Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134116
Chunk: 55

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 55
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 represents income of a TRS that is understated as a result of services provided to us or on our behalf. Any                             
 taxable REIT subsidiary is separately taxed on its net income as a C corporation.                                                                                                                                                       |

| • |     | If we fail to satisfy any of the REIT asset tests, as described below, by more than a de minimis amount, due to                                                                                                                                           
 reasonable cause and we nonetheless maintain our REIT qualification because of specified cure provisions, we will be required to pay a tax equal to the greater of $50,000 for each taxable year in which we fail to satisfy any of the asset tests or    
 the highest corporate tax rate multiplied by the net income generated by the nonqualifying assets that caused us to fail such test (for the period from the start of such failure until the failure is resolved or the assets that caused the failure are 
 disposed of).                                                                                                                                                                                                                                             |

| • |     | If we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than                                                                                                                                         
 a violation of the REIT gross income tests or certain violations of the asset tests described below) and the violation is due to reasonable cause, we may retain our REIT qualification but we will be required to pay a penalty of $50,000 for each such 
 failure.                                                                                                                                                                                                                                                  |

| • |     | We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet                                                                                     
 record keeping requirements intended to monitor our compliance with rules relating to the composition of a REIT’s shareholders, as described below in “—Requirements for Qualification as a REIT.” |

| • |     | A 100% tax may be imposed with respect to certain items of income and expense that are directly or constructively           
 paid between a REIT and a TRS if and to the extent that the IRS establishes that such items were not based on market rates. |

| • |     | Certain of our subsidiaries that are subchapter C corporations, including any “taxable REIT 
 subsidiaries,” will be subject to federal corporate income tax on their earnings.           |

If we fail to qualify or elect not to qualify as a REIT, we will be subject to U.S. federal income tax in the same manner as a C corporation. Distributions to our shareholders if we do not qualify as a REIT will not be 40

deductible by us nor will distributions be required under the Code. In that event,