Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 21

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 21
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notice from us requesting that such Forward Seller execute sales of borrowed common shares in connection with a forward sale agreement, subject to the terms and conditions of the Distribution Agreement and the applicable forward sale agreement, the
affiliated Forward Purchaser or its affiliate will use commercially reasonable efforts to borrow, and such Forward Seller will use commercially reasonable efforts consistent with its normal trading and sales practices to sell, the borrowed common
shares on such terms to hedge such Forward Purchaser’s exposure under that particular forward sale agreement. We or the relevant Forward Seller may immediately suspend the offering of our common shares under a forward sale agreement at any
time upon proper notice to the other. The obligation of the relevant Forward Seller under the Distribution Agreement to execute such sales of our common shares is subject to a number of conditions, which each Forward Seller reserves the right to
waive in its sole discretion.

In connection with each forward sale agreement, the relevant Forward Seller will receive, in the form of a reduced initial forward
sale price under the related forward sale agreement with the related Forward Purchaser, commissions at a mutually agreed rate of up to 2.0% of the gross sales price of all borrowed

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common shares sold during the applicable forward hedge selling period by it as Forward Seller. We refer to this commission rate as the forward selling commission. The forward hedge selling period will be the period of consecutive trading days determined by us in our sole discretion and as specified in the relevant forward placement notice. The forward sale price per share under each forward sale agreement will initially equal the product of (1) an amount equal to one minus the applicable forward selling commission and (2) the volume-weighted average price per share at which the borrowed common shares were sold pursuant to the Distribution Agreement by the relevant Forward Seller. Thereafter, the forward sale price will be subject to adjustment as described below. The forward sale agreements, the terms of which may not be less than three months or more than two years, will provide that the forward sale price, as well as the sales prices used to calculate the initial forward sale price, will be subject to increase or decrease based on the overnight bank rate, less a spread, and subject to decrease by amounts related to expected dividends on our common shares during the term of the particular forward sale agreement. If the overnight bank rate is less than the spread for a particular forward sale agreement on any day, the interest factor will result in a daily reduction of the forward sale price. Except under limited circumstances described below, we have the right to elect