Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 84

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 84
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 continue to accumulate.

Liquidation Preference

On liquidation of the Company, holders of the Series E Preferred Shares are entitled to a liquidation preference of $25 per share plus all
accumulated, accrued and unpaid distributions before any amount is payable to the holders of our common shares.

Redemption

The Series E Preferred Shares are not redeemable.

Voting Rights

Holders of Series E Preferred Shares generally have no voting rights, except that if distributions on the Series E Preferred Shares have not
been paid for six or more quarterly periods (whether or not consecutive), holders of the Series E Preferred Shares (together with shares having like voting rights) are entitled to elect two additional trustees to the Board of Trustees to serve until
all unpaid distributions have been paid or declared and set aside for payment. In addition, certain material and adverse changes to the terms of the Series E Preferred Shares cannot be made without the affirmative vote of at least two-thirds of the outstanding Series E Preferred Shares and the holders of all other shares on parity with the Series E Preferred Shares and having like voting rights.

Conversion Rights

Holders of Series E Preferred Shares may, at their option, convert the Series E Preferred Shares into our common shares subject to certain
conditions at the then applicable conversion rate. The conversion rate is subject to adjustment upon the occurrence of specified events. We may, at our option, convert some or all of the Series E Preferred Shares into common shares at the then
applicable conversion rate in certain circumstances based on the market price of our common shares. Upon any conversion of Series E Preferred Shares, we will have the option to deliver either (1) a number of common shares based upon the
applicable conversion rate, or (2) an amount of

15

cash and common shares as specified in the articles supplementary for such shares. In addition, upon a fundamental change, when the actual applicable price of our common shares, as determined in
accordance with the articles supplementary, is less than $48.18 per share, the holders of Series E Preferred Shares may require us to convert some or all of their Series E Preferred Shares at a conversion rate equal to the liquidation preference of
the Series E Preferred Shares being converted plus accrued and unpaid distributions divided by 98% of the market price of our common shares. We will have the right to repurchase for cash some or all of the Series E Preferred Shares that would
otherwise be required to be converted.

Series G Preferred Shares

Rank

The Series G
Preferred Shares rank senior