Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 116

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 116
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 that any person (not just individuals) holding more than 9.8% in number of shares or value, of the
outstanding shares of any class or series of our common shares or preferred shares (the “Ownership Limit”) may be subject to forfeiture of the shares (including common shares and preferred shares) owned in excess of the Ownership Limit.
We refer to the shares in excess of the Ownership Limit as “Excess Shares.” The Excess Shares may be transferred to a trust for the benefit of one or more charitable beneficiaries. The trustee of that trust would have the right to vote
the voting Excess Shares, and distributions on the Excess Shares would be payable to the trustee for the benefit of the charitable beneficiaries.

Holders
of Excess Shares would be entitled to compensation for their Excess Shares, but that compensation may be less than the price they paid for the Excess Shares. Persons who hold Excess Shares or who intend to acquire Excess Shares must provide written
notice to us.

Our Ownership Limit may also act to deter an unfriendly takeover of the Company.

In addition, our Declaration of Trust allows the Company to redeem any or all of the Securities owned or controlled by any person that is
determined to be unsuitable to own or control such Securities due to failure to

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comply with all applicable laws, statutes and ordinances pursuant to which any gaming authority possesses regulatory, permit and licensing authority over the conduct of gaming activities. Our Declaration of Trust defines the term “Securities” to mean the Company’s common shares and preferred shares and/or the capital stock, member’s interests or membership interests, partnership interests or other equity securities of entities affiliated with the Company. The foregoing provision may also act to deter an unfriendly takeover of the Company. Business Combinations The MGCL contains a provision which regulates business combinations with interested shareholders. This provision applies to Maryland real estate investment trusts like us. Under the MGCL, business combinations such as mergers, consolidations, share exchanges and the like between a Maryland real estate investment trust and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the shareholder becomes an interested shareholder. Under the MGCL, the following persons are deemed to be interested shareholders:

| • |     | any person who beneficially owns 10% or more of the voting power of the trust’s shares; or |

After the five-year prohibition period has ended, a business combination between a trust and an interested shareholder must be recommended by the