Attached files
file | filename |
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8-K - FORM 8-K - EPR PROPERTIES | c54643e8vk.htm |
EX-1.1 - EX-1.1 - EPR PROPERTIES | c54643exv1w1.htm |
EX-5.1 - EX-5.1 - EPR PROPERTIES | c54643exv5w1.htm |
Exhibit 8.1 |
1201 Walnut, Suite 2900
Kansas City, MO 64106-2150
Kansas City, MO 64106-2150
Tel (816) 842-8600
Fax (816) 691-3495
Fax (816) 691-3495
KANSAS CITY
OVERLAND PARK
WICHITA
WASHINGTON. D.C.
PHOENIX
ST. LOUIS
OMAHA
JEFFERSON CITY
OVERLAND PARK
WICHITA
WASHINGTON. D.C.
PHOENIX
ST. LOUIS
OMAHA
JEFFERSON CITY
November 10, 2009
Entertainment Properties Trust
30 West Pershing Road, Suite 201
Kansas City, MO 64108
30 West Pershing Road, Suite 201
Kansas City, MO 64108
J.P. Morgan Securities Inc.
383 Madison Avenue
New York, NY 10179
383 Madison Avenue
New York, NY 10179
Re: |
Entertainment Properties Trust: Registration Statement on Form S-3 Common Shares |
Ladies and Gentlemen:
We have acted as counsel to Entertainment Properties Trust, a Maryland real estate investment
trust (the Company), in connection with the public offering and sale by the Company of
Six Million Three Hundred Twenty-Five Thousand (6,325,000) Common Shares of Beneficial Interest
(which includes Eight Hundred Twenty-Five Thousand (825,000) shares to cover the underwriters
option to purchase additional shares) (collectively, the Securities), pursuant to a
registration statement on Form S-3, under the Securities Act of 1933, as amended, filed with the
Securities and Exchange Commission on February 28, 2007, File No. 333-140978 (as amended and
supplemented from time to time, the Registration Statement), and the prospectus dated
February 27, 2007 (the Prospectus) and prospectus supplement dated November 10, 2009 (the
Prospectus Supplement). The Company is a real estate investment trust organized under
the laws of the State of Maryland primarily for the purpose of acquiring and leasing certain real
estate.
You have requested our opinion as to (i) the qualification of the Company as a real estate
investment trust for U.S. federal income tax purposes (a REIT) under the provisions of
Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code);
(ii) the federal income tax status of the Companys Partnerships (as defined in the attached
Officers Certificate dated November 10, 2009); and (iii) the accuracy of the discussion of U.S.
federal income tax consequences contained under the caption U.S. Federal Income Tax
Considerations in the Prospectus, as amended and supplemented by the Additional U.S. Federal
Income Tax Considerations in the Prospectus Supplement.
Entertainment Properties Trust
J.P. Morgan Securities Inc.
November 10, 2009
Page 2
J.P. Morgan Securities Inc.
November 10, 2009
Page 2
In connection with rendering this opinion, we have reviewed such documents and made such
inquiries as we have deemed appropriate for purposes of rendering this opinion. The Company has
delivered certain representations to us as set forth in an Officers Certificate dated November 10,
2009 (the Officers Certificate), and, with the Companys permission, we have relied upon
such representations in giving this opinion. In rendering this opinion, we have assumed, with your
consent, that (i) the statements and representations set forth in the Officers Certificate are
true and correct, and (ii) the Officers Certificate has been executed by appropriate and
authorized officers of the Company. Although we have not independently investigated the
representations to us set forth in the Officers Certificate, nothing has come to our attention
that would lead us to question the accuracy of any representation contained in the Officers
Certificate.
Based on the foregoing and in reliance thereon and subject thereto and on an analysis of the
Code, Treasury Regulations thereunder, judicial authority and current administrative rulings and
such other laws and facts as we have deemed relevant and necessary, it is our opinion that (i)
beginning with its taxable year ended December 31, 1997, the Company has been organized and
operated in conformity with the requirements for qualification and taxation as a REIT for U.S.
federal income tax purposes, and its current and proposed method of operation (as represented in
the Officers Certificate, the Prospectus and the Prospectus Supplement) will enable the Company to
continue to meet the requirements for qualification and taxation as a REIT for subsequent taxable
years; (ii) the Companys current method of operation (as represented in the Officers Certificate,
the Prospectus and the Prospectus Supplement) will enable the Partnerships (as defined in the
Officers Certificate) to be treated for U.S. federal income tax purposes as partnerships (or
disregarded entities) and not as associations taxable as corporations or as publicly-traded
partnerships; and (iii) the statements in the Prospectus under the caption U.S. Federal Income Tax
Considerations, as amended and supplemented by the statements in the Prospectus Supplement under
the caption Additional U.S. Federal Income Tax Considerations, to the extent that they describe
matters of law or legal conclusions, are correct in all material respects.
Any variation or difference in the facts from those set forth in the Officers Certificate may
affect the conclusions stated herein. Moreover, the Companys qualification and taxation as a REIT
depend upon the Companys ability to meet, through actual annual operating results, distribution
levels and diversity of share ownership and the various qualification tests imposed under the Code,
the results of which have not been and will not be reviewed by us. Accordingly, no assurance can
be given that the actual results of the Companys operations for any taxable year will satisfy such
requirements.
We confirm the accuracy of the discussion under the captions U.S. Federal Income Tax
Considerations and Legal Opinions in the Registration Statement and Prospectus and the caption
Legal Matters in the Prospectus Supplement and we
Entertainment Properties Trust
J.P. Morgan Securities Inc.
November 10, 2009
Page 3
J.P. Morgan Securities Inc.
November 10, 2009
Page 3
consent to the reference to our firm in the Prospectus Supplement and the attachment of this
opinion as an exhibit to the Registration Statement.
This opinion represents our legal judgment, but it has no binding effect or official status of
any kind, and no assurance can be given that contrary positions may not be taken by the Internal
Revenue Service or a court shall not be construed as or deemed to be a guarantee or insuring
agreement. We disclaim any obligation to update this opinion for developments which may occur
subsequent to the date hereof.
Very truly yours, STINSON MORRISON HECKER llp |
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/s/ Stinson Morrison Hecker LLP | ||||