Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134116
Chunk: 32

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 32
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, this 20% deduction for REIT dividends will sunset after 2025. Moreover, the reduced 15% or 20% rate does apply to our distributions:

(i) designated as long-term capital gain dividends (except to the extent attributable to real estate depreciation, in which case such
distributions continue to be subject to tax at a 25% rate);

(ii) to the extent attributable to dividends received by us from non-REIT corporations or other taxable REIT subsidiaries; and

(iii) to the extent attributable to
income upon which we have paid corporate income tax (for example, if we distribute taxable income that we retained and paid tax on in the prior year).

23

Amounts Treated as a Distribution.

Although the U.S. federal income tax treatment of dividend reinvestment programs is not entirely clear, if you participate in the dividend
reinvestment feature of the Plan, it is expected that you will be treated for federal income tax purposes as having received, on the date the shares are acquired, a distribution in an amount equal to the sum of (a) the fair market value of the
shares on the date the shares were acquired with reinvested dividends, (b) your pro rata share of any brokerage commissions paid by us in connection with the purchase of shares by the Plan Administrator from parties other than us and
(c) any cash distributions actually received by you with respect to common shares not included in the Plan. When shares are purchased directly from us, the amount of the distribution will be the market price of the shares on the dividend
reinvestment date, even if you acquired such shares at a discount.

The treatment of optional cash payments is also unclear, with most of
the guidance consisting of private letter rulings issued by the IRS on which other taxpayers are not entitled to rely. In one private letter ruling (involving a plan which did not acquire shares through open market purchases), the IRS concluded that
there was no deemed distribution in connection with stock acquired through a stock purchase plan. In that ruling, the IRS did not make any distinction between persons who participated only in the stock purchase feature of the plan and persons who
participate in both the dividend reinvestment and stock purchase features of the plan. In other private letter rulings, the IRS had suggested that a participant who participated in both features of the plan was treated as receiving a distribution
with respect to the optional cash investments, which is taxed as described above, in an amount equal to (i) any excess of the fair