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

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 25
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In addition to the above limitations on the incurrence of Debt, the Issuer will not, and will not permit any Restricted Subsidiary to, incur any Secured Debt if, immediately after giving effect to the incurrence of such additional Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Secured Debt on a consolidated basis in accordance with GAAP is greater than 40% of Adjusted Total Assets. In addition to the above limitations on the incurrence of Debt, the Issuer will not, and will not permit any Restricted Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters ended on the Measurement Date shall have been less than 1.5x, on a pro forma basis after giving effect to the incurrence of such Debt and to the application of the proceeds therefrom, and calculated on the assumption that:

| (1) | such Debt and any other Debt incurred by the Issuer and any of its Restricted Subsidiaries on a consolidated basis since                                                       
 the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had been incurred at the beginning of such period; |

S-21

| (2) | the repayment or retirement of any other Debt by the Issuer and any of its Restricted Subsidiaries on a consolidated                                                                                                                               
 basis since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the 
 average daily balance of such Debt during such period);                                                                                                                                                                                            |

| (3) | in the case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter                                                                                                                                 
 period, the related acquisition had occurred as of the first day of such period with appropriate pro forma adjustments to, among other things, Consolidated Income Available for Debt Service with respect to such acquisition being included in such pro 
 forma calculation; and                                                                                                                                                                                                                                    |

| (4) | in the case of any acquisition or disposition by the Issuer or any of its Restricted Subsidiaries on a consolidated basis                                                                                                                                
 of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or