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

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 12
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 its exposure under such forward sale agreement;                                                                                                                                                                                            |

| • |     | we declare any dividend, issue or distribution on our common shares (a) payable in cash in excess of specified amounts                                                                                     
 (unless it is an extraordinary dividend), (b) payable in securities of another company that we acquire or own (directly or indirectly) as a result of a spin-off or similar transaction, or (c) payable in 
 any other type of securities (other than our common shares), rights, warrants or other assets for payment at less than the prevailing market price;                                                        |

| • |     | certain ownership thresholds applicable to such Forward Purchaser and its affiliates are exceeded; |

| • |     | an event is announced that if consummated would result in a specified extraordinary event (including certain mergers or                                                                                
 tender offers, as well as certain events involving our nationalization, or insolvency, or a delisting of our common shares) or the occurrence of a change in law under such forward sale agreement; or |

| • |     | certain other events of default or termination events occur, including, among others, any material misrepresentation made 
 in connection with such forward sale agreement (each as more fully described in each forward sale agreement).             |

A Forward Purchaser’s decision to exercise its right to accelerate the physical settlement of any forward sale agreement and require us to physically settle on a date specified by such Forward Purchaser will be made irrespective of our interests, including our need for capital. In such cases, we could be required to issue and deliver our common shares under the physical settlement provisions of the applicable forward sale agreement, irrespective of our capital needs, which would result in dilution to our earnings per share.

| • |     | We expect that settlement of any forward sale agreement will generally occur no later than the date specified in the                                                                                                                                     
 particular forward sale agreement, which will be no earlier than three months or later than two years following the trade date of that forward sale agreement. However, any forward sale agreement may be settled earlier than that specified date in    
 whole or in part at our option. Subject to certain conditions, we have the right to elect physical, cash or net share settlement under each forward sale agreement. We intend to physically settle each forward sale agreement by delivery of our common 
 shares. However, we may elect to cash settle or net share settle such forward sale agreement. Delivery of our common shares upon physical settlement (or, if we elect net share settlement of a particular forward sale agreement, upon