Company: EPR-PE
Filing Date: 2025-06-03
Form Type: S-3ASR
Source: 0001193125-25-134116
Chunk: 63

Company: EPR PROPERTIES
Filing Date: 2025-06-03
Form: S-3ASR
Chunk 63
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 tests relating to the nature and diversification of our assets.

First, at least 75% of the value of our total assets, including assets held by our QRSs and our allocable share of the assets held by the
partnerships and other entities treated as partnerships under the Code in which we own an interest, must be represented by “real estate assets,” cash, cash items and governmental securities, as well as certain temporary investments in
stock or debt instruments purchased with the proceeds of new capital raised by EPR for the one-year period beginning on the date of receipt of such new capital. “Real estate assets” are defined to
include (1) interests in real property, (2) interests in mortgages on real property, such as land and buildings, (3) leasehold interests in real property, and (4) personal property that is leased in connection with a lease of
real property for which the rent attributable to the personal property is not greater than 15% of the total rent received under the lease, (5) shares (or transferable certificates of beneficial interest) in other REITs and (6) debt
instruments issued by publicly offered REITs.

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Second, not more than 25% of our total assets may be represented by securities, other than
those securities includable in the 75% asset test.

Third, of the investments included in the 25% asset test, and except for certain
investments in other REITs, a QRS or a TRS, the value of any one issuer’s securities may not exceed 5% of the value of our total assets.

Fourth, of the investments included in the 25% asset test, we may not own more than 10% of the total voting power of any one issuer’s
outstanding securities.

Fifth, of the investments included in the 25% asset test, we may not own more than 10% of the total value of the
outstanding securities of any one issuer, other than certain securities satisfying the “straight debt” safe-harbor. Certain types of securities we may own are disregarded as securities for purposes of this 10% value test, including, but
not limited to, any loan to an individual or an estate, any obligation to pay rents from real property and any security issued by a REIT. In addition, solely for purposes of this 10% value test, the determination of our interest in the assets of a
partnership or limited liability