Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 9

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 9
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 that could be purchased by us in the market (based on the average market price during the relevant period) using the      
 proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the relevant reporting period).                                                                                                               |

| Consequently, prior to physical settlement or net share settlement of a particular forward sale agreement and subject to the occurrence 
 of certain                                                                                                                              |

S-6

| events, we anticipate there will be no dilutive effect on our earnings per share except during periods when the average market price of our common shares is above the applicable per share forward                                                     
 sale price under that particular forward sale agreement, subject to adjustment based on a floating interest rate factor equal to the overnight bank rate less a spread, and subject to decrease by an amount per share specified in the particular      
 forward sale agreement on each of certain dates specified in that particular forward sale agreement. However, if we decide to physically settle or net share settle a particular forward sale agreement, the delivery by us of our common shares on any 
 physical settlement or net share settlement of such forward sale agreement will result in dilution to our earnings per share.                                                                                                                           |

| Ownership and Transfer Restrictions | To assist us in qualifying as a REIT, among other purposes, our Declaration of Trust generally limits beneficial and constructive ownership by any person to no more than 9.8% in number of shares or value of the outstanding shares of any class or    
 series of our common shares or preferred shares. In addition, our Declaration of Trust contains various other restrictions on the ownership and transfer of our common shares, including restrictions intended to assist us in complying with applicable 
 gaming laws. For additional information, see “Description of Shares of Beneficial Interest” in the accompanying prospectus.                                                                                                                              |

| Risk Factors | Investing in the common shares involves risks. See the “Risk Factors” section beginning on page S-8 of this prospectus supplement, the “Risk Factors” section of the                               
 accompanying prospectus and the “Risk Factors” section of our most recent Annual Report on Form 10-K and, to the extent applicable, our subsequent filings with the SEC, for other information you 
 should consider before deciding to invest in the common shares.                                                                                                                                    |

| Tax Consequences | The U.S. federal income tax consequences of purchasing, owning and disposing of the common shares received in connection with this offering are summarized in “Supplemental U.S. Federal Income Tax Considerations” on page S-12 of this prospectus supplement and “U.S.