Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 137

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 137
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 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.                                                                                                                                                                       |

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| • |     | 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 the interests in the tenant, or, if the tenant is a corporation, 10% or more of the voting power or value of all classes of stock of the tenant. Rents received from any such tenant that is our TRS, however, will not be excluded  
 from the definition of “rents from real property” as a result of this condition if at least 90% of the space at the property to which the rents relate is leased to third parties, and the rents paid by the TRS are comparable to rents paid           
 by our other tenants for comparable space. Whether rents paid by a TRS are substantially comparable to rents paid by other tenants is determined at the time the lease with the TRS is entered into, extended, and modified, if such modification       
 increases the rents due under such lease. Notwithstanding the foregoing, however, if a lease with a “controlled taxable REIT subsidiary” is modified and such modification results in an increase in the rents payable by such TRS, any such            
 increase will not qualify as “rents from real property.” For purposes of this rule, a “