Company: EPR-PE
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001193125-25-309969
Chunk: 18

Company: EPR PROPERTIES
Filing Date: 2025-12-05
Form: 424B5
Chunk 18
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 losses” to offset other income;                                                                        |

| (2) |     | increased percentage limit under the REIT asset test applicable to taxable REIT subsidiaries (“TRSs”) from 20% to 25% for taxable years beginning after December 31, 2025, providing, as a result, that 
 for taxable years beginning after December 31, 2025, the aggregate value of all securities of TRSs held by a REIT may not exceed 25% of the value of its gross assets; and,                             |

| (3) |     | permanent restoration of the definition of “adjusted taxable income” for purposes of the business interest expense deduction limitation as being based on earnings before interest, taxes, depreciation, and 
 amortization for taxable years beginning after December 31, 2024.                                                                                                                                            |

You are urged to consult with your tax advisors with respect to the OBBBA and its potential effect on an investment in our common shares. S-13

Plan of distribution (conflicts of interest)

We have entered into the Distribution Agreement with the Sales Agents, Forward Sellers and Forward Purchasers under which up to an aggregate of $400,000,000 of our
common shares may be offered and sold over a period of time and from time to time. Sales of our common shares, if any, pursuant to this prospectus supplement and the accompanying prospectus will be made by means of ordinary brokers’
transactions on the NYSE that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act or in negotiated transactions, which may include block trades, at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices. When acting as agent, such Sales Agent will not engage in any transactions that stabilize the price of our common shares.

We also may sell our common shares to one or more of the Sales Agents, as principal for their own accounts, at a price per share agreed upon at the time of sale. If we
sell shares to one or more Sales Agents, as principal, we will enter into a separate terms agreement with such Sales Agent or Sales Agents, and we will describe the agreement in a separate prospectus supplement or pricing supplement.

The Distribution Agreement provides that, in addition to the issuance and sale of our common shares by us through the Sales Agents, we may also enter into one or more
forward sale agreements under the master forward confirmation and a related supplemental confirmation between us and a Forward Purchaser.