Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134116
Chunk: 51

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 51
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 for qualification and taxation as a REIT under the Code for the current and future taxable years. This
opinion is based upon certain assumptions and representations as to factual matters made by us, including representations made by us in a representation letter and certificate provided by our officers and our factual representations set forth herein
and in registration statements previously filed with the SEC. Any variation from the factual statements set forth herein, in registration statements previously filed with the SEC, or in the representation letter and certificate we have provided to
our counsel may affect the conclusions upon which its opinion is based.

The opinions of Stinson LLP are based on existing law as
contained in the Code and Treasury Regulations promulgated thereunder, in effect on the date of this prospectus, and the interpretations of such provisions and Treasury Regulations by the IRS and court decisions, all of which are subject to change
either prospectively or retroactively, and to possibly different interpretations. Our counsel will have no obligation to advise us or the holders of 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 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