.E is preferred for its superior yield, hybrid security characteristics, and most balanced risk/reward versus both Series C and fixed-rate Series G. EPR Properties ( EPR ) has two outstanding series of convertible preferred shares; Series C ( EPR.PR.C ) and Series E ( EPR.PR.E ) . Until converted, both of these shares continue to pay a fixed-rate dividend payout