EPR Properties lifts after $500 mln convertible debt sale

** Shares of experiential REIT EPR Properties EPR.N up 0.6% to $59.71 on Thurs after capital raise secured to repay near-term debt

** Entertainment-related landlord late Weds announced pricing $500 mln 4.5% convertible bonds (CBs) due Feb 15, 2032

** Conversion price of $68.29 set 15% above stock's last sale of $59.38 on Weds

** ERP shares finished down 2.9% on Weds after co launched offering to repay $450 mln principal of 4.75% senior notes upon maturity on Dec 15, 2026

** Co expects to use $18.5 mln of proceeds to fund capped call transactions to offset dilution up to $80.16, a 35% premium to stock's last close

** It will also use approx $50 mln to repurchase shares from investors in the CBs

** Stock has risen 20% YTD. That compares to ~7% gains in both the S&P 400 Specialized REITs index .SPMDSPRI and S&P 400 Real Estate sector .SPMDCR in 2026

** Avg rating of 13 analysts is "hold"; median PT $64, per LSEG