Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 37

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 37
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 repay their Notes. If the Issuer accomplishes covenant defeasance, the following provisions of the Indenture and the Notes would no longer apply:

| (1) | any covenants applicable to the Notes and described in this prospectus supplement; and |

| (2) | certain Events of Default relating to breach of covenants, material unsatisfied judgments and acceleration of the 
 maturity of other debt set forth in this prospectus supplement.                                                   |

If the Issuer accomplishes covenant defeasance with respect to the Notes, the holders of the Notes can still look to the Issuer for repayment of their Notes if a shortfall in the trust deposit occurred. If one of the remaining Events of Default occurs, for example, the Issuer’s bankruptcy, and the Notes become S-29

immediately due and payable, there may be a shortfall. Depending on the event causing the Default, the holders of the Notes may not be able to obtain payment of the shortfall. The Issuer may exercise its full defeasance option notwithstanding any prior exercise of its covenant defeasance option. Additional information Anyone who receives this prospectus supplement may obtain a copy of the Indenture without charge by writing to EPR Properties, 909 Walnut Street, Suite 200, Kansas City, Missouri 64106, Attention: Investor Relations Department. Book-entry delivery and settlement The Notes will be issued in the form of one or more permanent global securities in definitive, fully registered form. The global securities will be deposited with or on behalf of The Depository Trust Company, referred to as DTC, and registered in the name of Cede & Co., as nominee of DTC, and will remain in the custody of the Trustee in accordance with the FAST Balance Certificate Agreement between DTC and the Trustee. DTC has advised us that:

| • |     | DTC is a limited-purpose trust company organized under the New York Banking Law, a “banking organization”                                                                                                            
 within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered under 
 Section 17A of the Exchange Act;                                                                                                                                                                                     |

| • |     | DTC holds securities that its direct participants deposit with DTC and facilitates the settlement among direct participants                                                                                                              
 of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in direct participants’ accounts, thereby eliminating