Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 52

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 52
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 such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the
terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places.

The Issuer’s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error. “Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to the Issuer or any of its Restricted Subsidiaries plus capital
improvements) of Real Estate Assets of the Issuer and its Restricted Subsidiaries on such date, before depreciation and amortization of such Real Estate Assets, determined on a consolidated basis in conformity with GAAP.

S-39

“Unrestricted Subsidiary” means any Subsidiary created or acquired after June 30, 2010, but only to the extent that such Subsidiary:

| (1) | has no Debt other than Non-Recourse Debt; |

| (2) | is not party to any agreement, contract, arrangement or understanding with the Issuer or any of its Restricted                                                                                                                                        
 Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary in the aggregate than those that might be obtained at the time from Persons who are not 
 Affiliates of the Issuer;                                                                                                                                                                                                                             |

| (3) | is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect                                                                                         
 obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and |

| (4) | has not guaranteed or otherwise directly or indirectly provided credit support for any Debt of the Issuer or any of its 
 Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings.                                   |

If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to