Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134126
Chunk: 59

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 59
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 our securities of any subsequent change in the matters stated, represented or assumed, or of any
subsequent change in the applicable law. You should be aware that the opinions expressed are not binding upon the IRS or any court. Accordingly, there can be no assurance that contrary positions may not successfully be asserted by the IRS. Moreover,
our qualification and taxation as a REIT depends upon our ability, through actual annual operating results and methods of operation, to satisfy various qualification tests imposed under the Code. Those qualification tests involve the percentage of
our income that we earn from specified sources, the percentage of assets that fall within specified categories, the diversity of our stock ownership and the percentage of our earnings that we distribute. While Stinson LLP has reviewed those matters
in connection with its opinion, Stinson LLP will not review our compliance with those tests on a continuing basis. Our ability to qualify as a REIT also requires that we satisfy certain asset tests, some of which depend upon the fair market values
of assets directly or indirectly owned by us. Such values may not be susceptible to a precise determination. There can be no assurance that the IRS would not challenge the valuations of the assets directly or indirectly owned by us. In

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addition, our ability to qualify as a REIT also depends in part upon the operating results, organizational structure and entity classification for U.S. federal income tax purposes of certain affiliated entities, including affiliates that have made elections to be taxed as REITs, and for whom the actual results of the various REIT qualification tests have not been and will not be reviewed by our counsel. Accordingly, given the complex nature of the rules governing REITs, the ongoing importance of factual determinations, including the potential tax treatment of the investments we make, and the possibility of future changes in our circumstances, no assurance can be given that the actual results of our operations for any particular taxable year will satisfy such requirements for qualification and taxation as a REIT. Stinson LLP’s opinion will not foreclose the possibility that we may have to use one or more REIT savings provisions discussed below, which could require us to pay an excise or penalty tax (which could be material) in order for us to maintain our REIT qualification. For a discussion of the tax consequences of our failure to qualify as a REIT, see “— Failure to Qualify.” For so long as we qualify for taxation as a REIT, we generally will not be subject to U.S. federal corporate income taxes on our taxable income that is