Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134116
Chunk: 54

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 54
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 gross income tests multiplied by (b) a fraction intended to reflect our 
 profitability.                                                                                                                                                                   |

| • |     | If we fail to distribute for any calendar year at least the sum of (a) 85% of our REIT ordinary income for                                                                                                                                      
 the year, (b) 95% of our REIT capital gain net income for the year (other than certain long-term capital gains for which we make a capital gains designation (described below) and on which we pay the tax) and (c) any undistributed taxable   
 income from prior periods less excess distributions from prior periods, we would be subject to a nondeductible 4% excise tax on the excess of the required distribution over the sum of (a) the amounts actually distributed, plus (b) retained 
 amounts on which income is paid at the corporate level.                                                                                                                                                                                         |

| • |     | If we acquire any asset from a corporation which is or has been a Subchapter C corporation in a transaction in                                                                                                                                            
 which the tax basis of the asset in our hands is determined by reference to the tax basis of the asset in the hands of the Subchapter C corporation, and we subsequently recognize gain on the disposition of the asset during the applicable recognition 
 period set forth in Section 1374 of the Code beginning on the date on which we acquired the asset, then we will be subject to tax at the highest regular corporate tax rate on the excess of (a) the fair market value of the asset over                  
 (b) our adjusted tax basis in the asset, in each case determined as of the date we acquired the asset. The results described in this paragraph with respect to the recognition of gain assume that we will not make an election pursuant to existing      
 Treasury Regulations to recognize such gain at the time we acquire the asset.                                                                                                                                                                             |

| • |     | We will be required to pay a 100% tax on any “redetermined rents,” “redetermined deductions,”                                                                                                                                           
 “excess interest” or “redetermined TRS service income.” In general, redetermined rents are rents from real property that are overstated as a result of services furnished to any of our tenants by a “taxable REIT                      
 subsidiary,” or “TRS,” of ours. Redetermined deductions and excess interest generally represent amounts that are deducted by a taxable REIT subsidiary of ours for amounts paid to us that are in excess of the amounts that would have 
 been deducted based on arm’s-length negotiations, and redetermined TRS service income generally