Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 11

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 11
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 the intended use of any
net proceeds of this offering in the section titled “Use of Proceeds,” our management will have broad discretion in the application of these net proceeds and could use them for purposes other than those contemplated at the time of this
offering. Accordingly, you will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used
appropriately. Our failure to apply these funds effectively could have a material adverse effect on our business, financial condition, results of operations, liquidity or ability to pay dividends and cause the price of our common shares to decline.
Pending another use, we may invest the net proceeds in interest-bearing accounts and short-term interest-bearing securities which are consistent with our qualification as a REIT under the Code. These investments may not yield a favorable return to
our shareholders.

The common shares to be offered under this prospectus supplement may be sold in “at-the-marketofferings,” and investors who buy shares at different times will likely pay different prices.

Investors who purchase common shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment
results. We, the Sales Agents and the Forward Sellers

S-8

will have discretion, subject to market demand, to vary the timing, prices and numbers of shares sold, and there may be no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid. Risks related to the forward sale agreements Provisions contained in a forward sale agreement could result in substantial dilution to our earnings per share or result in substantial cash payment obligations. If we enter into one or more forward sale agreements, the relevant Forward Purchaser will have the right to accelerate its forward sale agreement (with respect to all or any portion of the transaction under such forward sale agreement that the Forward Purchaser determines is affected by an event described below) and require us to physically settle on a date specified by such Forward Purchaser if:

| • |     | in such Forward Purchaser’s good faith, commercially reasonable judgment, it or its affiliate (a) is unable to                                                                                                                                   
 hedge its exposure under such forward sale agreement because an insufficient number of our common shares have been made available for borrowing by securities lenders or (b) would incur a stock loan cost in excess of a specified threshold to 
 hedge