Terms

Series

5.750% Series G Cumulative Redeemable Preferred Shares

Liquidation Preference

$25.00

Coupon Rate

5.75%

Rate Type

Fixed

Annual Dividend

$1.44

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

November 30, 2022

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Existing And Future Debt Obligations, Obligations Of Subsidiaries; Pari Passu With: Series C Preferred Shares (5.750%), Series E Preferred Shares (9.000%), Series F Preferred Shares (6.625%), Any Future Parity Preferred Shares; Senior To: Common Shares, Any Equity Securities Ranking Junior To Series G Preferred Shares

Regulatory (Basel III) Call

No

Tax Classification

Reit Passthrough

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

6,000,000

Prospectus Summary

EPR Properties, a specialty REIT focused on entertainment, education, and recreation properties, is offering 6,000,000 shares of its 5.750% Series G Cumulative Redeemable Preferred Shares (par $0.01, liquidation preference $25.00). The fixed dividend rate of 5.750% per annum equates to $1.4375 annually ($0.359375 per quarter), paid on January 15, April 15, July 15, and October 15. The first call date is November 30, 2022 at $25.00 per share plus accrued dividends. These shares are cumulative, meaning any missed dividends accrue and must be paid in full before EPR can resume payments to common shareholders — providing meaningful downside protection relative to non-cumulative structures. The Series G Preferred Shares sit above EPR's common equity but below all debt obligations, including its unsecured revolving credit facility, term loan, and approximately $2.4 billion of senior unsecured notes. Because EPR is a holding company whose assets are held through subsidiaries, preferred holders face structural subordination — subsidiary creditors must be satisfied before funds flow up to EPR. The Series G ranks on parity with EPR's existing Series C, E, and F preferred shares. There is no bank-style regulatory capital call; however, EPR retains a special optional redemption right if a Change of Control occurs (where the surviving entity lacks a listed common stock), allowing redemption at $25.00 plus accrued dividends within 120 days of such event, which could preempt holders' conversion rights. At the $25.00 offering price, the current yield is 5.75% annually. As REIT dividends, distributions on the Series G Preferred Shares generally do not qualify for the 15%/20% preferential qualified dividend income (QDI) rate for individual investors, nor the dividends-received deduction (DRD) for corporate holders — they are typically taxed as ordinary income, though a portion may be characterized as capital gain dividends. Dividends are payable quarterly with record dates set no more than 30 nor fewer than 10 days before each payment date. The dividend stopper prohibits EPR from paying dividends on common or junior preferred shares if any cumulative Series G dividends remain unpaid; covenant violations under EPR's debt agreements could also temporarily block preferred dividend payments.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If EPR has not paid full cumulative dividends on the Series G Preferred Shares for all past and current periods, it cannot pay dividends on or repurchase common shares or any junior/parity preferred shares (subject to limited exceptions for share incentive plans and REIT qualification purposes).

Other Preferreds from EPR Properties

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 46 (Average)