Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134116
Chunk: 48

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 48
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 also permits the charter or a board resolution to prohibit the corporation (or real estate investment trust) from electing to be subject to any or all of the provisions of Subtitle 8, which we have not done. We currently have more than three independent Trustees and have a class of equity securities registered under the Exchange Act, and therefore our Board of Trustees may elect to provide for any of the foregoing provisions without shareholder approval. As of the date hereof, our Board of Trustees has not made any such election. However, through provisions of our Declaration of Trust and Bylaws unrelated to the Maryland Unsolicited Takeovers Act, we already provide for certain of the foregoing provisions of the Maryland Unsolicited Takeovers Act. Anti-Takeover Effect of Maryland Law and of Our Declaration of Trust and Bylaws The following provisions in our Declaration of Trust and Bylaws and in Maryland law could delay or prevent a change in control of EPR:

| • |     | the limitation on ownership and acquisition of more than 9.8% of our shares and the limitation on the ability of 
 certain persons to own or control shares;                                                                        |

| • |     | the requirement of cause and a two-thirds majority vote of shareholders 
 for removal of our Trustees;                                            |

| • |     | the fact that the number of our Trustees may be fixed only by vote of our Board of Trustees and that a vacancy on 
 our Board of Trustees may be filled only by the affirmative vote of a majority of our remaining Trustees;         |

| • |     | the advance notice requirements for shareholder nominations for Trustees and other proposals; |

| • |     | the business combination provisions of the MGCL; |

| • |     | the control share acquisition provisions of the MGCL; and |

| • |     | the power of our Board of Trustees to authorize and issue additional shares, including additional classes of 
 shares with rights defined at the time of issuance, without shareholder approval.                            |

36

U.S. FEDERAL INCOME TAX CONSIDERATIONS The following discussion summarizes the material United States (“U.S.”) federal income tax considerations regarding EPR and the acquisition, ownership and disposition of our common shares. For purposes of this section entitled “U.S. Federal Income Tax Considerations,” references to “we,” “us” and “our” mean only EPR Properties and not its subsidiaries or other lower tier entities, except as otherwise indicated. This summary is based on current law, is for general information only and is not tax advice. The tax