Research theme · EPR · Q2 2026 · information date: 29 September 2026
EPR Q2: does higher FFOAA per share prove that new capital is creating per-share value?
The market can reward higher per-share cash only if new investment earns more than its funding cost without eroding the claim of each share. This page is a concentrated research theme—not a target price or trading recommendation.
The price condition being tested
For the current valuation to remain defensible, incremental capital must lift per-share cash after funding cost and any dilution—not just grow total investment.
This is the condition the latest disclosure can partly test. It is not an assertion that the market price is right or wrong.
Evidence that partly supports the condition
FFOAA per share rose faster than total FFOAA.
$1.42 per share, up 12.7%That result supports the proposition that per-share cash performance improved during the reported quarter.
Evidence that can still overturn it
New capital has to clear a higher bar than deployed dollars alone.
$440.8m of quarterly investmentThe next judgement depends on investment yield, financing cost, cash conversion and share count. The disclosed investment amount alone cannot establish per-share value creation.
What this theme can and cannot conclude
Per-share FFOAA improved in the quarter.
Whether incremental investments exceed funding cost on a per-share basis.
Weaker cash conversion, lower investment economics, higher funding cost or dilution.
No buy, sell, hold, target-price or return conclusion follows from this page.
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