Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 143

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 143
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 assertion, we would be required to pay a 100% penalty tax on the excess of an arm’s-lengthfee for tenant services over the amount actually paid. Annual Distribution Requirements To maintain our qualification as a REIT, we are required to distribute dividends (other than capital gain dividends) to our shareholders each year in an amount at least equal to:

| (A) | the sum of |

| (i) | 90% of our “REIT taxable income” (computed before deductions for dividends paid and excluding net 
 capital gain) and                                                                                 |

| (ii) | 90% of our net income (after tax), if any, from foreclosure property; minus |

| (B) | the excess of the sum of certain items of noncash income (i.e., income attributable to leveled stepped rents,                                                                                      
 original issue discount on purchase money debt, cancellation of indebtedness, or a like-kind exchange that is later determined to be taxable) over 5% of “REIT taxable income” as described above. |

In addition, if we dispose of any asset we acquired from a corporation which is or has been a Subchapter C corporation in a transaction in which our tax basis in the asset is determined by reference to the tax basis of the asset in the hands of that Subchapter C corporation, within the five-year period following our acquisition of such asset, we would be required to distribute at least 90% of the after-taxbuilt in gain, if any, we recognized on the disposition of the asset. We must pay the distributions described above in the taxable year to which they relate (“current distributions”), or, at our election, in the following taxable year if they are either (i) declared before we timely file our tax return for such year and paid on or before the first regular dividend payment after such declaration, provided such payment is made during the twelve months following the close of such year (“throwback distributions”) or (ii) paid during January to shareholders of record in October, November or December of the prior year (“deemed current distributions”). 56

To the extent that we do not distribute all of our net capital gain or distribute at least
90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax thereon at regular ordinary and capital gain corporate tax rates. In addition, we would be subject to a nondeductible 4% excise tax to the
extent we fail to distribute during each calendar year (or in the case of