Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 89

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 89
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, the depositary receipts may be surrendered by holders to the applicable depositary with written instructions to it to instruct us to cause conversion or exchange of the preferred shares represented by the depositary shares. Similarly, if so specified in the applicable prospectus supplement or other applicable offering materials, we may require you to surrender all of your depositary receipts to the applicable depositary upon our requiring the conversion or exchange of the preferred shares represented by the depositary shares into our debt securities. We will agree that, upon receipt of the instruction and any amounts payable in connection with the conversion or exchange, we will cause the conversion or 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