Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 8

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 8
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 domestic subsidiaries will be obligated to guarantee the notes under certain circumstances. See “Description of Notes—Certain 
 Covenants—Guarantees.”                                                                                                                                                                                             |

| Ranking | The notes will be our senior unsecured obligations, will rank equal in right of payment with all of our existing and future senior unsecured indebtedness,                                                                                           
 including our unsecured revolving credit facility and our existing notes and will rank senior in right of payment to all of our existing and future subordinated indebtedness. The notes will be effectively subordinated to all of our existing and 
 future secured indebtedness to the extent of the value of the collateral securing such indebtedness and will be structurally subordinated to all indebtedness and other liabilities, including trade payables, of our subsidiaries. As of            
 September 30, 2025, we had $2.8 billion of outstanding indebtedness (excluding accounts payable and accrued liabilities, unearned rents and interest and indebtedness of our subsidiaries), none of which was secured, and our subsidiaries          
 collectively had indebtedness (including certain accounts payable and accrued liabilities, certain unearned rents and interest and certain                                                                                                           |

S-6

| operating lease liabilities) of $311.0 million, of which $25.0 million was secured, in each case excluding intercompany indebtedness. |

| Certain Covenants | The indenture governing the notes contains certain covenants that, among other things, restrict our ability and the ability of our restricted subsidiaries to: |

| • |     | incur debt; and |

| • |     | merge, consolidate or transfer all or substantially all of our assets. |

| We and our restricted subsidiaries will also be required to maintain total unencumbered assets of at least 150% of our unsecured debt. |

| These covenants are subject to a number of important exceptions and qualifications. See “Description of Notes—Certain Covenants.” |

| No Public Market | The notes are a new issue of securities with no established trading market. We do not intend to apply for listing of the notes on any securities exchange or for quotation of the notes on any automated dealer quotation system. The           
 underwriters have advised us that they intend to make a market in the notes, but they are not obligated to do so and may discontinue any market-making at any time without notice. Accordingly, there can be no assurance as to the development 
 or liquidity of any market for the notes. See “Underwriting (Conflicts of Interest).”                                                                                                                                                           |

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