EPR director granted RSUs, exercises 2,729 shares

EPR Properties director William P. Brown reported compensation-related equity activity.

Rhea-AI Filing Summary

EPR Properties director William P. Brown reported compensation-related equity activity. He exercised Restricted Share Units to acquire 2,729 Common Shares of Beneficial Interest, leaving him with 2,729 common shares held directly and 1,219 common shares held indirectly through the William Brown Revocable Trust.

Brown also received several new Restricted Share Unit (RSU) grants under EPR’s 2016 Equity Incentive Plan, totaling 4,978 RSUs issued in lieu of his annual trustee and chairperson retainer fees. Each RSU represents a contingent right to one common share, vesting on the earlier of June 1, 2027 or a defined Change of Control.

Insider Trade Summary

2,729 shares exercised/converted

Exercise 6 txns

Insider Brown William P

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Share Units	2,729	$0.00	$0.00
Grant/Award	Restricted Share Units	2,358	$0.00	$0.00
Grant/Award	Restricted Share Units	1,965	$0.00	$0.00
Grant/Award	Restricted Share Units	655	$0.00	$0.00
Exercise	Common Shares of Beneficial Interest	2,729	$0.00	$0.00
holding	Common Shares of Beneficial Interest	--	--	--

Holdings After Transaction: Restricted Share Units — 13,454 contracts (Direct); Common Shares of Beneficial Interest — 2,729 shares (Direct); Common Shares of Beneficial Interest — 1,219 shares (Indirect, William Brown Revocable Trust William P. Brown TTEE, Lillian Sorohan TTEE U/A DTD 11/01/2007)

Footnotes (5)

1. F1. Each Restricted Share Unit represents a contingent right to receive one share of the Company's Common Shares of Beneficial Interest.
2. F2. Restricted Share Units were issued to the reporting person pursuant to the Company's 2016 Equity Incentive Plan as a part of the Company's annual trustee compensation program. Each Restricted Share Unit represents a contingent right to receive one share of the Company's Common Shares of Beneficial Interest.
3. F3. Subject to certain exceptions, the vesting date for the Restricted Share Units is the earlier of (a) June 1, 2027, 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.
4. F4. Restricted Share Units were issued to Reporting Person in lieu of the Reporting Person's Annual Trustee Retainer fee. Each Restricted Share Unit represents a contingent right to receive one share of Company's Common Shares of Beneficial Interest.
5. F5. Restricted Share Units were issued to the reporting person pursuant to the Company's 2016 Equity Incentive Plan in lieu of the reporting person's chairperson retainer fees. Each Restricted Share Unit represents a contingent right to receive one share of the Company's Common Shares of Beneficial Interest.

Key Figures

Common shares acquired via RSU exercise: 2,729 shares Indirect common share holdings: 1,219 shares RSU grant 1: 655 units +4 more

7 metrics

Common shares acquired via RSU exercise 2,729 shares Exercise of Restricted Share Units into Common Shares of Beneficial Interest

Indirect common share holdings 1,219 shares Held through William Brown Revocable Trust after transactions

RSU grant 1 655 units Restricted Share Units under 2016 Equity Incentive Plan

RSU grant 2 1,965 units Restricted Share Units issued as trustee compensation

RSU grant 3 2,358 units Restricted Share Units issued in lieu of chairperson retainer fees

Total new RSUs granted 4,978 units Sum of three RSU awards reported on June 1, 2026

RSU vesting date June 1, 2027 Earlier of June 1, 2027 or Change of Control for vesting

Key Terms

Restricted Share Units, 2016 Equity Incentive Plan, Change of Control, Annual Trustee Retainer fee, +1 more

5 terms

Restricted Share Units financial

"Each Restricted Share Unit represents a contingent right to receive one share of the Company's Common Shares of Beneficial Interest."

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

2016 Equity Incentive Plan financial

"Restricted Share Units were issued to the reporting person pursuant to the Company's 2016 Equity Incentive Plan as a part of the Company's annual trustee compensation program."

Change of Control financial

"the vesting date for the Restricted Share Units is the earlier of (a) June 1, 2027, or (b) a Change of Control (as defined in the 2016 Equity Incentive Plan)."

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

Annual Trustee Retainer fee financial

"Restricted Share Units were issued to Reporting Person in lieu of the Reporting Person's Annual Trustee Retainer fee."

chairperson retainer fees financial

"Restricted Share Units were issued to the reporting person pursuant to the Company's 2016 Equity Incentive Plan in lieu of the reporting person's chairperson retainer fees."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did EPR (EPR) director William P. Brown report in this Form 4?

William P. Brown reported equity compensation activity, including exercising 2,729 Restricted Share Units into common shares and receiving multiple new RSU grants totaling 4,978 units. These awards are part of EPR Properties’ trustee and chairperson compensation under its 2016 Equity Incentive Plan.

How many EPR Properties shares does William P. Brown hold after these transactions?

After these transactions, William P. Brown directly holds 2,729 Common Shares of Beneficial Interest and indirectly holds 1,219 common shares through the William Brown Revocable Trust. He also holds RSU awards that provide a contingent right to receive additional common shares upon vesting.

What Restricted Share Units did William P. Brown receive from EPR (EPR)?

Brown received RSU grants of 655, 1,965, and 2,358 units, totaling 4,978 Restricted Share Units. Each RSU represents a contingent right to receive one EPR Properties common share under the company’s 2016 Equity Incentive Plan and trustee compensation program.

When do William P. Brown’s Restricted Share Units from EPR vest?

The RSUs vest on the earlier of June 1, 2027, or a Change of Control as defined in EPR Properties’ 2016 Equity Incentive Plan. Once vested, the RSUs settle into common shares according to delivery instructions Brown provided at the time of grant.

Are William P. Brown’s EPR RSU grants part of routine compensation?

Yes, the filing states the RSUs were issued under the 2016 Equity Incentive Plan as part of EPR’s annual trustee compensation program and in lieu of trustee and chairperson retainer fees. This indicates the awards are structured as ongoing, compensation-related equity grants.

Did William P. Brown sell any EPR Properties shares in this Form 4?

The Form 4 shows no sales of EPR Properties shares by Brown. It reports an exercise of 2,729 Restricted Share Units into common shares and multiple new RSU grants, all classified as acquisition or award transactions rather than open-market or other dispositions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/02/2026 - 11:04 AM EDT Learn about SEC filing dates

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 MARYLAND 20814

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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

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

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

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	06/01/2026		M		2,729	A	(1)	2,729	D
Common Shares of Beneficial Interest								1,219	I	William Brown Revocable Trust William P. Brown TTEE, Lillian Sorohan TTEE U/A DTD 11/01/2007

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)	06/01/2026		M			2,729	06/01/2026	06/01/2026	Common Shares of Beneficial Interest	2,729	$0	4,238	D
Restricted Share Units	(2)	06/01/2026		A		2,358		(3)	(3)	Common Shares of Beneficial Interest	2,358	$0	6,596	D
Restricted Share Units	(4)	06/01/2026		A		1,965		(3)	(3)	Common Shares of Beneficial Interest	1,965	$0	8,561	D
Restricted Share Units	(5)	06/01/2026		A		655		(3)	(3)	Common Shares of Beneficial Interest	655	$0	9,216	D

Explanation of Responses:

1. Each Restricted Share Unit represents a contingent right to receive one share of the Company's Common Shares of Beneficial Interest.

2. Restricted Share Units were issued to the reporting person pursuant to the Company's 2016 Equity Incentive Plan as a part of the Company's annual trustee compensation program. Each Restricted Share Unit represents a contingent right to receive one share of the Company's Common Shares of Beneficial Interest.

3. Subject to certain exceptions, the vesting date for the Restricted Share Units is the earlier of (a) June 1, 2027, 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.

4. Restricted Share Units were issued to Reporting Person in lieu of the Reporting Person's Annual Trustee Retainer fee. Each Restricted Share Unit represents a contingent right to receive one share of Company's Common Shares of Beneficial Interest.

5. Restricted Share Units were issued to the reporting person pursuant to the Company's 2016 Equity Incentive Plan in lieu of the reporting person's chairperson retainer fees. Each Restricted Share Unit represents a contingent right to receive one share of the Company's Common Shares of Beneficial Interest.

Remarks:

	/s/ Angela M. Whittaker, Attorney-in-Fact for William P. Brown	06/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)