Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 26

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 26
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 asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day 
 of such period with the appropriate pro forma adjustments with respect to such acquisition or disposition being included in such pro forma calculation.                                                                                                  |

If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate in effect during the entire such four-quarter period had been the applicable rate for the entire such period; provided, however, that for purposes of calculating Annual Debt Service for Debt for which there is a corresponding Hedging Obligation, Annual Debt Service shall be calculated after giving effect to the Hedging Obligation. Maintenance of total unencumbered assets The Issuer and its Restricted Subsidiaries will maintain Total Unencumbered Assets as of the end of each fiscal quarter of not less than 150% of the aggregate outstanding principal amount of the Issuer’s and its Restricted Subsidiaries’ Unsecured Debt as of the end of each fiscal quarter, all calculated on a consolidated basis in accordance with GAAP. Guarantees None of our subsidiaries will initially guarantee the Notes. However, any of our current and future Domestic Subsidiaries which incurs, has outstanding or guarantees any Specified Indebtedness will, within ten Business Days of such incurrence or guarantee (or, if the Domestic Subsidiary has outstanding or guarantees Specified Indebtedness at the time of its creation or acquisition, at the time of such creation or acquisition), become a Guarantor and execute and deliver to the Trustee a customary opinion of counsel satisfactory to the Trustee and a supplemental indenture to the Indenture pursuant to which such Domestic Subsidiary will agree to guarantee our obligations under the Notes, except for all Domestic Subsidiaries that have been properly designated as Unrestricted Subsidiaries in accordance with the Indenture for so long as they continue to constitute Unrestricted Subsidiaries. As of the date of this prospectus supplement, no Domestic Subsidiary guarantees, or has outstanding, any Specified Indebtedness. Any such Guarantees will be joint and several obligations of the Guarantors. The obligations of each Guarantor under its Guarantee will be limited as necessary to reduce the likelihood of that