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EPR Properties | 5.75% Series C Cumulative Convertible Preferred Shares (EPR.PRC)

Prospectus excerpt:  We are offering 5,400,000 shares of our 5.75% Series C Cumulative Convertible Preferred Shares of beneficial interest, par value $0.01 per share, or the Series C Preferred Shares, in this offering. We will pay cumulative distributions on the Series C Preferred Shares from and including the date of original issuance in the amount of $1.4375 per share each year, which is equivalent to 5.75% of the $25.00 liquidation preference per share. Distributions on the Series C Preferred Shares will be payable quarterly in arrears, beginning on January 15, 2007. Our only other preferred shares outstanding as of the date of this prospectus supplement are 2,300,000 shares of our 9.50% Series A cumulative redeemable preferred shares with a liquidation preference of $25.00 per share and 3,200,000 shares of our 7.75% Series B cumulative redeemable preferred shares with a liquidation preference of $25.00 per share. The Series C Preferred Shares will rank on a parity with the Series A and Series B cumulative redeemable preferred shares.

You may convert the Series C Preferred Shares into our common shares subject to certain conditions. The conversion rate will initially be 0.3504 common shares per $25.00 liquidation preference, which is equivalent to an initial conversion price of $71.34 per common share. The conversion rate will be subject to adjustment upon the occurrence of specified events. On or after January 15, 2012, we may, at our option, convert some or all of the Series C Preferred Shares into common shares in certain circumstances based on the market price of our common shares. Upon any conversion of Series C Preferred Shares, we will have the option to deliver either (1) a number of common shares based upon the applicable conversion rate, or (2) an amount of cash and common shares, as described in this prospectus supplement.

If you elect to convert your Series C Preferred Shares in connection with a fundamental change that occurs on or prior to January 15, 2017, we will increase the conversion rate for the Series C Preferred Shares surrendered for conversion to the extent disclosed in this prospectus supplement. In addition, upon a fundamental change, when the actual applicable price of our common shares is less than $59.45 per share, you may require us to convert some or all of your Series C Preferred Shares at a conversion rate equal to the liquidation preference of the Series C Preferred Shares being converted plus accrued and unpaid distributions divided by 98% of the market price of our common shares. We will have the right to repurchase for cash some or all of the Series C Preferred Shares that would otherwise be required to be converted.

Full Prospectus PDF », Secondary Prospectus PDF », EPR Page »

Series:C
Alternate symbology:EPR-C, EPR-PC, EPRprC
Redeemable?:Yes
Call Date:1/15/2012 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Conversion Ratio:0.3504
Conversion Price:$71.34
Shares Offered:5,400,000
Liquidation Preference:$25.00
Recent Market Price:$18.96
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-6.04 (-24.16%)
Annualized Dividend:1.4375
Recent Ex-Date:3/27/2024
Current Yield:7.58%
Original Coupon:5.75%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn EPR.PRC's Rating
EPR Properties is a real estate investment trust. Co. has two reportable operating segments: Experiential and Education. The Experiential segment includes the following property types: theatres, eat and play (including various theatres located in entertainment districts), attractions, ski, experiential lodging, gaming, cultural and fitness and wellness. The Education segment includes the following property types: early childhood education centers and private schools.

Preferreds: EPR.PRC, EPR.PRD, EPR.PRE, EPR.PRF, EPR.PRG


Open the EPR Information Page »
Name: 
EPR Properties
Website: 
www.eprkc.com
Sector: 
REITs
Number of ETFs Holding EPR: 
70 (see which ones)
Total Market Value Held by ETFs: 
$675,668,770.88
Total Market Capitalization: 
$3,138,000,000
% of Market Cap. Held by ETFs: 
21.53%

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