EPR Properties (EPR) vs Gladstone Land Corporation (LAND)

EPR Properties and Gladstone Land Corporation are both Reit Specialty companies. EPR Properties is the larger, with a market value of $4.4B against $409.4M — 10.6× the size. Gladstone Land Corporation has negative trailing earnings, so its P/E is not meaningful; EPR Properties trades at 18.1×. Gladstone Land Corporation grew revenue faster over the last twelve months: 21.6% against 4.47%. EPR Properties has the higher net margin (32.2% vs −33.0%) and the higher return on invested capital (4.58% vs 0.67%). Both pay a dividend; EPR Properties yields more (7.75% vs 4.08%). Across the 20 metrics below, EPR Properties leads on 13 and Gladstone Land Corporation on 7.

Valuation

Metric EPR LAND Reit Specialty median
P/E 18.10 n/m 26.27
P/S 5.86 4.60 5.86
P/B 1.88 0.60 2.19
Price to free cash flow n/m 7.52 14.62
EV/EBITDA 12.74 14.94 16.22
EV/Sales 10.26 9.84 8.93
Earnings yield 5.53% (5.80%) 3.43%
Free cash flow yield (3.80%) 13.30% 5.37%

Profitability

Metric EPR LAND Reit Specialty median
Gross margin 91.91% 82.50% 67.43%
Operating margin 55.09% 13.84% 21.38%
Net margin 32.20% (33.02%) 16.14%
Free cash flow margin (22.28%) 61.13% 31.07%
Return on equity 10.31% (4.35%) 4.76%
Return on assets 4.12% (2.38%) 3.29%
Return on invested capital 4.58% 0.67% 4.19%

Growth

Metric EPR LAND Reit Specialty median
Revenue growth (TTM) 4.47% 21.60% 5.36%
EPS growth (last fiscal year) 105.00% 0.00% —
Revenue growth, 5-year CAGR 11.62% 9.15% 6.70%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric EPR LAND Reit Specialty median
Debt to equity 1.43 0.72 0.62
Current ratio 9.51 1.29 0.70
Net debt to EBITDA 4.78 6.65 4.47

Dividend

Metric EPR LAND Reit Specialty median
Dividend yield 7.75% 4.08% 3.88%
Payout ratio 1.77 — 1.14

Size

Metric EPR LAND Reit Specialty median
Market cap 4.35b 409.37m 8.48b

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