Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134116
Chunk: 66

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 66
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 gain from the sale or disposition of stock or securities (or from any combination of the foregoing). Interest income constitutes qualifying mortgage interest for purposes of the 75% gross income test (as described above) to the extent that the obligation upon which such interest is paid is secured by a mortgage on real property (which, for this purpose, includes personal property if the fair market value of the personal property does not exceed 15% of the total fair market value of all such property). If we receive interest income with respect to a mortgage loan that is secured by both real property and other property, and the highest principal amount of the loan outstanding during a taxable year exceeds the fair market value of the real property on the date that we acquired or originated the mortgage loan, the interest income will be apportioned between the real property and the other collateral, and our income from the arrangement will qualify for purposes of the 75% gross income test only to the extent that the interest is allocable to the real property. Even if a loan is not secured by real property, or is undersecured, the income that it generates may nonetheless qualify for purposes of the 95% gross income test. Rents we receive pursuant to leases will qualify as “rents from real property” for purposes of satisfying the gross income tests for a REIT described above only if all of the following conditions are met:

| • |     | The leases must be respected as true leases for U.S. federal income tax purposes. Accordingly, the leases cannot                                                                                                                                          
 be treated as service contracts, joint ventures or some other type of arrangement. The determination of whether a lease is a true lease for U.S. federal income tax purposes depends upon an analysis of all the surrounding facts and circumstances. In  
 making such a determination, courts have considered a variety of factors, including the following: the intent of the parties, the form of the agreement, the degree of control over the property that is retained by the property owner and the extent to 
 which the property owner retains the risk of loss with respect to the property.                                                                                                                                                                           |

| • |     | The amount of rent must not be based in any way on the income or profits of any person, although rents generally          
 will not be excluded solely because they are based on a fixed percentage or percentages of gross receipts or gross sales. |

| • |     | We, or an actual or constructive owner of 10% or more of our capital shares, must not actually or constructively                                                                                                                                       
 own 10% or more of