Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 130

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 130
---
 regulations on them.

Possible Legislative or Other Actions Affecting REITs

Prospective investors should recognize that the present U.S. federal income tax treatment of an investment in us may be modified by
legislative, judicial or administrative action at any time, and that any such action may affect investments and commitments previously made. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the
legislative process and by the IRS and the U.S. Treasury Department, resulting in revisions of regulations and revised interpretations of established concepts as well as statutory changes. Prospective investors are urged to consult with their tax
advisors regarding the effect of potential changes to the federal tax laws on an investment in our common stock. Revisions in U.S. federal tax laws and interpretations thereof could adversely affect the tax consequences of an investment in us.

State and Local Tax Consequences

We may
be subject to state or local taxation or withholding in various state or local jurisdictions, including those in which we transact business, and our shareholders may be subject to state or local taxation or withholding in various state or local
jurisdictions, including those in which they reside. The state and local tax treatment of us may not conform to the U.S. federal income tax treatment discussed above. Several states in which we may own properties treat REITs as ordinary Subchapter C
corporations subject to tax at the corporate level. In addition, your state and local tax treatment may not conform to the U.S. federal income tax treatment discussed above. You should consult your own tax advisors regarding the effect of state and
local tax laws on an investment in our securities.

71

SELLING SECURITY HOLDERS

Selling security holders are persons or entities that, directly or indirectly, have acquired or will from time to time acquire from us common
shares, preferred shares, depositary shares, warrants, debt securities or units, as applicable, in various private transactions. Such selling security holders may be parties to a registration rights agreement with us, or we otherwise may have agreed
or will agree to register their securities for resale. The initial purchasers of our securities, as well as their transferees, pledgees, donees or successors, all of whom we refer to as “selling security holders,” may from time to time
offer and sell the securities pursuant to this prospectus and any applicable prospectus supplement.

The selling security holders may
offer for sale all or some portion of the securities that they hold. To the extent