Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 126

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 126
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 the REIT gross income tests or certain violations of the asset tests described below) and the violation is due to reasonable cause, we may retain our REIT qualification but we will be required to pay a penalty of $50,000 for each such 
 failure.                                                                                                                                                                                                                                                  |

| • |     | We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet                                                                                     
 record keeping requirements intended to monitor our compliance with rules relating to the composition of a REIT’s shareholders, as described below in “—Requirements for Qualification as a REIT.” |

46

| • |     | A 100% tax may be imposed with respect to certain items of income and expense that are directly or constructively           
 paid between a REIT and a TRS if and to the extent that the IRS establishes that such items were not based on market rates. |

| • |     | Certain of our subsidiaries that are subchapter C corporations, including any “taxable REIT 
 subsidiaries,” will be subject to federal corporate income tax on their earnings.           |

If we fail to qualify or elect not to qualify as a REIT, we will be subject to U.S. federal income tax in the same manner as a C corporation. Distributions to our shareholders if we do not qualify as a REIT will not be deductible by us nor will distributions be required under the Code. In that event, distributions to our shareholders will generally be taxable as ordinary dividends potentially eligible for the 15% or 20% income tax rate (depending on the shareholder’s marginal U.S. federal income tax bracket) discussed below in “Taxation of Taxable U.S. Shareholders” and, subject to limitations in the Code, will be eligible for the dividends received deduction for corporate shareholders. Also, we will generally be ineligible to re-qualifyas a REIT for the four taxable years following disqualification. If we do not qualify as a REIT for even one year, this could result in reduction or elimination of distributions to our shareholders, or in our incurring substantial indebtedness or liquidating substantial investments in order to pay the resulting corporate-level taxes. The Code provides certain relief provisions under which we might avoid automatically ceasing to be a REIT for failure to meet certain REIT requirements, all as discussed in more detail below. Requirements for Qualification as a REIT The Code defines a REIT as a corporation, trust or association:

| (1) | that is managed by one or more trustees or