Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 16

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 16
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 extent of the value of those assets.

Our obligations under our credit agreement governing our unsecured revolving credit facility and the
notes will be unsecured, but our or our subsidiaries’ obligations under certain other financing arrangements with lenders may be secured by mortgages and security interests in certain of our or our subsidiaries’ properties. If we or any
of our subsidiaries are declared bankrupt or insolvent, or if we or any of our subsidiaries default under our or their secured financing arrangements, the funds borrowed thereunder, together with accrued interest, could become immediately due and
payable. If we or any of our subsidiaries were unable to repay such indebtedness, the lenders could foreclose on the pledged assets to the exclusion of holders of the notes, even if an event of default exists under the indenture governing the notes
at such time. In any such event, because the notes are not secured by any of such assets, it is possible that there would not be sufficient assets from which your claims could be satisfied. As of September 30, 2025, we had no outstanding
secured indebtedness, and our subsidiaries had $25.0 million of outstanding secured indebtedness.

Claims of noteholders will be structurally subordinated to the indebtedness and other obligations (including trade payables) of our existing and future subsidiaries.

The notes are our obligations and
are not guaranteed by any of our subsidiaries. We conduct all of our operations through our subsidiaries. As a result, the notes are structurally subordinated to all existing

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and future indebtedness and other liabilities and obligations, including trade payables, whether secured or unsecured, of our subsidiaries, including liabilities of any subsidiaries we may form or acquire in the future. Noteholders would not have any claim as a creditor against any of our subsidiaries to the assets and earnings of those subsidiaries. The claims of the creditors of our subsidiaries, including their trade creditors, banks and other lenders, would have priority over any of our claims or those of our other subsidiaries as equity holders of the other subsidiaries. Consequently, in any insolvency, liquidation, reorganization, dissolution or other winding-upof any of our subsidiaries, creditors of our subsidiaries would be paid before any amounts would be distributed to us as equity and thus become available to satisfy our obligations under the notes and other claims against us. 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