EPR Properties (EPR) 8-K Company Reports Record Revenue and Investment Spending

Exhibit 99.2

Supplemental Operating and Financial Data

Fourth Quarter and Year Ended December 31, 2015

EPR Properties
Supplemental Operating and Financial Data
Fourth Quarter and Year Ended December 31, 2015
Table of Contents
Section	Page
Company Profile	4
Investor Information	5
Selected Financial Information	6
Selected Balance Sheet Information	7
Selected Operating Data	8
Funds From Operations and Funds From Operations as Adjusted	9
Adjusted Funds From Operations	10
Capital Structure	11
Summary of Ratios	16
Summary of Mortgage Notes Receivable	18
Capital Spending and Disposition Summaries	19
Property Under Development - Investment Spending Estimates	20
Financial and Investment Information by Asset Type and Segment	21
Lease Expirations	27
Top Ten Customers by Revenue from Continuing Operations	28
Net Asset Value (NAV) Components	29
Annualized GAAP Net Operating Income	30
Guidance	31
Definitions-Non-GAAP Financial Measures	32
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	35

2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would,” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. In addition, references to our budgeted amounts and guidance are forward-looking statements. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 32 through 34 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures in the Appendix on pages 35 through 40.

3

EPR Properties

Company Profile

The Company

EPR Properties (“EPR” or the “Company”) is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust (“REIT”), and an initial public offering was completed on November 18, 1997.

Since that time, the Company has grown into a leading specialty real estate investment trust with an investment portfolio that includes Entertainment, Education, Recreation and Other specialty investments.

Company Strategy

Our vision is to become the leading specialty REIT by focusing our unique knowledge and resources on select underserved real estate segments which provide the potential for outsized returns.

EPR’s primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations (“FFO”) and dividends per share. Central to our growth is remaining focused on acquiring or developing properties in our primary investment segments: Entertainment, Education and Recreation. We may also pursue opportunities to provide mortgage financing for these investment segments in certain situations where this structure is more advantageous than owning the underlying real estate.

Our segment focus is consistent with our strategic organizational design which is structured around building centers of knowledge and strong operating competencies in each of our primary segments. Retention and building of this knowledge depth creates a competitive advantage allowing us to more quickly identify key market trends.

To this end we will deliberately apply information and our ingenuity to identify properties which represent potential logical extensions within each of our segments, or potential future investment segments. As part of our strategic planning and portfolio management process we assess new opportunities against the following five key underwriting principles:

• Inflection Opportunity - Renewal or restructuring in an industry’s properties

• Enduring Value - Real estate devoted to and improving long-lived activities

• Excellent Execution - Market-dominant performance that creates value beyond tenant credit

• Attractive Economics - Accretive initial returns along with growth in yield

• Advantageous Position - Sustainable competitive advantages

4

EPR Properties

Investor Information

Senior Management
Greg Silvers	Mark Peterson
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer
Jerry Earnest	Craig Evans
Senior Vice President and Chief Investment Officer	Senior Vice President, General Counsel and Secretary
Tom Wright	Mike Hirons
Senior Vice President - Human Resources and Administration	Senior Vice President - Strategy and Asset Management
Tonya Mater
Vice President and Chief Accounting Officer

Company Information
Corporate Headquarters	Trading Symbols
909 Walnut Street, Suite 200	Common Stock:
Kansas City, MO 64106	EPR
888-EPR-REIT	Preferred Stock:
www.eprkc.com	EPR-PrC
	EPR-PrE
Stock Exchange Listing	EPR-PrF
New York Stock Exchange

Equity Research Coverage
Bank of America Merrill Lynch	Jane Wong	646-855-3378
Citi Global Markets	Michael Bilerman/Nick Joseph	212-816-4471
FBR Capital Markets & Co.	Daniel Altscher	703-312-1651
J.P. Morgan	Anthony Paolone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Craig Mailman	917-368-2280
Ladenburg Thalmann	Daniel Donlan	212-409-2056
RBC Capital Markets	Richard Moore	440-715-2646
Stifel	Simon Yarmak	443-224-1345

EPR Properties is followed by the analysts identified above.  Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management.  EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

5

EPR Properties
Selected Financial Information
(Unaudited, dollars and shares in thousands)
	Three Months Ended December 31,						Year ended December 31,
Operating Information:	2015			2014			2015		2014
Revenue (1)	$	111,988		$	104,669		$	421,017	$	385,051
Net income available to common shareholders of
EPR Properties	46,799			46,684			170,726		155,826
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - continuing operations (1)(2)	97,262			90,065			339,819		325,588
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - discontinued operations (2)	—			497			228		3,881
Adjusted EBITDA - continuing operations (1)(2)	97,962			91,196			365,915		331,817
Adjusted EBITDA - discontinued operations (2)	—			497			228		505
Interest expense, net (1)	20,792			20,015			79,915		81,270
Recurring principal payments	2,900			3,654			13,534		13,221
Capitalized interest	4,283			2,543			18,547		7,525
Straight-lined rental revenue	3,267			3,515			12,159		8,665
Dividends declared on preferred shares	5,951			5,951			23,806		23,807
Dividends declared on common shares	54,751			48,850			211,592		186,687
General and administrative expense	8,101			6,306			31,021		27,566
Balance Sheet Information:	December 31,
	2015			2014
Total assets	$	4,217,270		$	3,686,275
Accumulated depreciation	534,303			465,660
Total assets before accumulated depreciation (gross assets)	4,751,573			4,151,935
Unencumbered real estate assets (3)
Number	242			194
Gross book value	3,701,123			3,038,939
Annualized stabilized NOI	370,760			308,774
Total debt	1,981,920			1,629,750
Equity	2,073,868			1,926,489
Common shares outstanding	60,824			57,126
Total market capitalization (using EOP closing price)	5,883,332			5,268,168
Debt/total assets	47		%	44		%
Debt/total market capitalization	34		%	31		%
Debt/gross assets	42		%	39		%
Debt/Adjusted EBITDA - continuing operations (1)(4)	5.06			4.47
Debt/Adjusted EBITDA - continuing and discontinued operations (4)	5.06			4.44
(1) Excludes discontinued operations.
(2) See pages 32 through 34 for definitions.
(3) Includes unencumbered rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.
(4) Adjusted EBITDA is for the quarter annualized. See pages 32 through 34 for definitions.

6

EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)
	4th Quarter 2015			3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014
Assets
Rental properties:
Entertainment	$	2,337,427		$	2,309,413		$	2,301,551		$	2,267,993		$	2,294,112		$	2,287,516
Education	621,674			589,755			412,088			380,575			365,268			306,153
Recreation	600,401			551,660			315,502			295,838			257,814			219,723
Other	—			—			—			—			—			10,090
Less: accumulated depreciation	(534,303		)	(511,949		)	(492,602		)	(471,057		)	(465,660		)	(453,284		)
Land held for development	23,610			30,501			30,495			28,119			206,001			204,641
Property under development	378,920			374,533			494,066			390,205			181,798			189,051
Mortgage notes receivable: (1)
Entertainment	58,220			58,220			58,220			58,220			58,220			58,220
Education	79,584			80,230			79,194			78,496			76,917			73,709
Recreation	283,476			311,859			403,799			385,367			367,797			409,304
Other	2,500			5,021			5,032			5,021			5,021			5,032
Investment in a direct financing lease, net	190,880			190,029			189,203			200,266			199,332			198,551
Investment in joint ventures	6,168			6,439			6,101			5,902			5,738			5,343
Cash and cash equivalents	4,283			14,614			6,146			102,206			3,336			8,386
Restricted cash	10,578			21,949			15,289			22,454			13,072			26,811
Accounts receivable, net	59,101			56,006			64,493			56,397			47,282			44,469
Other assets	94,751			93,724			83,051			78,259			70,227			69,058
Total assets	$	4,217,270		$	4,182,004		$	3,971,628		$	3,884,261		$	3,686,275		$	3,662,773
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	92,178		$	98,736		$	80,855		$	78,499		$	82,180		$	71,511
Common dividends payable	18,401			17,896			17,308			17,296			16,281			16,288
Preferred dividends payable	5,951			5,951			5,952			5,952			5,952			5,952
Unearned rents and interest	44,952			51,996			39,270			42,628			25,623			36,551
Line of credit	196,000			196,000			100,000			—			62,000			34,000
Debt	1,785,920			1,822,354			1,826,100			1,830,383			1,567,750			1,570,753
Total liabilities	2,143,402			2,192,933			2,069,485			1,974,758			1,759,786			1,735,055
Equity:
Common stock and additional paid-in- capital	2,509,077			2,414,399			2,297,495			2,295,091			2,284,029			2,280,693
Preferred stock at par value	139			139			139			139			139			139
Treasury stock	(97,328		)	(95,564		)	(77,244		)	(77,001		)	(67,846		)	(66,437		)
Accumulated other comprehensive income	5,622			5,410			8,290			8,711			12,566			13,557
Distributions in excess of net income	(343,642		)	(335,690		)	(326,914		)	(317,814		)	(302,776		)	(300,611		)
EPR Properties shareholders' equity	2,073,868			1,988,694			1,901,766			1,909,126			1,926,112			1,927,341
Noncontrolling interests	—			377			377			377			377			377
Total equity	2,073,868			1,989,071			1,902,143			1,909,503			1,926,489			1,927,718
Total liabilities and equity	$	4,217,270		$	4,182,004		$	3,971,628		$	3,884,261		$	3,686,275		$	3,662,773
(1) Includes related accrued interest receivable.

7

EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)
	4th Quarter 2015			3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014
Rental revenue and tenant reimbursements:
Entertainment	$	63,823		$	63,355		$	63,794		$	64,267		$	64,774		$	65,102
Education	16,552			13,990			10,803			10,094			9,387			7,490
Recreation	14,539			12,079			7,228			6,705			5,840			6,069
Other	—			—			—			(23		)	221			235
Mortgage and other financing income:
Entertainment	1,781			1,782			1,782			1,782			1,776			1,789
Education (1)	7,566			7,479			7,793			7,783			7,708			7,561
Recreation	6,451			8,835			8,613			8,181			14,563			10,050
Other	63			97			97			97			97			97
Other income	1,213			718			1,148			550			303			345
Total revenue	$	111,988		$	108,335		$	101,258		$	99,436		$	104,669		$	98,738
Property operating expense	5,810			5,496			5,770			6,357			6,961			5,948
Other expense	115			221			210			102			206			248
General and administrative expense	8,101			7,482			7,756			7,682			6,306			6,719
Retirement severance expense	—			—			—			18,578			—			—
Costs associated with loan refinancing or payoff	9			18			243			—			301			—
Interest expense, net	20,792			20,529			20,007			18,587			20,015			20,801
Transaction costs	700			783			4,429			1,606			1,131			369
Provision for loan loss	—			—			—			—			—			3,777
Depreciation and amortization	24,915			23,498			21,849			19,355			17,989			17,421
Income before equity in income in joint ventures and other items	51,546			50,308			40,994			27,169			51,760			43,455
Equity in income from joint ventures	268			339			198			164			395			300
Gain (loss) on sale of real estate	—			(95		)	—			23,924			879			—
Income tax benefit (expense)	936			(498		)	7,506			(8,426		)	(896		)	(1,047		)
Income from continuing operations	52,750			50,054			48,698			42,831			52,138			42,708
Discontinued operations:
Income (loss) from discontinued operations	—			141			68			(10		)	497			(3		)
Net income attributable to EPR Properties	52,750			50,195			48,766			42,821			52,635			42,705
Preferred dividend requirements	(5,951		)	(5,951		)	(5,952		)	(5,952		)	(5,951		)	(5,952		)
Net income available to common shareholders of EPR Properties	$	46,799		$	44,244		$	42,814		$	36,869		$	46,684		$	36,753
(1) Represents income from owned assets under a direct financing lease and 10 mortgage notes receivable.

8

EPR Properties
Funds From Operations and Funds From Operations as Adjusted
(Unaudited, dollars in thousands except per share information)
	4th Quarter 2015			3rd Quarter 2015		2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	46,799		$	44,244	$	42,814		$	36,869		$	46,684		$	36,753
Gain on sale of real estate (excluding land sale)	—			—		—			(23,748		)	(879		)	—
Real estate depreciation and amortization	24,480			23,071		21,457			18,957			17,582			17,145
Allocated share of joint venture depreciation	62			64		65			64			64			54
FFO available to common shareholders of EPR Properties	$	71,341		$	67,379	$	64,336		$	32,142		$	63,451		$	53,952
FFO available to common shareholders of EPR Properties	$	71,341		$	67,379	$	64,336		$	32,142		$	63,451		$	53,952
Add: Preferred dividends for Series C preferred shares	1,941			1,941		—			—			1,941			—
Diluted FFO available to common shareholders	$	73,282		$	69,320	$	64,336		$	32,142		$	65,392		$	53,952
Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	71,341		$	67,379	$	64,336		$	32,142		$	63,451		$	53,952
Costs associated with loan refinancing or payoff	9			18		243			—			301			—
Transaction costs	700			783		4,429			1,606			1,131			369
Retirement severance expense	—			—		—			18,578			—			—
Provision for loan loss	—			—		—			—			—			3,777
Loss (gain) on sale of land	—			95		—			(176		)	—			—
Deferred income tax expense (benefit)	(1,366		)	53		(6,711		)	6,888			184			363
FFO as adjusted available to common shareholders of EPR Properties	$	70,684		$	68,328	$	62,297		$	59,038		$	65,067		$	58,461
FFO as adjusted available to common shareholders of EPR Properties	$	70,684		$	68,328	$	62,297		$	59,038		$	65,067		$	58,461
Add: Preferred dividends for Series C preferred shares	1,941			1,941		—			—			—			—
Diluted FFO as adjusted available to common shareholders	$	72,625		$	70,269	$	62,297		$	59,038		$	65,067		$	58,461
FFO per common share attributable to EPR Properties:
Basic	$	1.19		$	1.16	$	1.12		$	0.56		$	1.11		$	1.00
Diluted	1.18			1.15		1.12			0.56			1.10			1.00
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	1.18		$	1.18	$	1.09		$	1.03		$	1.14		$	1.09
Diluted	1.17			1.17		1.08			1.03			1.13			1.08
Shares used for computation (in thousands):
Basic	60,125			58,083		57,200			57,111			57,141			53,792
Diluted	60,205			58,278		57,446			57,378			57,355			54,001
Weighted average shares outstanding-diluted EPS	60,205			58,278		57,446			57,378			57,355			54,001
Effect of dilutive Series C preferred shares	2,029			2,022		—			—			1,998			—
Adjusted weighted-average shares outstanding-diluted	62,234			60,300		57,446			57,378			59,353			54,001
(1) See pages 32 through 34 for definitions.

9

EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)
	4th Quarter 2015			3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	71,341		$	67,379		$	64,336		$	32,142		$	63,451		$	53,952
Adjustments:
Amortization of above market leases, net	47			48			49			48			48			48
Transaction costs	700			783			4,429			1,606			1,131			369
Retirement severance expense	—			—			—			18,578			—			—
Non-real estate depreciation and amortization	436			427			392			398			408			276
Deferred financing fees amortization	1,163			1,156			1,173			1,096			1,090			1,082
Costs associated with loan refinancing or payoff	9			18			243			—			301			—
Share-based compensation expense to management and trustees	2,290			2,161			2,085			1,972			1,918			2,313
Maintenance capital expenditures (2)	(1,501		)	(897		)	(435		)	(1,023		)	(1,929		)	(1,572		)
Straight-lined rental revenue	(3,267		)	(2,738		)	(3,211		)	(2,943		)	(3,515		)	(2,932		)
Non-cash portion of mortgage and other financing income	(1,009		)	(2,042		)	(3,408		)	(2,976		)	(2,248		)	(1,585		)
Provision for loan loss	—			—			—			—			—			3,777
Loss (gain) on sale of land	—			95			—			(176		)	—			—
Deferred income tax expense (benefit)	(1,366		)	53			(6,711		)	6,888			184			363
AFFO available to common shareholders of EPR Properties	$	68,843		$	66,443		$	58,942		$	55,610		$	60,839		$	56,091
AFFO available to common shareholders of EPR Properties	$	68,843		$	66,443		$	58,942		$	55,610		$	60,839		$	56,091
Add: Preferred dividends for Series C preferred shares	1,941			1,941			—			—			—			—
Diluted AFFO available to common shareholders of EPR Properties	$	70,784		$	68,384		$	58,942		$	55,610		$	60,839		$	56,091
Weighted average diluted shares outstanding (in thousands)	60,205			58,278			57,446			57,378			57,355			54,001
Effect of dilutive Series C preferred shares	2,029			2,022			—			—			—			—
Adjusted weighted-average shares outstanding-diluted	62,234			60,300			57,446			57,378			57,355			54,001
AFFO per diluted common share	$	1.14		$	1.13		$	1.03		$	0.97		$	1.06		$	1.04
Dividends declared per common share	$	0.9075		$	0.9075		$	0.9075		$	0.9075		$	0.8550		$	0.8550
AFFO payout ratio (3)	80		%	80		%	88		%	94		%	81		%	82		%
(1) See pages 32 through 34 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

10

EPR Properties
Capital Structure at December 31, 2015
(Unaudited, dollars in thousands)
Consolidated Debt
Principal Payments Due on Debt:
	Mortgages								Unsecured Credit Facility (2)		Unsecured Senior Notes
Year	Amortization		Maturities			Bonds/Term Loan/Other (1)							Total			Weighted Avg Interest Rate
2016	$	11,419	$	62,245		$	1,850		$	—	$	—	$	75,514		5.96%
2017	7,118		158,201			—			—		—		165,319			4.89%
2018	919		12,462			—			—		—		13,381			6.34%
2019	—		—			—			196,000		—		196,000			1.57%
2020	—		—			350,000			—		250,000		600,000			4.75%
2021	—		—			—			—		—		—			—%
2022	—		—			—			—		350,000		350,000			5.75%
2023	—		—			—			—		275,000		275,000			5.25%
2024	—		—			—			—		—		—			—%
2025	—		—			—			—		300,000		300,000			4.50%
2026	—		—			—			—		—		—			—%
Thereafter	—		—			24,995			—		—		24,995			0.01%
Less: deferred financing costs, net	—		—			—			—		—		(18,289		)	—%
	$	19,456	$	232,908		$	376,845		$	196,000	$	1,175,000	$	1,981,920		4.65%
			Balance			Weighted Avg Interest Rate			Weighted Avg Maturity
Fixed rate secured debt			$	252,364		5.30		%	1.30
Fixed rate unsecured debt (1)			1,476,850			5.12		%	6.50
Variable rate secured debt			24,995			0.01		%	21.75
Variable rate unsecured debt			246,000			1.62		%	3.52
Less: deferred financing costs, net			(18,289		)	—		%	—
Total			$	1,981,920		4.65		%	5.67
(1) Includes $300 million of term loan that has been fixed through interest rate swaps through April 5, 2019.
(2) Unsecured Credit Facility Summary:
			Balance						Rate
	Commitment		at 12/31/2015			Maturity			at 12/31/2015
	$	650,000	$	196,000		April 24, 2019			1.57%
	Note: This facility has a one year extension available at the Company's option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature in which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.

11

EPR Properties
Capital Structure at December 31, 2015 and 2014
(Unaudited, dollars in thousands)
Consolidated Debt (continued)
Summary of Debt:
	December 31, 2015			December 31, 2014
Mortgage note payable, 5.56%, paid in full on March 6, 2015	$	—		$	30,508
Mortgage note payable, 5.39%, paid in full on July 31, 2015	—			4,960
Mortgage notes payable, 5.77%, paid in full on August 6, 2015	—			62,842
Mortgage notes payable, 5.84%, paid in full on December 7, 2015	—			35,515
Note payable, 2.50%, due April 21, 2016	1,850			1,850
Mortgage notes payable, 6.37%, due June 1, 2016	24,754			25,607
Mortgage notes payable, 6.10%, due October 1, 2016	22,235			23,000
Mortgage notes payable, 6.02%, due October 6, 2016	16,738			17,319
Mortgage note payable, 6.06%, due March 1, 2017	9,381			9,693
Mortgage note payable, 6.07%, due April 6, 2017	9,667			9,985
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	31,603			32,662
Mortgage notes payable, 4.00%, due July 6, 2017	93,616			97,248
Mortgage note payable, 5.29%, due July 8, 2017	3,455			3,604
Mortgage notes payable, 5.86% due August 1, 2017	22,931			23,681
Mortgage note payable, 6.19%, due February 1, 2018	13,171			13,849
Mortgage note payable, 7.37%, due July 15, 2018	4,813			6,205
Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019	196,000			62,000
Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 2.71% through April 5, 2019, due April 24, 2020	350,000			285,000
Senior unsecured notes payable, 7.75%, due July 15, 2020	250,000			250,000
Senior unsecured notes payable, 5.75%, due August 15, 2022	350,000			350,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000			275,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000			—
Bonds payable, variable rate, due October 1, 2037	24,995			24,995
Less: deferred financing costs, net	(18,289		)	(15,773		)
Total	$	1,981,920		$	1,629,750

12

EPR Properties
Capital Structure
Senior Notes
Senior Debt Ratings as of December 31, 2015
Moody's	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor's	BBB- (stable)
Summary of Covenants
The Company's outstanding senior unsecured notes have fixed interest rates of 4.50%, 5.25%, 5.75% and 7.75%. Interest on the senior unsecured notes is paid semiannually. The senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.
The following is a summary of the key financial covenants for the Company's 4.50%, 5.25%, 5.75% and 7.75% senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance.  The actual amounts as of December 31, 2015 and September 30, 2015 are:
		Actual	Actual
Note Covenants	Required	4th Quarter 2015 (1)	3rd Quarter 2015
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	43%	44%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	6%	7%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	4.0x	3.8x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	235%	232%
(1) See page 14 for detailed calculations.

13

EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)
Covenant Calculations
Total Assets:	December 31, 2015						Total Debt:						December 31, 2015
Total Assets	$	4,217,270					Secured debt obligations						$	277,359
Add: accumulated depreciation	534,303						Unsecured debt obligations:
Less: intangible assets	(8,636		)				Unsecured debt						1,722,850
Total Assets	$	4,742,937					Outstanding letters of credit						—
							Guarantees						22,929
							Derivatives at fair market value, net, if liability						—
							Total unsecured debt obligations:						1,745,779
Total Unencumbered Assets:	December 31, 2015						Total Debt						$	2,023,138
Unencumbered real estate assets, gross	$	3,701,123
Cash and cash equivalents	4,283
Land held for development	23,610
Property under development	378,920
Total Unencumbered Assets	$	4,107,936
Consolidated Income Available for Debt Service:	4th Quarter 2015			3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			Trailing Twelve Months
Adjusted EBITDA - continuing operations	$	97,962		$	95,136		$	87,522		$	85,295		$	365,915
Add: Adjusted EBITDA - discontinued operations	—			170			68			(10		)	228
Less: straight-line rental revenue	(3,267		)	(2,738		)	(3,211		)	(2,943		)	(12,159		)
Consolidated Income Available for Debt Service	$	94,695		$	92,568		$	84,379		$	82,342		$	353,984
Annual Debt Service:
Interest expense, gross	$	25,076		$	25,300		$	25,164		$	22,947		$	98,487
Less: deferred financing fees amortization	(1,163		)	(1,156		)	(1,173		)	(1,096		)	(4,588		)
Annual Debt Service	$	23,913		$	24,144		$	23,991		$	21,851		$	93,899
Debt Service Coverage	4.0			3.8			3.5			3.8			3.8

14

EPR Properties
Capital Structure at December 31, 2015
(Unaudited, dollars in thousands except share information)
Equity
Security	Shares Issued and Outstanding	Price per share at December 31, 2015		Liquidation Preference		Dividend Rate		Convertible	Conversion Ratio at December 31, 2015
Common shares	60,823,984	$	58.45	N/A		(1)		N/A	N/A
Series C	5,400,000	$	24.00	$	135,000	5.750%		Y	0.3758
Series E	3,450,000	$	31.22	$	86,250	9.000%		Y	0.4573
Series F	5,000,000	$	25.31	$	125,000	6.625%		N	N/A
Calculation of Total Market Capitalization:
Common shares outstanding at December 31, 2015 multiplied by closing price at December 31, 2015						$	3,555,162
Aggregate liquidation value of Series C preferred shares (2)						135,000
Aggregate liquidation value of Series E preferred shares (2)						86,250
Aggregate liquidation value of Series F preferred shares (2)						125,000
Total debt at December 31, 2015						1,981,920
Total consolidated market capitalization						$	5,883,332
(1) Total monthly dividends declared in the fourth quarter of 2015 were $0.9075 per share.
(2) Excludes accrued unpaid dividends at December 31, 2015

15

EPR Properties
Summary of Ratios
(Unaudited)
	4th Quarter 2015	3rd Quarter 2015	2nd Quarter 2015	1st Quarter 2015	4th Quarter 2014	3rd Quarter 2014
Debt to total assets (book value)	47%	48%	48%	47%	44%	44%
Debt to total market capitalization	34%	37%	36%	33%	31%	33%
Debt to gross assets	42%	43%	43%	42%	39%	39%
Debt/Adjusted EBITDA - continuing operations (1)	5.06	5.30	5.50	5.36	4.47	4.67
Debt/Adjusted EBITDA - continuing and discontinued operations (1)	5.06	5.29	5.50	5.37	4.44	4.67
Secured debt to secured assets	55%	64%	68%	62%	69%	65%
Unencumbered real estate assets to total real estate assets (2)	89%	89%	86%	84%	84%	82%
Interest coverage ratio (3)	3.9	3.7	3.5	3.6	4.0	3.7
Fixed charge coverage ratio (3)	3.1	3.0	2.8	2.9	3.1	2.9
Debt service coverage ratio (3)	3.5	3.3	3.0	3.1	3.4	3.2
FFO payout ratio (4)	77%	79%	81%	162%	78%	86%
FFO as adjusted payout ratio (5)	78%	78%	84%	88%	76%	79%
AFFO payout ratio (6)	80%	80%	88%	94%	81%	82%
(1) Adjusted EBITDA is for the quarter annualized. See pages 32 through 34 for definitions.
(2) Total real estate assets includes rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.
(3) See page 17 for detailed calculation.
(4) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(5) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

16

EPR Properties
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)
	4th Quarter 2015			3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014
Interest Coverage Ratio (1):
Net income	$	52,750		$	50,195		$	48,766		$	42,821		$	52,635		$	42,705
Provision for loan losses	—			—			—			—			—			3,777
Transaction costs	700			783			4,429			1,606			1,131			369
Interest expense, gross	25,076			25,300			25,164			22,947			22,560			22,898
Retirement severance expense	—			—			—			18,578			—			—
Depreciation and amortization	24,915			23,498			21,849			19,355			17,989			17,421
Share-based compensation expense
to management and trustees	2,290			2,161			2,085			1,972			1,918			2,313
Costs associated with loan refinancing
or payoff	9			18			243			—			301			—
Interest cost capitalized	(4,283		)	(4,771		)	(5,145		)	(4,348		)	(2,543		)	(2,085		)
Straight-line rental revenue	(3,267		)	(2,738		)	(3,211		)	(2,943		)	(3,515		)	(2,932		)
Loss (gain) on sale of real estate	—			95			—			(23,924		)	(879		)	—
Deferred income tax expense (benefit)	(1,366		)	53			(6,711		)	6,888			184			363
Interest coverage amount	$	96,824		$	94,594		$	87,469		$	82,952		$	89,781		$	84,829
Interest expense, net	$	20,792		$	20,529		$	20,007		$	18,587		$	20,015		$	20,801
Interest income	1			—			12			12			2			12
Interest cost capitalized	4,283			4,771			5,145			4,348			2,543			2,085
Interest expense, gross	$	25,076		$	25,300		$	25,164		$	22,947		$	22,560		$	22,898
Interest coverage ratio	3.9			3.7			3.5			3.6			4.0			3.7
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	96,824		$	94,594		$	87,469		$	82,952		$	89,781		$	84,829
Interest expense, gross	$	25,076		$	25,300		$	25,164		$	22,947		$	22,560		$	22,898
Preferred share dividends	5,951			5,951			5,952			5,952			5,951			5,952
Fixed charges	$	31,027		$	31,251		$	31,116		$	28,899		$	28,511		$	28,850
Fixed charge coverage ratio	3.1			3.0			2.8			2.9			3.1			2.9
Debt Service Coverage Ratio (1):
Interest coverage amount	$	96,824		$	94,594		$	87,469		$	82,952		$	89,781		$	84,829
Interest expense, gross	$	25,076		$	25,300		$	25,164		$	22,947		$	22,560		$	22,898
Recurring principal payments	2,900			3,363			3,560			3,711			3,654			3,590
Debt service	$	27,976		$	28,663		$	28,724		$	26,658		$	26,214		$	26,488
Debt service coverage ratio	3.5			3.3			3.0			3.1			3.4			3.2
(1) See pages 32 through 34 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement. See Appendix on pages 35 through 40 for reconciliations of certain non-GAAP financial measures.

17

EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)
Summary of Mortgage Notes Receivable
	December 31, 2015		December 31, 2014
Mortgage note, 10.00%, borrower exercised conversion option on August 1, 2015	$	—	$	70,114
Mortgage note, 9.00%, paid October 1, 2015	—		1,164
Mortgage note and related accrued interest receivable, 10.00%, paid in full November 10, 2015	—		2,521
Mortgage note and related accrued interest receivable, 9.00%, due March 31, 2016	1,257		1,149
Mortgage note receivable, 5.50%, due November 1, 2016	2,500		2,500
Mortgage note receivable and related accrued interest receivable, 9.00%, due March 11, 2017	1,454		—
Mortgage notes and related accrued interest receivable, 7.00% to 10.00%, due May 1, 2019	164,543		191,116
Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032	36,032		36,032
Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032	19,944		19,795
Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032	22,188		22,188
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	5,469		5,598
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	30,680		28,788
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033	3,488		3,471
Mortgage note, 11.31%, due July 1, 2033	12,781		13,005
Mortgage note and related accrued interest receivable, 8.50%, due June 30, 2034	4,900		4,870
Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034	12,392		12,082
Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034	51,450		51,450
Mortgage notes, 10.13%, due December 1, 2034	37,562		37,562
Mortgage notes, 10.40%, due December 1, 2034	4,550		4,550
Mortgage note and related accrued interest receivable, 10.25%, due July 1, 2036	9,147		—
Mortgage note and related accrued interest receivable, 9.75%, due October 1, 2036	3,443		—
Total mortgage notes and related accrued interest receivable	$	423,780	$	507,955
Payments Due on Mortgage Notes Receivable
	As of December 31, 2015
Year:
2016	$	5,960
2017	2,268
2018	902
2019	165,546
2020	1,112
Thereafter	247,992
Total	$	423,780

18

EPR Properties
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)
2015 Capital Spending:
Description	Location	Operating Segment	Capital Spending Three Months Ended December 31, 2015		Capital Spending Year Ended December 31, 2015
Development and redevelopment of megaplex theatres	various	Entertainment	$	10,246	$	25,392
Acquisition of megaplex theatres	various	Entertainment	9,254		63,691
Development of other entertainment and retail projects	various	Entertainment	3,724		17,022
Investment in mortgage notes receivable for public charter schools	various	Education	34		3,858
Acquisition and development of public charter school properties	various	Education	16,685		100,716
Acquisition and development of early childhood education centers	various	Education	27,445		94,508
Development of private school properties	various	Education	8,936		73,838
Acquisition and development of ski resort	Wintergreen, VA	Recreation	—		21,865
Improvements at Wisp ski resort	McHenry, MD	Recreation	—		240
Development of TopGolf golf entertainment facilities	various	Recreation	41,387		161,247
Development of Camelback Mountain Resort	Tannersville, PA	Recreation	—		46,080
Additions to mortgage note receivable for development of excess land at Schlitterbahn waterpark	various	Recreation	1,364		11,475
Investment in waterpark hotel for casino and resort project	Sullivan County, NY	Recreation	271		271
Investment in casino and resort project	Sullivan County, NY	Other	3,176		11,818
Total investment spending			$	122,522	$	632,021
Infrastructure spending for casino and resort project (1)	Sullivan County, NY	Other	13,381		26,030
Other capital acquisitions, net	various		1,227		2,903
Total capital spending			$	137,130	$	660,954
2015 Dispositions:
Description	Location	Date of Disposition	Net Sales Proceeds
Sale of megaplex theatre property	Los Angeles, CA	January 2015	$	42,709
Sale of land adjacent to public charter school investment	Queen Creek, AZ	March 2015	1,081
Sale of public charter school property	Pittsburgh, PA	May 2015	4,741
Sale of land adjacent to megaplex theatre property	Warrenville, IL	July 2015	2,202
Sale of land adjacent to megaplex theatre property	Cincinnati, OH	December 2015	726

(1) Infrastructure spending for the Adelaar casino and resort project is expected to be financed primarily through the issuance of tax-exempt public infrastructure bonds. Total infrastructure spending through December 31, 2015 is $28.8 million.

19

EPR Properties
Property Under Development - Investment Spending Estimates at December 31, 2015 (1)
(Unaudited, dollars in thousands)
	December 31, 2015			Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects	1st Quarter 2016		2nd Quarter 2016		3rd Quarter 2016		4th Quarter 2016		Thereafter		Total Expected Cost (2)		% Leased
Entertainment	$	12,056	4	$	5,143	$	4,343	$	2,284	$	—	$	7,244	$	31,070	100%
Education	112,794		26	57,452		58,519		49,088		34,123		23,924		335,900		100%
Recreation (3)	59,414		4	14,400		14,400		17,400		16,233		52,486		174,333		100%
Total Build-to-Suit	184,264		34	$	76,995	$	77,262	$	68,772	$	50,356	$	83,654	$	541,303
Non Build-to-Suit Development	11,608
Adelaar (4)	183,048
Total Property Under Development	$	378,920
			December 31, 2015	Owned Build-to-Suit In-Service Estimates
			# of Projects	1st Quarter 2016		2nd Quarter 2016		3rd Quarter 2016		4th Quarter 2016		Thereafter		Total In-Service (2)		Actual In-Service 4th Quarter 2015
Entertainment			4	$	22,570	$	—	$	8,500	$	—	$	—	$	31,070	$	20,961
Education			26	30,538		38,532		64,776		157,772		44,282		335,900		25,007
Recreation			4	—		—		64,333		—		110,000		174,333		48,989
Total Build-to-Suit			34	$	53,108	$	38,532	$	137,609	$	157,772	$	154,282	$	541,303	$	94,957
	December 31, 2015			Mortgage Build-to-Suit Spending Estimates
	Mortgage Notes Receivable		# of Projects	1st Quarter 2016		2nd Quarter 2016		3rd Quarter 2016		4th Quarter 2016		Thereafter		Total Expected Cost (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Education	4,900		1	1,086		1,086		362		—		1,042		8,476
Recreation	12,590		2	6,083		8,675		5,250		2,927		—		35,525
Total Build-to-Suit Mortgage Notes	17,490		3	$	7,169	$	9,761	$	5,612	$	2,927	$	1,042	$	44,001
Non Build-to-Suit Mortgage Notes	406,290
Total Mortgage Notes Receivable	$	423,780
(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of December 31, 2015.
(2) "Total Expected Cost" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Recreation includes costs related to waterpark hotel at Adelaar.
(4) Adelaar property under development excludes $38.8 million in costs related to waterpark hotel and includes $28.8 million expected to be reimbursed through the issuance of tax-exempt public infrastructure bonds.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.

20

EPR Properties
Financial Information by Asset Type
For the Three Months Ended December 31, 2015
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	59,489		$	16,552		$	14,539		$	—		$	90,580		$	—		$	90,580
Tenant reimbursements	4,334			—			—			—			4,334			—			4,334
Other income	8			—			—			1			9			1,204			1,213
Mortgage and other financing income	1,781			7,566			6,451			63			15,861			—			15,861
Total revenue	65,612			24,118			20,990			64			110,784			1,204			111,988
Property operating expense	5,721			—			—			89			5,810			—			5,810
Other expense	—			—			—			115			115			—			115
Total investment expenses	5,721			—			—			204			5,925			—			5,925
General and administrative expense	—			—			—			—			—			8,101			8,101
Transaction costs	—			—			—			—			—			700			700
EBITDA - continuing operations	$	59,891		$	24,118		$	20,990		$	(140	)	$	104,859		$	(7,597	)	$	97,262
	57		%	23		%	20		%	—		%	100		%
Add: transaction costs																700			700
Adjusted EBITDA - continuing operations																			97,962
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(9		)	(9		)
Interest expense, net																(20,792		)	(20,792		)
Transaction costs																(700		)	(700		)
Depreciation and amortization																(24,915		)	(24,915		)
Equity in income from joint ventures																268			268
Income tax benefit																936			936
Net income attributable to EPR Properties																			52,750
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	46,799

21

EPR Properties
Financial Information by Asset Type
For the Year Ended December 31, 2015
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	238,896		$	51,439		$	40,551		$	—		$	330,886		$	—		$	330,886
Tenant reimbursements	16,343			—			—			(23		)	16,320			—			16,320
Other income	512			—			—			119			631			2,998			3,629
Mortgage and other financing income	7,127			30,622			32,080			353			70,182			—			70,182
Total revenue	262,878			82,061			72,631			449			418,019			2,998			421,017
Property operating expense	23,120			—			—			313			23,433			—			23,433
Other expense	—			—			—			648			648			—			648
Total investment expenses	23,120			—			—			961			24,081			—			24,081
General and administrative expense	—			—			—			—			—			31,021			31,021
Transaction costs	—			—			—			—			—			7,518			7,518
Retirement severance expense	—			—			—			—			—			18,578			18,578
EBITDA - continuing operations	$	239,758		$	82,061		$	72,631		$	(512	)	$	393,938		$	(54,119	)	$	339,819
	61		%	21		%	18		%	—		%	100		%
Add: transaction costs																7,518			7,518
Add: retirement severance expense																18,578			18,578
Adjusted EBITDA - continuing operations																			365,915
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(270		)	(270		)
Interest expense, net																(79,915		)	(79,915		)
Transaction costs																(7,518		)	(7,518		)
Retirement severance expense																(18,578		)	(18,578		)
Depreciation and amortization																(89,617		)	(89,617		)
Equity in income from joint ventures																969			969
Gain on sale of real estate																23,829			23,829
Income tax expense																(482		)	(482		)
Discontinued operations:
Income from discontinued operations																199			199
Net income attributable to EPR Properties																			194,532
Preferred dividend requirements																(23,806		)	(23,806		)
Net income available to common shareholders of EPR Properties																			$	170,726

22

EPR Properties
Financial Information by Asset Type
For the Three Months Ended December 31, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	60,489		$	9,387		$	5,840		$	198		$	75,914		$	—		$	75,914
Tenant reimbursements	4,285			—			—			23			4,308			—			4,308
Other income	1			—			—			32			33			270			303
Mortgage and other financing income	1,776			7,708			14,563			97			24,144			—			24,144
Total revenue	66,551			17,095			20,403			350			104,399			270			104,669
Property operating expense	6,730			—			—			231			6,961			—			6,961
Other expense	—			—			—			206			206			—			206
Total investment expenses	6,730			—			—			437			7,167			—			7,167
General and administrative expense	—			—			—			—			—			6,306			6,306
Transaction costs	—			—			—			—			—			1,131			1,131
EBITDA - continuing operations	$	59,821		$	17,095		$	20,403		$	(87	)	$	97,232		$	(7,167	)	$	90,065
	62		%	17		%	21		%	—		%	100		%
Add: transaction costs																1,131			1,131
Adjusted EBITDA - continuing operations																			91,196
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(301		)	(301		)
Interest expense, net																(20,015		)	(20,015		)
Transaction costs																(1,131		)	(1,131		)
Depreciation and amortization																(17,989		)	(17,989		)
Equity in income from joint ventures																395			395
Gain on sale of real estate																879			879
Income tax expense																(896		)	(896		)
Discontinued operations:
Income from discontinued operations																497			497
Net income attributable to EPR Properties																			52,635
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	46,684

23

EPR Properties
Financial Information by Asset Type
For the Year Ended December 31, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	237,429		$	27,874		$	20,368		$	1,002		$	286,673		$	—		$	286,673
Tenant reimbursements	17,640			—			—			23			17,663			—			17,663
Other income (loss)	(6		)	—			—			315			309			700			1,009
Mortgage and other financing income	7,056			31,488			40,775			387			79,706			—			79,706
Total revenue	262,119			59,362			61,143			1,727			384,351			700			385,051
Property operating expense	24,143			—			—			754			24,897			—			24,897
Other expense	—			—			—			771			771			—			771
Total investment expenses	24,143			—			—			1,525			25,668			—			25,668
General and administrative expense	—			—			—			—			—			27,566			27,566
Transaction costs	—			—			—			—			—			2,452			2,452
Provision for loan loss	—			—			—			—			—			3,777			3,777
EBITDA - continuing operations	$	237,976		$	59,362		$	61,143		$	202		$	358,683		$	(33,095	)	$	325,588
	66		%	17		%	17		%	—		%	100		%
Add: transaction costs																2,452			2,452
Add: provision for loan loss reserve																3,777			3,777
Adjusted EBITDA - continuing operations																			331,817
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(301		)	(301		)
Interest expense, net																(81,270		)	(81,270		)
Transaction costs																(2,452		)	(2,452		)
Provision for loan loss																(3,777		)	(3,777		)
Depreciation and amortization																(66,739		)	(66,739		)
Equity in income from joint ventures																1,273			1,273
Gain on sale of real estate																1,209			1,209
Gain on sale of investment in a direct financing lease																220			220
Income tax expense																(4,228		)	(4,228		)
Discontinued operations:
Income from discontinued operations																505			505
Transaction (costs) benefit																3,376			3,376
Net income attributable to EPR Properties																			179,633
Preferred dividend requirements																(23,807		)	(23,807		)
Net income available to common shareholders of EPR Properties																			$	155,826

24

EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)
	For the Three Months Ended December 31, 2015								For the Year Ended December 31, 2015
	Entertainment (1)			Other		Consolidated			Entertainment (1)			Other			Consolidated
Tenant reimbursements	$	—		$	—	$	—		$	68		$	—		$	68
Other income	—			—		—			172			—			172
Total revenue	—			—		—			240			—			240
Property operating expense	—			—		—			12			—			12
Total investment expenses	—			—		—			12			—			12
EBITDA and Adjusted EBITDA - discontinued operations	$	—		$	—	$	—		$	228		$	—		$	228
Reconciliation to Consolidated Statements of Income:
Income tax expense						—									(29		)
Income from discontinued operations						$	—								$	199
	For the Three Months Ended December 31, 2014								For the Year Ended December 31, 2014
	Entertainment (1)			Other		Consolidated			Entertainment (1)			Other			Consolidated
Rental revenue	$	—		$	—	$	—		$	3		$	—		$	3
Total revenue	—			—		—			3			—			3
Property operating expense (benefit)	(497		)	—		(497		)	(484		)	—			(484		)
Other expense (benefit)	—			—		—			—			(18		)	(18		)
Total investment expenses	(497		)	—		(497		)	(484		)	(18		)	(502		)
Transaction costs (benefit)	—			—		—			(3,376		)	—			(3,376		)
EBITDA - discontinued operations	$	497		$	—	$	497		$	3,863		$	18		$	3,881
Add: transaction costs (benefit)						—									(3,376		)
Adjusted EBITDA - discontinued operations						$	497								$	505
Reconciliation to Consolidated Statements of Income:
Transaction costs (benefit)						—									3,376
Income from discontinued operations						$	497								$	3,881

(1) For each of the three months and years ended December 31, 2015 and 2014 primarily relates to the settlement of escrow reserves and post closing adjustments associated with the sale of Toronto Dundas Square. Additionally, for the year ended December 31, 2014, transaction costs (benefit) consists of a reversal of a liability that was established with the March 4, 2010 acquisition of Toronto Dundas Square. This liability was reversed as the related payment is not expected to occur.

25

EPR Properties
Investment Information by Asset Type
As of December 31, 2015 and 2014
(Unaudited, dollars in thousands)
		As of December 31, 2015
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,849,604		$	597,795		$	577,800		$	—		$	3,025,199
Add back accumulated depreciation on rental properties		487,823			23,879			22,601			—			534,303
Land held for development		4,457			1,258			—			17,895			23,610
Property under development		23,625			112,794			59,453			183,048			378,920
Mortgage notes and related accrued interest receivable, net		58,220			79,584			283,476			2,500			423,780
Investment in a direct financing lease, net		—			190,880			—			—			190,880
Investment in joint ventures		6,168			—			—			—			6,168
Intangible assets, gross (1)		20,715			—			—			—			20,715
Notes receivable and related accrued interest receivable, net (1)		2,228			—			—			—			2,228
	Total investments (2)	$	2,452,840		$	1,006,190		$	943,330		$	203,443		$	4,605,803
	% of total investments	53		%	22		%	21		%	4		%	100		%
		As of December 31, 2014
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,851,285		$	354,182		$	246,067		$	—		$	2,451,534
Add back accumulated depreciation on rental properties		442,827			11,086			11,747			—			465,660
Land held for development		4,457			—			—			201,544			206,001
Property under development		25,321			86,436			70,041			—			181,798
Mortgage notes and related accrued interest receivable, net		58,220			76,917			367,797			5,021			507,955
Investment in a direct financing lease, net		—			199,332			—			—			199,332
Investment in joint ventures		5,738			—			—			—			5,738
Intangible assets, gross (1)		20,796			—			—			—			20,796
Notes receivable and related accrued interest receivable, net (1)		2,069			—			—			—			2,069
	Total investments (2)	$	2,410,713		$	727,953		$	695,652		$	206,565		$	4,040,883
	% of total investments	60		%	18		%	17		%	5		%	100		%
(1) Included in other assets in the consolidated balance sheets as of December 31, 2015 and 2014 in the Company's Annual Report on Form 10-K. Reconciliation is as follows:
		12/31/2015			12/31/2014
Intangible assets, gross		$	20,715		$	20,796
Less: accumulated amortization on intangible assets		(12,079		)	(12,290		)
Notes receivable and related accrued interest receivable, net		2,228			2,069
Prepaid expenses and other current assets		78,993			55,516
Total other assets		$	89,857		$	66,091
(2) See pages 32 and 34 for definitions.

26

EPR Properties
Lease Expirations
As of December 31, 2015
(Unaudited, dollars in thousands)
	Megaplex Theatres						Education Portfolio						Recreation Portfolio
Year	Total Number of Properties		Rental Revenue for the Year Ended December 31, 2015 (1)		% of Total Revenue		Total Number of Properties		Financing Income/Rental Revenue for the Year Ended December 31, 2015		% of Total Revenue		Total Number of Properties	Rental Revenue for the Year Ended December 31, 2015		% of Total Revenue
2016	4		$	9,253	2	%	1		$	236	—	%	—	$	—	—	%
2017	4		7,377		2	%	1		1,294		—	%	—	—		—	%
2018	16		26,462		6	%	—		—		—	%	—	—		—	%
2019	5		12,621		3	%	—		—		—	%	—	—		—	%
2020	8		14,006		3	%	—		—		—	%	—	—		—	%
2021	5		7,568		2	%	—		—		—	%	—	—		—	%
2022	12		22,299		5	%	—		—		—	%	—	—		—	%
2023	5		10,540		3	%	—		—		—	%	—	—		—	%
2024	14		27,776		7	%	—		—		—	%	—	—		—	%
2025	8		14,167		3	%	—		—		—	%	—	—		—	%
2026	6		10,767		3	%	—		—		—	%	—	—		—	%
2027	13	(2)	15,028		4	%	—		—		—	%	1	2,896		1	%
2028	4		6,104		1	%	—		—		—	%	—	—		—	%
2029	16	(3)	16,201		4	%	—		—		—	%	—	—		—	%
2030	1		742		—	%	—		—		—	%	—	—		—	%
2031	5	(4)	6,981		2	%	11	(5)	7,703		2	%	—	—		—	%
2032	3		2,047		—	%	13	(6)	17,062		4	%	3	4,506		1	%
2033	6		4,536		1	%	16	(7)	16,464		4	%	1	1,676		—	%
2034	2		1,977		—	%	15		18,638		5	%	6	10,638		3	%
2035	2		74		—	%	24	(8)	13,000		3	%	11	20,834		5	%
Thereafter	—		—		—		2		204		—	%	—	—		—	%
	139		$	216,526	51	%	83		$	74,601	18	%	22	$	40,550	10	%
Note: This schedule relates to owned megaplex theatres, public charter schools, early education centers, private schools, ski parks and golf entertainment complexes only, which together represent approximately 79% of total revenue for the year ended December 31, 2015. This schedule excludes properties under construction, land held for development and investments in mortgage notes receivable.
(1) Consists of rental revenue and tenant reimbursements.
(2) Eleven of these theatre properties are leased under a master lease.
(3) Fifteen of these theatre properties are leased under a master lease.
(4) Four of these theatre properties are leased under a master lease.
(5) Four of these education properties are leased under a master lease to Imagine.
(6) Five of these education properties are leased under a master lease to Imagine.
(7) Nine of these education properties are leased under a master lease to Imagine.
(8) Three of these education properties are leased under a master lease to Imagine.

27

EPR Properties
Top Ten Customers by Revenue from Continuing Operations
(Unaudited, dollars in thousands)
			Total Revenue For The			Total Revenue For The
			Three Months Ended		Percentage of	Year Ended		Percentage of
	Customers	Asset Type	December 31, 2015		Total Revenue	December 31, 2015		Total Revenue
1.	AMC Theatres	Entertainment	$	21,753	20%	$	86,063	20%
2.	Regal Entertainment Group	Entertainment	10,493		9%	41,032		10%
3.	Topgolf	Recreation	8,766		8%	24,460		6%
4.	Cinemark	Entertainment	8,290		7%	33,285		8%
5.	Imagine Schools	Education	5,721		5%	23,385		5%
6.	Carmike Cinemas	Entertainment	4,887		4%	19,451		4%
7.	Camelback Resort	Recreation	4,774		4%	16,858		4%
8.	Schlitterbahn	Recreation	3,442		3%	15,515		4%
9.	Southern Theatres	Entertainment	3,147		3%	12,423		3%
10.	Peak Resorts	Recreation	2,788		3%	11,149		3%
	Total		$	74,061	66%	$	283,621	67%

28

EPR Properties
Net Asset Value (NAV) Components
As of December 31, 2015
(Unaudited, dollars in thousands)
Annualized Cash Net Operating Income (NOI) Run Rate (for NAV calculations) (1)
	Owned		Financed		Total
Megaplex	$	190,744	$	1,072	$	191,816
ERC's/Retail	43,196		2,244		45,440
Other Entertainment	2,880		3,808		6,688
Entertainment	236,820		7,124		243,944
Public Charter Schools	33,836		26,364		60,200
Early Childhood Education	10,080		—		10,080
Private Schools	12,488		—		12,488
Education	56,404		26,364		82,768
Ski Areas	9,376		9,852		19,228
Waterparks	15,408		15,168		30,576
Golf Entertainment Complexes	32,780		2,520		35,300
Recreation	57,564		27,540		85,104
Annualized cash NOI run rate	$	350,788	$	61,028	$	411,816
Other NAV Components
Assets			Liabilities
Property under development	$	378,920	Long-term debt (2)				$	2,000,209
Land held for development	23,610		Preferred shares liquidation preference				346,250
Investment in joint ventures	6,168		Accounts payable and accrued liabilties				92,178
Cash and cash equivalents	4,283		Common dividends payable				18,401
Restricted cash	10,578		Preferred dividends payable				5,951
Accounts receivable, net (3)	6,765		Unearned rents and interest (4)				17,739
Prepaid expenses and other current assets (5)	68,122

(1) See pages 32 through 34 for definitions and see Appendix on pages 35 through 40 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended December 31, 2015.

(2) Excludes deferred financing costs, net of $18.3 million.

(3) Excludes straight-line receivable of $52.3 million.

(4) Excludes deferred rent liabilities related to portions of rental properties funded by tenants of $15.3 million and cash paid by tenants during construction of $11.9 million.

(5) Excludes deferred tax assets of $10.9 million.

29

EPR Properties
Annualized GAAP Net Operating Income
As of December 31, 2015
(Unaudited, dollars in thousands)
Annualized GAAP Net Operating Income (NOI) Run Rate (1)
	Owned		Financed		Total
Megaplex	$	191,396	$	1,072	$	192,468
ERC's/Retail	41,492		2,244		43,736
Other Entertainment	2,924		3,808		6,732
Entertainment	235,812		7,124		242,936
Public Charter Schools	41,992		30,264		72,256
Early Childhood Education	11,332		—		11,332
Private Schools	13,644		—		13,644
Education	66,968		30,264		97,232
Ski Areas	9,652		9,852		19,504
Waterparks	15,408		15,304		30,712
Golf Entertainment Complexes	32,780		2,520		35,300
Recreation	57,840		27,676		85,516
Annualized GAAP NOI run rate	$	360,620	$	65,064	$	425,684

(1) See pages 32 through 34 for definitions and see Appendix on pages 35 through 40 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended December 31, 2015.

30

EPR Properties

Guidance

(Dollars in millions except for per share information)

Measure	2016 Guidance
	Current			Prior
Investment spending	$600.0	to	$650.0	$	600.0	to	$650.0
Disposition proceeds	$75.0	to	$175.0	$75.0		to	$175.0
Prepayment penalties - public charter schools (2)	$3.6			n/a
Termination fees - public charter schools (3)	$2.4	to	$5.4	$5.0		to	$7.0
Percentage rent	$3.4	to	$4.2	$3.4		to	$4.2
Participating interest income	$1.2	to	$1.6	$1.2		to	$1.6
General and administrative expense	$34.0	to	$35.0	$34.0		to	$35.0
FFO per diluted share	$4.61	to	$4.67	$4.66		to	$4.76
FFO as adjusted per diluted share	$4.70	to	$4.80	$4.70		to	$4.80
Reconciliation from Net income available to common shareholders of EPR Properties (per diluted share):	2016 Current Guidance
Net income available to common shareholders of EPR Properties	$3.05	to	$3.15
Gain on sale of real estate (excluding land sales) (3)	$(0.04)	to	$(0.08)
Real estate depreciation and amortization	1.60
Allocated share of joint venture depreciation	—
FFO available to common shareholders of EPR Properties (1)	$4.61	to	$4.67
Costs associated with loan refinancing or payoff	0.01
Transaction costs	0.04
Termination fees - public charter schools (3)	$0.04	to	$0.08
Deferred income tax expense	—
FFO as adjusted available to common shareholders of EPR Properties (1)	$4.70	to	$4.80

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.

(1) Per share results include the effect, if necessary, of the conversion of the 5.75% Series C cumulative convertible preferred shares.

(2) Prepayment penalties received related to mortgage agreements are included in mortgage and other financing income per GAAP and are included in FFO and FFO as adjusted. Prepayment penalties for prior 2016 guidance were included in termination fees.

(3) Termination fees received related to leases where an operator exercises its option to purchase the property and terminate the lease prior to the lease maturity are included in gain on sale of real estate per GAAP and are excluded from FFO (in accordance with the NAREIT definition) but then included in FFO as adjusted. Including in FFO as adjusted is consistent with how prepayment penalties received are treated related to the prepayment of mortgage agreements.

31

EPR Properties

Definitions-Non-GAAP Financial Measures

EBITDA AND ADJUSTED EBITDA

EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. Management uses EBITDA in its analysis of the business and operations of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA - continuing operations as the sum of net income plus costs (gain) associated with loan refinancing or payoff, net, interest expense (net), depreciation and amortization, less gain on sale or acquisition of real estate, gain on early extinguishment of debt, equity in income from joint ventures, gain on previously held equity interest, income tax expense or benefit and discontinued operations. EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations. Adjusted EBITDA - continuing operations is presented to also add back the effect of non-cash impairment charges, retirement severance expense, the provision for loan losses and transaction costs (benefit). Adjusted EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations.

The Company’s method of calculating EBITDA and Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and Adjusted EBITDA do not represent cash generated from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

NET OPERATING INCOME ("NOI") AND CASH NOI RUN RATES

NOI is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. Management uses NOI in its analysis of the operations and valuation of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of the operating performance of the Company's investments, such as gains (or losses) from sales of property, depreciation and amortization, and general and administrative expense, and is used in computing various financial ratios as a measure of operational performance. The Company computes NOI by adding back to Adjusted EBITDA - Continuing Operations the impact of general and administrative expense and corporate/unallocated and other.

Quarterly Cash NOI Run Rate is computed by taking quarterly NOI and making adjustments for in-service, percentage rent/participating interest and non-cash revenue to provide a quarterly cash run rate of such measure. Quarterly Cash NOI Run Rate multiplied by four equals Annualized Cash NOI Run Rate.

Quarterly GAAP NOI Run Rate is computed by taking quarterly NOI and making adjustments for in-service and percentage rent/participating interest. Quarterly GAAP NOI Run Rate multiplied by four equals Annualized GAAP NOI Run Rate.

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales [or acquisitions] of depreciable operating properties and impairment losses of depreciable real

32

estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. In addition, we present FFO as adjusted by adding to FFO costs (gains) associated with loan refinancing or payoff, net, transaction costs (benefit), retirement severance expense, provision for loan losses, preferred share redemption costs and termination fees associated with tenants' exercises of public charter school buy-out options and by subtracting gain on early extinguishment of debt, gain (loss) on sale of land and deferred income tax benefit (expense). FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, we present AFFO by adding to FFO provision for loan losses, transaction costs (benefit), retirement severance expense, non-real estate depreciation and amortization, deferred financing fees amortization, costs (gain) associated with loan refinancing or payoff, net, share-based compensation expense to management and trustees, amortization of above market leases, net, preferred share redemption costs, and termination fees associated with tenants' exercises of public charter school buy-out options; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue, the non-cash portion of mortgage and other financing income, gain (loss) on sale of land and deferred income tax benefit (expense). AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. We calculate the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs (benefit), interest expense, gross (including interest expense in discontinued operations), retirement severance expense, depreciation and amortization, share-based compensation expense to management and trustees and costs (gain) associated with loan refinancing or payoff, net; subtracting interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt, gain (loss) on sale or acquisition of real estate from continuing and discontinued operations, gain on previously held equity interest and deferred income tax benefit (expense). We calculated interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. We consider the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. Our calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

FIXED CHARGE COVERAGE RATIO

The fixed charge coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and preferred share dividends are also added to the denominator. We consider the fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred share dividend payments and management believes it is useful to investors in this regard. Our calculation of the fixed

33

charge coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

DEBT SERVICE COVERAGE RATIO

The debt service coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and recurring principal payments are also added to the denominator. We consider the debt service coverage ratio to be an appropriate supplemental measure of a company’s ability to make its debt service payments and management believes it is useful to investors in this regard. Our calculation of the debt service coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

TOTAL INVESTMENTS

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of rental properties (before accumulated depreciation), rental properties held for sale (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment in a direct financing lease, net, investment in joint ventures, intangible assets, gross (included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested.

34

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Fourth Quarter and Year Ended December 31, 2015

35

EPR Properties
Reconciliation of Interest Coverage Amount to Net Cash Provided by Operating Activities
(Unaudited, dollars in thousands)
The interest coverage amount per the table on page 17 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used in investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	4th Quarter 2015			3rd Quarter 2015			2nd Quarter 2015			1st Quarter 2015			4th Quarter 2014			3rd Quarter 2014
Net cash provided by operating activities	$	93,638		$	64,415		$	62,889		$	57,518		$	82,087		$	53,854
Equity in income from joint ventures	268			339			198			164			395			300
Distributions from joint ventures	(540		)	—			—			—			—			(810		)
Amortization of deferred financing costs	(1,163		)	(1,156		)	(1,173		)	(1,096		)	(1,090		)	(1,082		)
Amortization of above market leases, net	(47		)	(48		)	(49		)	(48		)	(48		)	(48		)
Increase (decrease) in mortgage notes and related accrued interest receivable	(1,332		)	2,456			2,410			599			1,674			2,087
Increase (decrease) in restricted cash	(1,923		)	373			197			(730		)	(1,486		)	(1,181		)
Increase (decrease) in accounts receivable, net	3,303			(805		)	6,981			1,865			3,124			2,052
Increase in direct financing lease receivable	851			826			948			934			782			529
Increase (decrease) in other assets	(2,744		)	344			(834		)	2,891			(664		)	(616		)
Decrease (increase) in accounts payable and accrued liabilities	(8,406		)	8,697			(3,437		)	(2,529		)	(12,711		)	8,101
Decrease (increase) in unearned rents and interest	(3,307		)	579			(1,898		)	(6,079		)	85			3,393
Straight-line rental revenue	(3,267		)	(2,738		)	(3,211		)	(2,943		)	(3,515		)	(2,932		)
Interest expense, gross	25,076			25,300			25,164			22,947			22,560			22,898
Interest cost capitalized	(4,283		)	(4,771		)	(5,145		)	(4,348		)	(2,543		)	(2,085		)
Transaction costs	700			783			4,429			1,606			1,131			369
Retirement severance expense (cash portion)	—			—			—			12,201			—			—
Interest coverage amount (1)	$	96,824		$	94,594		$	87,469		$	82,952		$	89,781		$	84,829
(1) See pages 32 through 34 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

36

EPR Properties

Reconciliations of Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate

Net Operating Income ("NOI"), Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate as used on pages 29 and 30 are non-GAAP financial measures and should not be considered as alternatives to net income (loss) in accordance with GAAP as indications of our performance or to cash flows as a measure of our liquidity. The tables on pages 38 through 39 provide reconciliations of these non-GAAP measures with respect to each segment and property type, and should be read in conjunction with the reconciliations on page 21 of our segment EBITDA - continuing operations to our net income.

The following explanatory notes apply to the tables on pages 38 through 40.

(1) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on p.21.

(2) Adjustments for properties commencing or terminating GAAP net operating income during the quarter.

(3) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing 12 month amount divided by 4.

(4) Adjustments for properties commencing or terminating cash payments during the quarter, as well as in-service projects with only straight-line revenue.

(5) Adjustments to income from mortgages receivable to be consistent with end of quarter balance.

37

EPR Properties
Reconciliation of Net Asset Value (NAV) Components
(Unaudited, dollars in thousands)
Annualized Net Operating Income (NOI) Run Rates - Owned Properties (for NAV calculations)
For the three months ended December 31, 2015
	Entertainment										Education												Recreation
	Megaplex			ERC's/Retail		Other Entertainment			Entertainment Total		Public Charter Schools			Early Childhood Education			Private Schools			Education Total			Ski Areas			Waterparks		Golf Entertainment Complexes			Recreation Total			Corporate/unallocated and other			Total
Total revenue	$	47,777		$	15,383	$	671		$	63,831	$	10,505		$	2,426		$	3,621		$	16,552		$	2,467		$	3,852	$	8,220		$	14,539		$	1,205		$	96,127
Property operating expense	379			5,045		297			5,721		—			—			—			—			—			—		—			—			89			5,810
Other expense	—			—		—			—		—			—			—			—			—			—		—			—			115			115
Total investment expense	379			5,045		297			5,721		—			—			—			—			—			—		—			—			204			5,925
General and administrative expense	—			—		—			—		—			—			—			—			—			—		—			—			8,101			8,101
Transaction costs	—			—		—			—		—			—			—			—			—			—		—			—			700			700
EBITDA-continuing operations	$	47,398		$	10,338	$	374		$	58,110	$	10,505		$	2,426		$	3,621		$	16,552		$	2,467		$	3,852	$	8,220		$	14,539		$	(7,800	)	$	81,401
Add: transaction costs	—			—		—			—		—			—			—			—			—			—		—			—			700			700
Adjusted EBITDA-continuing operations	$	47,398		$	10,338	$	374		$	58,110	$	10,505		$	2,426		$	3,621		$	16,552		$	2,467		$	3,852	$	8,220		$	14,539		$	(7,100	)	$	82,101
General and administrative expense	—			—		—			—		—			—			—			—			—			—		—			—			8,101			8,101
Corporate/unallocated and other (1)	—			—		—			—		—			—			—			—			—			—		—			—			(1,001		)	(1,001		)
NOI	$	47,398		$	10,338	$	374		$	58,110	$	10,505		$	2,426		$	3,621		$	16,552		$	2,467		$	3,852	$	8,220		$	14,539		$	—		$	89,201
Quarterly GAAP NOI run rate
NOI	$	47,398		$	10,338	$	374		$	58,110	$	10,505		$	2,426		$	3,621		$	16,552		$	2,467		$	3,852	$	8,220		$	14,539		$	—		$	89,201
In-service adjustments (2)	437			—		357			794		(7		)	407			—			400			—			—		226			226						1,420
Percentage rent/participation adjustments (3)	14			35		—			49		—			—			(210		)	(210		)	(54		)	—		(251		)	(305		)	—			(466		)
Quarterly GAAP NOI run rate	$	47,849		$	10,373	$	731		$	58,953	$	10,498		$	2,833		$	3,411		$	16,742		$	2,413		$	3,852	$	8,195		$	14,460		$	—		$	90,155
	x4			x4		x4			x4		x4			x4			x4			x4			x4			x4		x4			x4						x4
Annualized GAAP NOI run rate	$	191,396		$	41,492	$	2,924		$	235,812	$	41,992		$	11,332		$	13,644		$	66,968		$	9,652		$	15,408	$	32,780		$	57,840		$	—		$	360,620
Quarterly cash NOI run rate
NOI	$	47,398		$	10,338	$	374		$	58,110	$	10,505		$	2,426		$	3,621		$	16,552		$	2,467		$	3,852	$	8,220		$	14,539		$	—		$	89,201
In-service adjustments (4)	366			—		357			723		386			894			—			1,280			—			—		226			226			—			2,229
Percentage rent/participation adjustments (3)	14			35		—			49		—			—			(210		)	(210		)	(54		)	—		(251		)	(305		)	—			(466		)
Non-cash revenue	(92		)	426		(11		)	323		(2,432		)	(800		)	(289		)	(3,521		)	(69		)	—		—			(69		)	—			(3,267		)
Quarterly cash NOI run rate	47,686			10,799		720			59,205		8,459			2,520			3,122			14,101			2,344			3,852		8,195			14,391			—			87,697
	x4			x4		x4			x4		x4			x4			x4			x4			x4			x4		x4			x4						x4
Annualized cash NOI run rate	$	190,744		$	43,196	$	2,880		$	236,820	$	33,836		$	10,080		$	12,488		$	56,404		$	9,376		$	15,408	$	32,780		$	57,564		$	—		$	350,788

38

EPR Properties
Reconciliation of Net Asset Value (NAV) Components
(Unaudited, dollars in thousands)
Annualized Net Operating Income (NOI) Run Rates - Financed Properties (for NAV calculations)
For the three months ended December 31, 2015
	Entertainment								Education										Recreation
	Megaplex		ERC's/Retail		Other Entertainment		Entertainment Total		Public Charter Schools			Early Childhood Education		Private Schools		Education Total			Ski Areas		Waterparks			Golf Entertainment Complexes		Recreation Total			Corporate/unallocated and other			Total
Total revenue	$	268	$	561	$	952	$	1,781	$	7,566		$	—	$	—	$	7,566		$	2,463	$	3,442		$	546	$	6,451		$	63		$	15,861
Property operating expense	—		—		—		—		—			—		—		—			—		—			—		—			—			—
Other expense	—		—		—		—		—			—		—		—			—		—			—		—			—			—
Total investment expense	—		—		—		—		—			—		—		—			—		—			—		—			—			—
General and administrative expense	—		—		—		—		—			—		—		—			—		—			—		—			—			—
Transaction costs	—		—		—		—		—			—		—		—			—		—			—		—			—			—
EBITDA-continuing operations	$	268	$	561	$	952	$	1,781	$	7,566		$	—	$	—	$	7,566		$	2,463	$	3,442		$	546	$	6,451		$	63		$	15,861
Add: transaction costs	—		—		—		—		—			—		—		—			—		—			—		—			—			—
Adjusted EBITDA-continuing operations	$	268	$	561	$	952	$	1,781	$	7,566		$	—	$	—	$	7,566		$	2,463	$	3,442		$	546	$	6,451		$	63		$	15,861
General and administrative expense	—		—		—		—		—			—		—		—			—		—			—		—			—			—
Corporate/unallocated and other (1)	—		—		—		—		—			—		—		—			—		—			—		—			(63		)	(63		)
NOI	$	268	$	561	$	952	$	1,781	$	7,566		$	—	$	—	$	7,566		$	2,463	$	3,442		$	546	$	6,451		$	—		$	15,798
Quarterly GAAP NOI run rate
NOI	$	268	$	561	$	952	$	1,781	$	7,566		$	—	$	—	$	7,566		$	2,463	$	3,442		$	546	$	6,451		$	—		$	15,798
In-service adjustments (5)	—		—		—		—		—			—		—		—			—		44			84		128			—			128
Percentage rent/participation adjustments (3)	—		—		—		—		—			—		—		—			—		340			—		340			—			340
Quarterly GAAP NOI run rate	$	268	$	561	$	952	$	1,781	$	7,566		$	—	$	—	$	7,566		$	2,463	$	3,826		$	630	$	6,919		$	—		$	16,266
	x4		x4		x4		x4		x4			x4		x4		x4			x4		x4			x4		x4						x4
Annualized GAAP NOI run rate	$	1,072	$	2,244	$	3,808	$	7,124	$	30,264		$	—	$	—	$	30,264		$	9,852	$	15,304		$	2,520	$	27,676		$	—		$	65,064
Quarterly cash NOI run rate
NOI	$	268	$	561	$	952	$	1,781	$	7,566		$	—	$	—	$	7,566		$	2,463	$	3,442		$	546	$	6,451		$	—		$	15,798
In-service adjustments (5)	—		—		—		—		—			—		—		—			—		44			84		128			—			128
Percentage rent/participation adjustments (3)	—		—		—		—		—			—		—		—			—		340			—		340			—			340
Non-cash revenue	—		—		—		—		(975		)	—		—		(975		)	—		(34		)	—		(34		)	—			(1,009		)
Quarterly cash NOI run rate	268		561		952		1,781		6,591			—		—		6,591			2,463		3,792			630		6,885			—			15,257
	x4		x4		x4		x4		x4			x4		x4		x4			x4		x4			x4		x4						x4
Annualized cash NOI run rate	$	1,072	$	2,244	$	3,808	$	7,124	$	26,364		$	—	$	—	$	26,364		$	9,852	$	15,168		$	2,520	$	27,540		$	—		$	61,028

39

EPR Properties
Reconciliation of Net Asset Value (NAV) Components
(Unaudited, dollars in thousands)
Annualized Net Operating Income (NOI) Run Rates - Total - Owned and Financed Properties (for NAV calculations) - sum of pages 38 and 39
For the three months ended December 31, 2015
	Entertainment										Education												Recreation
	Megaplex			ERC's/Retail		Other Entertainment			Entertainment Total		Public Charter Schools			Early Childhood Education			Private Schools			Education Total			Ski Areas			Waterparks			Golf Entertainment Complexes			Recreation Total			Corporate/unallocated and other			Total
Total revenue	$	48,045		$	15,944	$	1,623		$	65,612	$	18,071		$	2,426		$	3,621		$	24,118		$	4,930		$	7,294		$	8,766		$	20,990		$	1,268		$	111,988
Property operating expense	379			5,045		297			5,721		—			—			—			—			—			—			—			—			89			5,810
Other expense	—			—		—			—		—			—			—			—			—			—			—			—			115			115
Total investment expense	379			5,045		297			5,721		—			—			—			—			—			—			—			—			204			5,925
General and administrative expense	—			—		—			—		—			—			—			—			—			—			—			—			8,101			8,101
Transaction costs	—			—		—			—		—			—			—			—			—			—			—			—			700			700
EBITDA-continuing operations	$	47,666		$	10,899	$	1,326		$	59,891	$	18,071		$	2,426		$	3,621		$	24,118		$	4,930		$	7,294		$	8,766		$	20,990		$	(7,737	)	$	97,262
Add: transaction costs	—			—		—			—		—			—			—			—			—			—			—			—			700			700
Adjusted EBITDA-continuing operations	$	47,666		$	10,899	$	1,326		$	59,891	$	18,071		$	2,426		$	3,621		$	24,118		$	4,930		$	7,294		$	8,766		$	20,990		$	(7,037	)	$	97,962
General and administrative expense	—			—		—			—		—			—			—			—			—			—			—			—			8,101			8,101
Corporate/unallocated and other (1)	—			—		—			—		—			—			—			—			—			—			—			—			(1,064		)	(1,064		)
NOI	$	47,666		$	10,899	$	1,326		$	59,891	$	18,071		$	2,426		$	3,621		$	24,118		$	4,930		$	7,294		$	8,766		$	20,990		$	—		$	104,999
Quarterly GAAP NOI run rate
NOI	$	47,666		$	10,899	$	1,326		$	59,891	$	18,071		$	2,426		$	3,621		$	24,118		$	4,930		$	7,294		$	8,766		$	20,990		$	—		$	104,999
In-service adjustments (2)	437			—		357			794		(7		)	407			—			400			—			44			310			354						1,548
Percentage rent/participation adjustments (3)	14			35		—			49		—			—			(210		)	(210		)	(54		)	340			(251		)	35			—			(126		)
Quarterly GAAP NOI run rate	$	48,117		$	10,934	$	1,683		$	60,734	$	18,064		$	2,833		$	3,411		$	24,308		$	4,876		$	7,678		$	8,825		$	21,379		$	—		$	106,421
	x4			x4		x4			x4		x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	192,468		$	43,736	$	6,732		$	242,936	$	72,256		$	11,332		$	13,644		$	97,232		$	19,504		$	30,712		$	35,300		$	85,516		$	—		$	425,684
Quarterly cash NOI run rate
NOI	$	47,666		$	10,899	$	1,326		$	59,891	$	18,071		$	2,426		$	3,621		$	24,118		$	4,930		$	7,294		$	8,766		$	20,990		$	—		$	104,999
In-service adjustments (4)	366			—		357			723		386			894			—			1,280						44			310			354			—			2,357
Percentage rent/participation adjustments (3)	14			35		—			49		—			—			(210		)	(210		)	(54		)	340			(251		)	35			—			(126		)
Non-cash revenue	(92		)	426		(11		)	323		(3,407		)	(800		)	(289		)	(4,496		)	(69		)	(34		)	—			(103		)	—			(4,276		)
Quarterly cash NOI run rate	47,954			11,360		1,672			60,986		15,050			2,520			3,122			20,692			4,807			7,644			8,825			21,276			—			102,954
	x4			x4		x4			x4		x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	191,816		$	45,440	$	6,688		$	243,944	$	60,200		$	10,080		$	12,488		$	82,768		$	19,228		$	30,576		$	35,300		$	85,104		$	—		$	411,816

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