Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 88

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 88
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 of which is owned, directly or indirectly, by five or                                                 
 fewer individuals (as defined in the Code to include certain entities) during the last half of each taxable year after applying certain attribution rules; |

| (7) | that makes an election to be a REIT for the current taxable year or has made an election for a previous taxable 
 year which has not been terminated or revoked; and                                                              |

| (8) | that meets certain other tests, described below, regarding the nature of its income and assets and the amount 
 of its distributions.                                                                                         |

The Code provides that conditions (1) through (4), inclusive, must be met during the entire taxable year and that condition (5) must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. Conditions (5) and (6) do not apply until after the first taxable year for which an election is made to be taxed as a REIT. For purposes of condition (6), pension funds and certain other tax-exemptentities are treated as individuals, subject to a “look-through” exception with respect to pension funds. A REIT also must report its income for U.S. federal income tax purposes based on a calendar year accounting period. We have adopted December 31 as our year end, and thereby satisfy this requirement. 47

To monitor continuing compliance with the share ownership requirements described in
(5) and (6) above, we are generally required to maintain records regarding the actual ownership of our shares. To do so, we must demand written statements each year from the record holders of significant percentages of our stock in which
the record holders are to disclose the actual owners of the shares, i.e., the persons required to include in gross income the dividends paid by us. A list of those persons failing or refusing to comply with this demand must be maintained as part of
our records. Failure to comply with these record keeping requirements could subject us to monetary penalties. A shareholder that fails or refuses to comply with the demand is required by Treasury regulations to submit a statement with its tax return
disclosing the actual ownership of the shares and other information.

We believe that we have satisfied each of the above conditions. In
addition, our Declaration of Trust provides for restrictions regarding ownership and transfer of shares to prevent further concentration of share ownership (as summarized in “Description of Certain Provisions of Maryland Law and EPR’s
Declaration of Trust