Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 10

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 10
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 Federal Income Tax Considerations” on page 43 of the accompanying prospectus. |

| NYSE Symbol | EPR |

| Transfer Agent and Registrar | Computershare Trust Company, N.A. |

S-7

Risk factors

Investment in the common shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below as well as other information contained in or incorporated by reference in this prospectus supplement before making an investment decision, including the risks described in the “Risk Factors” section of the accompanying prospectus and the “Risk Factors” section of our most recent Annual Report on Form 10-Kand, to the extent applicable, our subsequent filings with the SEC. The risks and uncertainties described below and incorporated herein by reference are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently consider immaterial may also adversely affect us. See “Cautionary Statement Concerning Forward-Looking Statements.” If any of the events described in the risk factors below occur, our business, financial condition, operating results and prospects could be materially adversely affected, which in turn could cause you to lose all or part of your investment in the common shares.

Risks related to this offering

The issuance of common shares under the Distribution Agreement and upon the physical or net share settlement of any forward sale agreement may be dilutive, and there may be future dilution of our common shares.

Giving effect to the potential issuance of common shares in this offering, as well as any common shares issued by us in connection with a physical or net share
settlement under a forward sale agreement, the receipt of any net proceeds and the use of such net proceeds, this offering may have a dilutive effect on our expected earnings per share, funds from operations per share and adjusted funds from
operations per share. The actual amount of such dilution cannot be determined at this time and will be based on numerous factors. Additionally, we are not restricted from issuing additional common shares or preferred shares, including any securities
that are convertible into or exchangeable for, or that represent the right to receive, common shares or preferred shares or any substantially similar securities in the future. The market price of our common shares could decline as a result of sales
of a large number of our common shares in the market after this offering or the perception that such sales could occur.

Our management will have broad discretion in the use of the net proceeds, if any, from this offering and may not use them effectively.

Although we have described