EPR PROPERTIES

$1.6bn committed across 1 active facility, next covenant test Sep 30, 2026. EPR · EPR-PC · EPR-PE · EPR-PG

Real Estate Investment Trusts

Recent changes

  1. Jul 20, 2026EPR PROPERTIES signs $1.6bn FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT, matures Jul 2030SEC ↗

Interest coverage: when the limit steps, and which way the company's ratio has been moving.

4.77x3.06x1.36x
Tested quarterly140.6%ratio 4.21x, estimated, vs 1.75x limit in force at Jun 30, 20261.75x
Calculated on a Consolidated basis with respect to the Borrower, at any time, the ratio of Unencumbered Property NOI from the Unencumbered Pool to Consolidated Unsecured Interest Expense shall not be less than 1.75 to 1.0.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.60x
Calculated on a Consolidated basis with respect to the Borrower, the ratio of Total Debt to Total Asset Value shall not exceed 60%.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.40x
Calculated on a Consolidated basis with respect to the Borrower, the ratio of Secured Indebtedness of the Borrower to Total Asset Value shall not exceed 40%.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.60x
Calculated on a Consolidated basis with respect to the Borrower, the ratio of Unsecured Indebtedness of the Borrower to Unencumbered Asset Value shall not exceed 60%.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.50x
Calculated on a Consolidated basis with respect to the Borrower, at any time, the ratio of Adjusted EBITDA to Fixed Charges shall not be less than 1.50 to 1.0.
Read the filing on sec.gov ↗

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FIFTH AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT

Signed Jul 17, 2026

Committed
$1.6bn
Matures
Jul 2030
Agent
KEYBANK NATIONAL ASSOCIATION
TrancheSizeMaturesMargin
Revolving Credit Facility$700mJul 203068–135 bps
Alternative Currency Revolving Credit Facility$300mJul 203068–135 bps
Delayed Draw Term Loan Facility$600mJan 203275–155 bps

Priced over Term SOFR (Revolving credit facility).

LevelConditionMarginUnused fee
Level 1Category 1 (>=A- / >=A3)68 bps13 bps
Level 2Category 2 (= BBB+ / = Baa1)73 bps15 bps
Level 3Category 3 (= BBB / = Baa2)80 bps20 bps
Level 4Category 4 (= BBB- / = Baa3)100 bps25 bps
Level 5Category 5 (≤ BB+ / ≤ Ba1)135 bps30 bps

Priced over Term SOFR (Delayed draw term loan).

LevelConditionMarginUnused fee
Level 1Category 1 (>=A- / >=A3)75 bpsn/a
Level 2Category 2 (= BBB+ / = Baa1)80 bpsn/a
Level 3Category 3 (= BBB / = Baa2)90 bpsn/a
Level 4Category 4 (= BBB- / = Baa3)115 bpsn/a
Level 5Category 5 (≤ BB+ / ≤ Ba1)155 bpsn/a

Lenders: KEYBANC CAPITAL MARKETS, LLC, JPMORGAN CHASE BANK, N.A., RBC CAPITAL MARKETS CORPORATION, BOFA SECURITIES, INC., CITIZENS BANK, N.A., TD SECURITIES (USA) LLC, TRUIST SECURITIES, INC., KeyBank National Association, JPMorgan Chase Bank, N.A., Royal Bank of Canada, Bank of America, N.A., Citizens Bank, N.A.

No amendments on file yet.

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