Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 17

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 17
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 or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or our common shares (in the case of net
share settlement) to the relevant Forward Purchaser.

Certain Sales Agents, Forward Sellers and Forward Purchasers and/or their affiliates serve as lenders or in
other roles under our unsecured revolving credit facility or other financial indebtedness and, accordingly, may receive an amount in excess of 5% of the net proceeds of this offering if we use such proceeds to reduce our outstanding indebtedness.
See “Plan of Distribution (Conflicts of Interest).”

If we enter into a forward sale agreement with any Forward Purchaser, we expect that the affiliated
Forward Seller will attempt to sell borrowed common shares to hedge such Forward Purchaser’s exposure under such forward sale agreement. All of the net proceeds from the sale of any such borrowed common shares will be paid to the applicable
Forward Purchaser. Such entity will be either a Sales Agent or an affiliate of a Sales Agent. As a result, a Sales Agent or one of its affiliates will receive the net proceeds from any sale of borrowed common shares made in connection with any
forward sale agreement.

S-12

Supplemental U.S. federal income tax considerations The following supplements the discussion contained in the accompanying prospectus under the heading “U.S. Federal Income Tax Considerations,” which summarizes certain U.S. federal income tax considerations regarding ownership of our common shares. Such discussion is for general information only and is not tax advice. It does not address all aspects of U.S. federal income taxation that may be relevant to a particular holder. You should consult with your own tax advisor before investing in our common shares. The One Big Beautiful Bill Act On July 4, 2025, President Trump signed into law the legislation known as the One Big Beautiful Bill Act (“the OBBBA”). The OBBBA made significant changes to the U.S. federal income tax laws in various areas, and permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017, most of which were set to expire after December 31, 2025. Notable changes in the OBBBA relevant to this prospectus supplement include:

| (1) |     | permanent extension of the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers as well as the permanent extension of the 
 limitation on non-corporate taxpayers using “excess business