EPR Insider Filing: 1,219 Restricted Share Units Awarded to Director

Rhea-AI Filing Summary

William P. Brown, a director of EPR Properties (EPR), was granted 1,219 restricted share units on 09/05/2025. Each restricted share unit represents a contingent right to one common share of the company, and settlement is $0 per unit at grant. After the grant, Mr. Brown beneficially owns 6,967 common shares. The restricted share units vest at the earlier of the day before the first annual shareholders meeting after grant or upon a defined change of control, subject to exceptions, and settled shares require instructions provided by the reporting person prior to the grant.

Positive

• Director alignment increased via grant of 1,219 Restricted Share Units that convert to common shares
• Clear vesting conditions (earlier of pre-annual-meeting or Change of Control) provide predictable settlement timing

Negative

• None.

Insights

Corporate Governance Expert

Director received a routine equity award of 1,219 RSUs; typical retention/incentive compensation.

The Form 4 shows a grant (code M) of 1,219 Restricted Share Units to director William P. Brown on 09/05/2025. Each RSU converts to one common share upon settlement and the award vests on a customary corporate schedule (earlier of the day before the next annual meeting or a Change of Control). This is a standard non-cash compensation event used to align director interests with shareholders and does not reflect a cash outflow at grant. The filing indicates direct beneficial ownership of 6,967 shares following the grant. No dispositions, exercises, or cash prices were reported.

Securities Analyst

Non-material insider grant; unlikely to move valuation but increases director stake modestly.

The transaction code M denotes a grant under the company plan rather than a market purchase or sale. The incremental 1,219 RSUs increases the reporting person’s potential share count; however, the absolute size (1,219 units) relative to the issuer’s outstanding shares is not provided, so materiality to investors cannot be established from this filing alone. The form includes clear vesting triggers and confirms settlement mechanics are pre-arranged by the reporting person.

Insider Trade Summary

1,219 shares exercised/converted

Mixed 2 txns

Insider Brown William P

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Share Units	1,219	$0.00	--
Exercise	Common Shares of Beneficial Interest	1,219	$0.00	--

Holdings After Transaction: Restricted Share Units — 6,967 shares (Direct); Common Shares of Beneficial Interest — 1,219 shares (Direct)

Footnotes (1)

1. Each Restricted Share Unit represents a contingent right to receive one share of Companys Common Shares of Beneficial Interest. Subject to certain exceptions, the vesting date for the Restricted Share Units is the earlier of (a) the close of business on the day preceding the first annual meeting of shareholders after the date of grant, or (b) a Change of Control (as defined in the 2016 Equity Incentive Plan). Settlement and delivery of the Company's Common Shares of Beneficial Interest subject to vested Restricted Share Units are made pursuant to instructions provided to the Company by the reporting person prior to the date of grant.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Brown William P

(Last) (First) (Middle)

7750 WISCONSIN AVENUE

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EPR PROPERTIES [ EPR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	09/05/2025		M		1,219	A	(1)	1,219	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Units	(1)	09/05/2025		M			1,219	(2)	(2)	Common Shares of Beneficial Interest	1,219	$0	6,967	D

Explanation of Responses:

1. Each Restricted Share Unit represents a contingent right to receive one share of Companys Common Shares of Beneficial Interest.

2. Subject to certain exceptions, the vesting date for the Restricted Share Units is the earlier of (a) the close of business on the day preceding the first annual meeting of shareholders after the date of grant, or (b) a Change of Control (as defined in the 2016 Equity Incentive Plan). Settlement and delivery of the Company's Common Shares of Beneficial Interest subject to vested Restricted Share Units are made pursuant to instructions provided to the Company by the reporting person prior to the date of grant.

Remarks:

	/s/ Angela M. Whittaker, Attorney-in-Fact for William P. Brown	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did William P. Brown report on EPR Form 4 (EPR)?

The Form 4 reports a grant (transaction code M) of 1,219 Restricted Share Units on 09/05/2025.

How many shares does William P. Brown beneficially own after the reported transaction?

The filing states he beneficially owns 6,967 common shares following the reported transaction.

What does each Restricted Share Unit represent in this filing?

Each Restricted Share Unit represents a contingent right to receive one share of the company's common shares of beneficial interest.

When do the Restricted Share Units vest according to the Form 4?

Vesting occurs at the earlier of (a) the close of business on the day before the first annual shareholders meeting after the grant date, or (b) a Change of Control, subject to certain exceptions.

Was any cash price paid for the RSUs at grant?

The filing shows a grant price of $0 for the Restricted Share Units at the time of grant.