Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 51

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 51
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 exchange using the same procedures as those provided for delivery of preferred shares to effect the conversion or exchange. If you are converting or exchanging only a part of the depositary shares, the depositary will issue you a new depositary receipt for any unconverted or unexchanged depositary shares. U.S. Federal Income Tax Consequences Relating to Depositary Shares As an owner of depositary shares, you will be treated for U.S. federal income tax purposes as if you were an owner of the series of preferred shares represented by the depositary shares. Therefore, you will be required to take into account, for U.S. federal income tax purposes, income and deductions to which you would be entitled if you were a holder of the underlying series of preferred shares. In addition:

| • |     | no gain or loss will be recognized for U.S. federal income tax purposes upon the withdrawal of preferred shares 
 in exchange for depositary shares provided in the deposit agreement;                                            |

| • |     | the tax basis of each preferred share to you as an exchanging owner of depositary shares will, upon exchange, be 
 the same as the aggregate tax basis of the depositary shares exchanged for the preferred shares; and             |

| • |     | if you held the depositary shares as a capital asset at the time of the exchange for preferred shares, the    
 holding period for the preferred shares will include the period during which you owned the depositary shares. |

Amendment and Termination of a Deposit Agreement We and the applicable depositary will be permitted to amend the provisions of the depositary receipts and the deposit agreement. However, the holders of at least a majority of the applicable depositary shares then outstanding must approve any amendment that materially and adversely affects the rights of holders. Every holder of an outstanding depositary receipt at the time any amendment becomes effective, by continuing to hold the receipt, will be bound by the applicable deposit agreement, as amended. Any deposit agreement may be terminated by us upon not less than 30 days’ prior written notice to the applicable depositary if (1) the termination is necessary to preserve our status as a Maryland REIT or (2) a majority of each series of preferred shares affected by the termination consents to the termination. When either event occurs, the depositary will be required to deliver or make available to each holder of depositary receipts, upon surrender of the depositary receipts held by the holder, the number of whole or fractional shares of preferred shares as are represented by the depositary shares evidenced by