EPR Properties (EPR) 8-K Epr Properties Reports Third Quarter 2019 Results

Exhibit 99.3

Supplemental Operating and Financial Data

Third Quarter and Nine Months Ended September 30, 2019

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 Information and Total Investment by Segment	21
Lease Expirations	26
Top Ten Customers by Total Revenue	27
Net Asset Value (NAV) Components	28
Annualized GAAP Net Operating Income	29
Guidance	30
Definitions-Non-GAAP Financial Measures	31
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	34

	Q3 2019 Supplemental	Page 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,” “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 31 through 33 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 34 through 40.

	Q3 2019 Supplemental	Page 3

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, Recreation, Education 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, Recreation and Education. 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

	Q3 2019 Supplemental	Page 4

INVESTOR INFORMATION
SENIOR MANAGEMENT
Greg Silvers	Mark Peterson
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer
Craig Evans	Greg Zimmerman
Senior Vice President, General Counsel and Secretary	Executive Vice President and Chief Investment Officer
Tonya Mater	Mike Hirons
Vice President and Chief Accounting Officer	Senior Vice President - Strategy and Asset Management

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-PrG
New York Stock Exchange

EQUITY RESEARCH COVERAGE
Bank of America Merrill Lynch	Jeffrey Spector/Joshua Dennerlein	646-855-1363
Citi Global Markets	Michael Bilerman/Nick Joseph	212-816-4471
Janney Montgomery Scott	Rob Stevenson	646-840-3217
J.P. Morgan	Anthony Paolone/Nikita Bely	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Craig Mailman	917-368-2280
Ladenburg Thalmann	John Massocca	212-409-2056
Raymond James & Associates	Collin Mings	727-567-2585
RBC Capital Markets	Michael Carroll	440-715-2649
Stifel	Simon Yarmak	443-224-1345
SunTrust Robinson Humphrey	Ki Bin Kim	212-303-4124

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.

	Q3 2019 Supplemental	Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
Operating Information:	2019			2018			2019		2018
Revenue	$	184,862		$	176,409		$	525,102	$	534,244
Net income available to common shareholders of EPR Properties	27,969			85,797			147,844		194,844
EBITDAre (1)	139,716			156,798			404,895		471,331
Adjusted EBITDA (1)	145,436			137,873			421,761		408,217
Interest expense, net	36,640			33,576			106,744		101,992
Capitalized interest	386			2,697			5,053		7,235
Straight-lined rental revenue	4,399			3,079			10,036		7,013
Dividends declared on preferred shares	6,034			6,036			18,102		18,108
Dividends declared on common shares	87,507			80,288			257,947		240,827
General and administrative expense	11,600			11,424			35,540		36,724
	SEPTEMBER 30,
Balance Sheet Information:	2019			2018
Total assets	$	6,633,290		$	6,114,070
Accumulated depreciation	989,480			848,280
Total assets before accumulated depreciation (gross assets)	7,622,770			6,962,350
Cash and cash equivalents	115,839			74,153
Debt	3,101,611			2,954,962
Deferred financing costs, net	38,384			35,033
Net debt (1)	3,024,156			2,915,842
Equity	3,040,799			2,897,195
Common shares outstanding	78,240			74,337
Total market capitalization (using EOP closing price)	9,408,682			8,372,395
Net debt/total market capitalization	32		%	35		%
Net debt/gross assets	40		%	42		%
Net debt/Adjusted EBITDA (2)	5.2			5.3
Adjusted net debt/Annualized adjusted EBITDA (1)(3)(4)	5.2			5.3
(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied times four. See pages 31 through 33 for definitions. See calculation on page 40.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 31 through 33 for definitions.
(4) Annualized adjusted EBITDA is adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 40 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS	3ND QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018
Real estate investments:
Entertainment	$	3,324,320		$	3,307,670		$	3,018,987		$	2,909,024		$	2,875,959		$	2,854,274
Recreation	1,949,502			1,921,868			1,610,071			1,614,100			1,502,639			1,476,759
Education	1,108,679			1,147,220			1,188,959			1,209,393			1,204,851			1,175,973
Other	176,289			176,294			174,690			174,714			156,786			156,786
Less: accumulated depreciation	(989,480		)	(954,806		)	(920,409		)	(883,174		)	(848,280		)	(810,604		)
Land held for development	28,080			28,080			28,080			34,177			31,076			31,076
Property under development	31,825			80,695			315,237			287,546			289,228			268,090
Operating lease right-of-use assets	219,459			220,758			211,299			—			—			—
Mortgage notes receivable: (1)
Entertainment	14,800			14,670			—			—			23,327			23,321
Recreation	257,315			378,292			375,094			368,655			365,100			439,759
Education	141,580			157,169			152,533			148,812			184,273			178,348
Investment in direct financing leases, net	20,727			20,675			20,616			20,558			20,495			58,305
Investment in joint ventures	35,222			35,658			35,188			34,486			5,018			4,999
Cash and cash equivalents	115,839			6,927			11,116			5,872			74,153			3,017
Restricted cash	5,929			5,010			11,166			12,635			22,031			11,283
Accounts receivable	99,190			108,433			111,146			98,369			104,757			97,804
Other assets	94,014			92,042			87,458			96,223			102,657			135,034
Total assets	$	6,633,290		$	6,746,655		$	6,431,231		$	6,131,390		$	6,114,070		$	6,104,224
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	121,351		$	126,015		$	117,746		$	168,463		$	138,829		$	122,359
Operating lease liabilities	244,358			245,372			235,612			—			—			—
Common dividends payable	29,340			29,084			28,306			26,765			26,761			26,765
Preferred dividends payable	6,034			6,034			6,034			6,034			6,036			6,036
Unearned rents and interest	89,797			78,629			85,012			79,051			90,287			79,121
Line of credit	—			240,000			70,000			30,000			—			30,000
Deferred financing costs, net	(38,384		)	(31,957		)	(32,838		)	(33,941		)	(35,033		)	(36,020		)
Other debt	3,139,995			3,008,580			3,008,580			2,989,995			2,989,995			2,989,995
Total liabilities	3,592,491			3,701,757			3,518,452			3,266,367			3,216,875			3,218,256
Equity:
Common stock and additional paid-in- capital	3,815,278			3,759,032			3,597,916			3,505,266			3,497,055			3,492,333
Preferred stock at par value	148			148			148			148			148			148
Treasury stock	(147,435		)	(147,143		)	(146,906		)	(130,728		)	(129,801		)	(129,048		)
Accumulated other comprehensive income	4,659			5,174			8,397			12,085			19,246			17,497
Distributions in excess of net income	(631,851		)	(572,313		)	(546,776		)	(521,748		)	(489,453		)	(494,962		)
Total equity	3,040,799			3,044,898			2,912,779			2,865,023			2,897,195			2,885,968
Total liabilities and equity	$	6,633,290		$	6,746,655		$	6,431,231		$	6,131,390		$	6,114,070		$	6,104,224
(1) Includes related accrued interest receivable.

	Q3 2019 Supplemental	Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
	3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018
Rental revenue:
Entertainment	$	87,720		$	83,718		$	80,513		$	76,742		$	75,552		$	74,640
Recreation	42,784			42,886			40,529			38,732			36,215			34,443
Education	27,643			28,059			26,707			27,757			26,851			25,649
Other	3,115			2,667			2,974			2,284			2,287			2,287
Mortgage and other financing income:
Entertainment	382			107			56			4,457			612			2,100
Recreation	6,238			8,654			9,312			8,277			29,678			57,540
Education	5,516			3,881			4,107			7,803			4,849			5,562
Other income	11,464			5,726			344			435			365			646
Total revenue	$	184,862		$	175,698		$	164,542		$	166,487		$	176,409		$	202,867
Property operating expense	14,663			14,771			15,793			8,890			6,968			7,334
Other expense	11,403			8,091			—			325			118			—
General and administrative expense	11,600			12,230			11,710			12,165			11,424			12,976
Severance expense	1,521			—			420			5,938			—			—
Litigation settlement expense	—			—			—			—			—			2,090
Costs associated with loan refinancing or payoff	38,407			—			—			—			—			15
Interest expense, net	36,640			36,278			33,826			33,515			33,576			34,079
Transaction costs	5,959			6,923			5,123			1,583			1,101			405
Impairment charges	—			—			—			10,735			—			16,548
Depreciation and amortization	45,134			42,355			39,743			39,541			38,623			37,582
Income before equity in income (loss) in joint ventures and other items	19,535			55,050			57,927			53,795			84,599			91,838
Equity in (loss) income from joint ventures	(435		)	470			489			(5		)	20			(88		)
Gain on sale of real estate	14,303			9,774			6,328			349			2,215			473
Gain on sale of investment in direct financing leases	—			—			—			—			5,514			—
Income tax benefit (expense)	600			1,300			605			(108		)	(515		)	(642		)
Net income	34,003			66,594			65,349			54,031			91,833			91,581
Preferred dividend requirements	(6,034		)	(6,034		)	(6,034		)	(6,034		)	(6,036		)	(6,036		)
Net income available to common shareholders of EPR Properties	$	27,969		$	60,560		$	59,315		$	47,997		$	85,797		$	85,545

	Q3 2019 Supplemental	Page 8

FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018
Net income available to common shareholders of EPR Properties	$	27,969		$	60,560		$	59,315		$	47,997		$	85,797		$	85,545
Gain on sale of real estate	(14,303		)	(9,774		)	(6,328		)	(349		)	(2,215		)	(473		)
Gain on sale of investment in direct financing leases	—			—			—			—			(5,514		)	—
Impairment of real estate investments	—			—			—			10,735			—			16,548
Real estate depreciation and amortization	44,863			42,098			39,514			39,297			38,388			37,359
Allocated share of joint venture depreciation	553			554			555			56			54			58
FFO available to common shareholders of EPR Properties	$	59,082		$	93,438		$	93,056		$	97,736		$	116,510		$	139,037
FFO available to common shareholders of EPR Properties	$	59,082		$	93,438		$	93,056		$	97,736		$	116,510		$	139,037
Add: Preferred dividends for Series C preferred shares	—			1,939			1,939			1,939			1,940			1,940
Add: Preferred dividends for Series E preferred shares	—			1,939			1,939			1,939			1,939			—
Diluted FFO available to common shareholders of EPR Properties	$	59,082		$	97,316		$	96,934		$	101,614		$	120,389		$	140,977
FUNDS FROM OPERATIONS AS ADJUSTED (1):
FFO available to common shareholders of EPR Properties	$	59,082		$	93,438		$	93,056		$	97,736		$	116,510		$	139,037
Costs associated with loan refinancing or payoff	38,407			—			—			—			—			15
Transaction costs	5,959			6,923			5,123			1,583			1,101			405
Severance expense	1,521			—			420			5,938			—			—
Litigation settlement expense	—			—			—			—			—			2,090
Termination fee included in gain on sale	11,324			6,533			5,001			—			1,864			—
Deferred income tax (benefit) expense	(984		)	(1,675		)	(609		)	(182		)	92			235
FFO as adjusted available to common shareholders of EPR Properties	$	115,309		$	105,219		$	102,991		$	105,075		$	119,567		$	141,782
FFO as adjusted available to common shareholders of EPR Properties	$	115,309		$	105,219		$	102,991		$	105,075		$	119,567		$	141,782
Add: Preferred dividends for Series C preferred shares	1,939			1,939			1,939			1,939			1,940			1,940
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939			1,939			1,939			1,939
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	119,187		$	109,097		$	106,869		$	108,953		$	123,446		$	145,661
FFO per common share:
Basic	$	0.76		$	1.23		$	1.25		$	1.31		$	1.57		$	1.87
Diluted	0.76			1.22			1.23			1.30			1.54			1.84
FFO as adjusted per common share:
Basic	$	1.49		$	1.38		$	1.38		$	1.41		$	1.61		$	1.91
Diluted	1.46			1.36			1.36			1.39			1.58			1.87
Shares used for computation (in thousands):
Basic	77,632			76,164			74,679			74,343			74,345			74,329
Diluted	77,664			76,199			74,725			74,402			74,404			74,365
Effect of dilutive Series C preferred shares	2,170			2,158			2,145			2,133			2,122			2,110
Adjusted weighted-average shares outstanding-diluted Series C	79,834			78,357			76,870			76,535			76,526			76,475
Effect of dilutive Series E preferred shares	1,634			1,628			1,622			1,615			1,610			1,604
Adjusted weighted-average shares outstanding-diluted Series C and Series E	81,468			79,985			78,492			78,150			78,136			78,079
(1) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018
FFO available to common shareholders of EPR Properties	$	59,082		$	93,438		$	93,056		$	97,736		$	116,510		$	139,037
Adjustments:
Costs associated with loan refinancing or payoff	38,407			—			—			—			—			15
Transaction costs	5,959			6,923			5,123			1,583			1,101			405
Severance expense	1,521			—			420			5,938			—			—
Litigation settlement expense	—			—			—			—			—			2,090
Termination fees included in gain on sale	11,324			6,533			5,001			—			1,864			—
Deferred income tax (benefit) expense	(984		)	(1,675		)	(609		)	(182		)	92			235
Non-real estate depreciation and amortization	271			257			229			244			235			223
Deferred financing fees amortization	1,552			1,517			1,502			1,490			1,470			1,439
Share-based compensation expense to management and trustees	3,372			3,283			3,177			3,816			3,687			3,817
Amortization of above/below market leases, net and tenant allowances	(107		)	(58		)	(59		)	(54		)	(55		)	(55		)
Maintenance capital expenditures (2)	(2,370		)	(510		)	(297		)	(336		)	(540		)	(527		)
Straight-lined rental revenue	(4,399		)	(3,223		)	(2,414		)	(3,216		)	(3,079		)	(2,060		)
Non-cash portion of mortgage and other financing income	(237		)	(1,069		)	(1,014		)	(784		)	(819		)	(784		)
AFFO available to common shareholders of EPR Properties	$	113,391		$	105,416		$	104,115		$	106,235		$	120,466		$	143,835
AFFO available to common shareholders of EPR Properties	$	113,391		$	105,416		$	104,115		$	106,235		$	120,466		$	143,835
Add: Preferred dividends for Series C preferred shares	1,939			1,939			1,939			1,939			1,940			1,940
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939			1,939			1,939			1,939
Diluted AFFO available to common shareholders of EPR Properties	$	117,269		$	109,294		$	107,993		$	110,113		$	124,345		$	147,714
Weighted average diluted shares outstanding (in thousands)	77,664			76,199			74,725			74,402			74,404			74,365
Effect of dilutive Series C preferred shares	2,170			2,158			2,145			2,133			2,122			2,110
Effect of dilutive Series E preferred shares	1,634			1,628			1,622			1,615			1,610			1,604
Adjusted weighted-average shares outstanding-diluted	81,468			79,985			78,492			78,150			78,136			78,079
AFFO per diluted common share	$	1.44		$	1.37		$	1.38		$	1.41		$	1.59		$	1.89
Dividends declared per common share	$	1.125		$	1.125		$	1.125		$	1.080		$	1.080		$	1.080
AFFO payout ratio (3)	78		%	82		%	82		%	77		%	68		%	57		%
(1) See pages 31 through 33 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.

	Q3 2019 Supplemental	Page 10

CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1) (2)		UNSECURED CREDIT FACILITY (3)			UNSECURED SENIOR NOTES			TOTAL			WEIGHTED AVG INTEREST RATE
YEAR
2019	$	—	$	—		$	—		$	—		—%
2020	—		—			—			—			—%
2021	—		—			—			—			—%
2022	—		—			—			—			—%
2023	400,000		—			275,000			675,000			4.02%
2024	—		—			148,000			148,000			4.35%
2025	—		—			300,000			300,000			4.50%
2026	—		—			642,000			642,000			4.69%
2027	—		—			450,000			450,000			4.50%
2028	—		—			400,000			400,000			4.95%
2029	—		—			500,000			500,000			3.75%
Thereafter	24,995		—			—			24,995			2.15%
Less: deferred financing costs, net	—		—			—			(38,384		)	—%
	$	424,995	$	—		$	2,715,000		$	3,101,611		4.35%
			BALANCE			WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt (1)			$	3,115,000		4.37		%	6.79
Fixed rate secured debt (2)			24,995			1.39		%	27.84
Less: deferred financing costs, net			(38,384		)	—		%	—
Total			$	3,101,611		4.35		%	6.96
(1) Includes $400 million of term loan that has been fixed through interest rate swaps through February 7, 2022.
(2) Includes $25 million of secured bonds that have been fixed through interest rate swaps effective October 1, 2019 through September 30, 2024.
(3) Unsecured Revolving Credit Facility Summary:
			BALANCE						RATE
	COMMITMENT		AT 9/30/2019			MATURITY			AT 9/30/2019
	$1,000,000		$	—		February 27, 2022			3.02%
	Note: This facility has a seven-month extension available at the Company's option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature pursuant to which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from $1.4 billion to $2.4 billion, in each case, subject to certain terms and conditions.

	Q3 2019 Supplemental	Page 11

CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2019 AND DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:	September 30, 2019			December 31, 2018
Senior unsecured notes payable, 5.75%, prepaid in full during the third quarter 2019	$	—		$	350,000
Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022	—			30,000
Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 3.15% and $50,000 fixed at 3.35% through February 7, 2022, due February 27, 2023	400,000			400,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000			275,000
Senior unsecured notes payable, 4.35%, due August 22, 2024	148,000			148,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000			300,000
Senior unsecured notes payable, 4.56%, due August 22, 2026	192,000			192,000
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000			450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000			450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000			400,000
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000			—
Bonds payable, variable rate, fixed at 1.39% October 1, 2019 through September 30, 2024, due August 1, 2047	24,995			24,995
Less: deferred financing costs, net	(38,384		)	(33,941		)
Total debt	$	3,101,611		$	2,986,054

	Q3 2019 Supplemental	Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF SEPTEMBER 30, 2019
Moody's	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor's	BBB- (stable)
SUMMARY OF COVENANTS
The Company has outstanding public senior unsecured notes with fixed interest rates of 3.75%, 4.50%, 4.75%, 4.95% and 5.25%. Interest on these notes is paid semiannually. These public 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 3.75%, 4.50%, 4.75%, 4.95% and 5.25% public 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 September 30, 2019 and June 30, 2019 are:
		Actual	Actual
NOTE COVENANTS	Required	3rd Quarter 2019 (1)	2nd Quarter 2019 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	41%	42%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	—%	1%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months	≥ 1.5 x	3.9x	4.0x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	226%	222%
(1) See page 14 for detailed calculations.

	Q3 2019 Supplemental	Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:	September 30, 2019							TOTAL DEBT:								September 30, 2019
Total Assets per balance sheet	$	6,633,290						Secured debt obligations								$	24,995
Add: accumulated depreciation	989,480							Unsecured debt obligations:
Less: intangible assets, net	(41,116		)					Unsecured debt								3,115,000
Total Assets	$	7,581,654						Outstanding letters of credit								—
								Guarantees								—
								Derivatives at fair market value, net, if liability								2,320
								Total unsecured debt obligations:								3,117,320
TOTAL UNENCUMBERED ASSETS:	September 30, 2019							Total Debt								$	3,142,315
Unencumbered real estate assets, gross	$	6,876,513
Cash and cash equivalents	115,839
Land held for development	28,080
Property under development	31,825
Total Unencumbered Assets	$	7,052,257
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	3RD QUARTER 2019				2ND QUARTER 2019			1ST QUARTER 2019				4TH QUARTER 2018				TRAILING TWELVE MONTHS
Adjusted EBITDA per bond documents	$	147,196		(1)	$	140,606		$	136,619		(1)	$	145,107		(1)	$	569,528
Less: straight-line rental revenue	(4,399		)		(3,223		)	(2,414		)		(3,216		)		(13,252		)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	142,797			$	137,383		$	134,205			$	141,891			$	556,276
ANNUAL DEBT SERVICE:
Interest expense, gross	$	37,575			$	37,999		$	37,138			$	36,304			$	149,016
Less: deferred financing fees amortization	(1,552		)		(1,517		)	(1,502		)		(1,490		)		(6,061		)
ANNUAL DEBT SERVICE	$	36,023			$	36,482		$	35,636			$	34,814			$	142,955
DEBT SERVICE COVERAGE	4.0				3.8			3.8				4.1				3.9
(1) Includes prepayment fees.

	Q3 2019 Supplemental	Page 14

CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT SEPTEMBER 30, 2019	LIQUIDIATION PREFERENCE	DIVIDEND RATE		CONVERTIBLE	CONVERSION RATIO AT SEPTEMBER 30, 2019	CONVERSION PRICE AT SEPTEMBER 30, 2019
Common shares	78,239,525	$76.86	N/A	(1)		N/A	N/A	N/A
Series C	5,394,050	$33.31	$134,851	5.750%		Y	0.4023	$62.14
Series E	3,447,381	$38.80	$86,185	9.000%		Y	0.4739	$52.75
Series G	6,000,000	$25.95	$150,000	5.750%		N	N/A	N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at September 30, 2019 multiplied by closing price at September 30, 2019				$	6,013,490
Aggregate liquidation value of Series C preferred shares (2)				134,851
Aggregate liquidation value of Series E preferred shares (2)				86,185
Aggregate liquidation value of Series G preferred shares (2)				150,000
Net debt at September 30, 2019 (3)				3,024,156
Total consolidated market capitalization				$	9,408,682
(1) Total monthly dividends declared in the third quarter of 2019 were $1.125 per share.
(2) Excludes accrued unpaid dividends at September 30, 2019.
(3) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 15

SUMMARY OF RATIOS
(UNAUDITED)
	3RD QUARTER 2019	2ND QUARTER 2019	1ST QUARTER 2019	4TH QUARTER 2018	3RD QUARTER 2018	2ND QUARTER 2018
Net debt to total market capitalization	32%	34%	33%	37%	35%	37%
Net debt to gross assets	40%	42%	42%	43%	42%	44%
Net debt/Adjusted EBITDA (1)(2)	5.2	5.8	5.7	5.5	5.3	5.6
Adjusted net debt/Annualized adjusted EBITDA (3)(4)	5.2	5.5	5.4	5.4	5.3	5.5
Interest coverage ratio (5)	3.8	3.7	3.7	3.8	3.8	3.7
Fixed charge coverage ratio (5)	3.3	3.2	3.2	3.3	3.3	3.2
Debt service coverage ratio (5)	3.8	3.7	3.7	3.8	3.8	3.7
FFO payout ratio (6)	148%	92%	91%	83%	70%	59%
FFO as adjusted payout ratio (7)	77%	83%	83%	78%	68%	58%
AFFO payout ratio (8)	78%	82%	82%	77%	68%	57%
(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied times four. See calculation on page 40.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 31 through 33 for definitions.
(4) Annualized adjusted EBITDA is Adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 40 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 31 through 33 for definitions.
(5) See page 17 for detailed calculation.
(6) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(7) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(8) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

	Q3 2019 Supplemental	Page 16

CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018
Net income	$	34,003		$	66,594		$	65,349		$	54,031		$	91,833		$	91,581
Impairment charges	—			—			—			10,735			—			16,548
Transaction costs	5,959			6,923			5,123			1,583			1,101			405
Interest expense, gross	37,575			37,999			37,138			36,304			36,360			36,468
Severance expense	1,521			—			420			5,938			—			—
Litigation settlement expense	—			—			—			—			—			2,090
Depreciation and amortization	45,134			42,355			39,743			39,541			38,623			37,582
Share-based compensation expense
to management and trustees	3,372			3,283			3,177			3,816			3,687			3,817
Costs associated with loan refinancing or payoff	38,407			—			—			—			—			15
Interest cost capitalized	(386		)	(1,530		)	(3,137		)	(2,669		)	(2,697		)	(2,294		)
Straight-line rental revenue	(4,399		)	(3,223		)	(2,414		)	(3,216		)	(3,079		)	(2,060		)
Gain on sale of real estate	(14,303		)	(9,774		)	(6,328		)	(349		)	(2,215		)	(473		)
Gain on sale of investment in direct financing leases	—			—			—			—			(5,514		)	—
Prepayment fees	(1,760		)	—			(900		)	(7,391		)	(20,026		)	(47,293		)
Deferred income tax (benefit) expense	(984		)	(1,675		)	(609		)	(182		)	92			235
Interest coverage amount	$	144,139		$	140,952		$	137,562		$	138,141		$	138,165		$	136,621
Interest expense, net	$	36,640		$	36,278		$	33,826		$	33,515		$	33,576		$	34,079
Interest income	549			191			175			120			87			95
Interest cost capitalized	386			1,530			3,137			2,669			2,697			2,294
Interest expense, gross	$	37,575		$	37,999		$	37,138		$	36,304		$	36,360		$	36,468
Interest coverage ratio	3.8			3.7			3.7			3.8			3.8			3.7
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	144,139		$	140,952		$	137,562		$	138,141		$	138,165		$	136,621
Interest expense, gross	$	37,575		$	37,999		$	37,138		$	36,304		$	36,360		$	36,468
Preferred share dividends	6,034			6,034			6,034			6,034			6,036			6,036
Fixed charges	$	43,609		$	44,033		$	43,172		$	42,338		$	42,396		$	42,504
Fixed charge coverage ratio	3.3			3.2			3.2			3.3			3.3			3.2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	144,139		$	140,952		$	137,562		$	138,141		$	138,165		$	136,621
Interest expense, gross	$	37,575		$	37,999		$	37,138		$	36,304		$	36,360		$	36,468
Recurring principal payments	—			—			—			—			—			—
Debt service	$	37,575		$	37,999		$	37,138		$	36,304		$	36,360		$	36,468
Debt service coverage ratio	3.8			3.7			3.7			3.8			3.8			3.7
(1) See pages 31 through 33 for definitions. See Appendix on pages 34 through 40 for reconciliations of certain non-GAAP financial measures.

	Q3 2019 Supplemental	Page 17

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
SUMMARY OF MORTGAGE NOTES RECEIVABLE	OPERATING SEGMENT	SEPTEMBER 30, 2019		DECEMBER 31, 2018
Mortgage notes, 7.00% and 10.00%, paid in full July 1, 2019	Recreation	$	—	$	179,846
Mortgage note and related accrued interest receivable, 10.0%, paid in full July 10, 2019	Education	—		15,652
Mortgage note, 7.00%, due December 20, 2021	Education	51,853		54,535
Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026	Recreation	5,803		5,803
Mortgage note and related accrued interest receivable, 7.85%, due January 3, 2027	Recreation	10,977		10,977
Mortgage note and related accrued interest receivable, 7.55%, due July 31, 2029	Recreation	4,581		—
Mortgage note, 6.99%, due September 30, 2031	Recreation	64,185		—
Mortgage note, 11.31%, due June 1, 2033	Recreation	11,674		11,934
Mortgage note and related accrued interest receivable, 8.93% to 9.38%, due June 30, 2034	Education	8,926		8,835
Mortgage note, 11.61%, due December 1, 2034	Recreation	51,050		51,050
Mortgage notes, 10.59%, due December 1, 2034	Recreation	37,562		37,562
Mortgage note, 11.04%, due December 1, 2034	Recreation	4,550		4,550
Mortgage note, 8.43%, due January 5, 2036	Recreation	21,000		21,000
Mortgage note, 10.25%, due May 31, 2036	Recreation	17,505		17,505
Mortgage note and related accrued interest receivable, 10.35%, due July 31, 2036	Education	6,442		6,383
Mortgage note, 9.75%, due August 1, 2036	Recreation	18,068		18,068
Mortgage note and related accrued interest receivable, 9.95%, due December 31, 2036	Education	9,839		9,839
Mortgage note and related accrued interest receivable, 8.84%, due April 30, 2037	Education	5,048		4,952
Mortgage note, 9.10%, due June 30, 2037	Education	4,203		4,165
Mortgage note and related accrued interest receivable, 8.84%, due July 31, 2037	Education	4,237		4,236
Mortgage note and related accrued interest receivable, 8.75%, due August 31, 2037	Education	28,382		23,718
Mortgage note and related accrued interest receivable, 9.02%, due September 30, 2037	Education	14,471		14,325
Mortgage note and related accrued interest receivable, 7.85%, due January 31, 2038	Recreation	10,360		10,360
Mortgage note, 7.50%, due August 30, 2038	Education	3,930		2,172
Mortgage note and related accrued interest receivable, 7.75%, due May 9, 2039	Education	4,249		—
Mortgage note and related accrued interest receivable, 8.125%, due June 17, 2039	Entertainment	14,800		—
Total mortgage notes and related accrued interest receivable		$	413,695	$	517,467

	Q3 2019 Supplemental	Page 18

CAPITAL SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
2019 CAPITAL SPENDING	OPERATING SEGMENT	CAPITAL SPENDING THREE MONTHS ENDED SEPTEMBER 30, 2019		CAPITAL SPENDING NINE MONTHS ENDED SEPTEMBER 30, 2019
Development and redevelopment of megaplex theatres	Entertainment	$	6,032	$	32,690
Acquisition of megaplex theatres	Entertainment	—		377,828
Acquisition and development of other entertainment and retail properties	Entertainment	4,853		13,625
Investment in mortgage note and note receivable for other entertainment	Entertainment	—		16,200
Development of Topgolf golf entertainment complexes	Recreation	13,956		36,251
Investment in mortgage notes and note receivable for recreation properties	Recreation	68,741		75,343
Investment in unconsolidated real estate joint venture owning two recreation anchored lodging properties	Recreation	—		1,105
Redevelopment of recreation properties	Recreation	279		1,211
Acquisition of attractions	Recreation	—		23,963
Investment in the Kartrite Resort and Indoor Waterpark	Recreation	6,641		52,762
Development of public charter school properties	Education	9,331		26,204
Investment in mortgage notes receivable for public charter schools	Education	823		4,966
Acquisition, development and redevelopment of early childhood education centers	Education	4,914		8,847
Investment in mortgage notes and notes receivable for early childhood education centers	Education	1,896		8,494
Development of private school properties	Education	616		4,913
Investment in the Resorts World Catskills project	Other	47		258
Total investment spending		$	118,129	$	684,660
Maintenance and other capital spending, net	n/a	2,309		13,240
Total capital spending		$	120,438	$	697,900
2019 DISPOSITIONS	OPERATING SEGMENT	NET PROCEEDS THREE MONTHS ENDED SEPTEMBER 30, 2019		NET PROCEEDS NINE MONTHS ENDED SEPTEMBER 30, 2019
Sale of attraction property	Recreation	$	—	$	3,992
Mortgage note paydown	Recreation	189,791		189,791
Sale of excess land	Recreation	601		601
Sale of public charter schools	Education	78,859		162,267
Sale of excess land	Education	—		2,746
Sale of undeveloped land	Education	—		5,668
Mortgage note paydown	Education	17,811		17,811
Sale of early education center	Education	7,300		7,300
Total dispositions		$	294,362	$	390,176

	Q3 2019 Supplemental	Page 19

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT SEPTEMBER 30, 2019 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
	SEPTEMBER 30, 2019			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	4TH QUARTER 2019		1ST QUARTER 2020		2ND QUARTER 2020		3RD QUARTER 2020		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Entertainment	$	14,288	3	$	6,689	$	7,059	$	5,959	$	3,000	$	3,000	$	39,995	100%
Recreation (3)	1,128		1	165		400		230		26		64		2,013		100%
Education	1,690		1	2,750		1,000		—		—		—		5,440		100%
Total Build-to-Suit	17,106		5	$	9,604	$	8,459	$	6,189	$	3,026	$	3,064	$	47,448
Non Build-to-Suit Development	14,719
Total Property Under Development	$	31,825
			SEPTEMBER 30, 2019	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	4TH QUARTER 2019		1ST QUARTER 2020		2ND QUARTER 2020		3RD QUARTER 2020		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 3RD QUARTER 2019
Entertainment			3	$	3,194	$	—	$	20,916	$	15,885	$	—	$	39,995	$	18,848
Recreation			1	—		—		—		2,013		—		2,013		29,076
Education			1	—		5,440		—		—		—		5,440		36,122
Total Build-to-Suit			5	$	3,194	$	5,440	$	20,916	$	17,898	$	—	$	47,448	$	84,046
	SEPTEMBER 30, 2019			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	4TH QUARTER 2019		1ST QUARTER 2020		2ND QUARTER 2020		3RD QUARTER 2020		THEREAFTER		TOTAL EXPECTED COSTS (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Recreation	74,570		3	7,481		3,033		3,033		1,367		—		89,484
Education	28,382		1	500		—		—		—		—		28,882
Total Build-to-Suit Mortgage Notes	102,952		4	$	7,981	$	3,033	$	3,033	$	1,367	$	—	$	118,366
Non Build-to-Suit Mortgage Notes	310,743
Total Mortgage Notes Receivable	$	413,695
(1) This schedule includes only those properties for which the Company has commenced construction as of September 30, 2019.
(2) "Total Expected Costs" 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 excludes property under development related to the Company's two unconsolidated real estate joint ventures that own recreation anchored lodging properties in St. Petersburg, Florida. The Company's spending estimates for this are estimated at $14.6 million for 2020.
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.

	Q3 2019 Supplemental	Page 20

FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	87,720		$	42,784		$	27,643		$	3,115		$	161,262		$	—		$	161,262
Other income	1,202			9,988			—			—			11,190			274			11,464
Mortgage and other financing income	382			6,238			5,516			—			12,136			—			12,136
Total revenue	89,304			59,010			33,159			3,115			184,588			274			184,862
Property operating expense	(9,497		)	(2,843		)	(1,107		)	(997		)	(14,444		)	(219		)	(14,663		)
Other expense	(864		)	(10,539		)	—			—			(11,403		)	—			(11,403		)
Total investment expenses	(10,361		)	(13,382		)	(1,107		)	(997		)	(25,847		)	(219		)	(26,066		)
General and administrative expense	—			—			—			—			—			(11,600		)	(11,600		)
Prepayment fees	—			—			(1,760		)	—			(1,760		)	—			(1,760		)
Adjusted EBITDA (1)	$	78,943		$	45,628		$	30,292		$	2,118		$	156,981		$	(11,545	)	$	145,436
	50		%	29		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Severance expense																(1,521		)	(1,521		)
Costs associated with loan refinancing or payoff																(38,407		)	(38,407		)
Interest expense, net																(36,640		)	(36,640		)
Transaction costs																(5,959		)	(5,959		)
Depreciation and amortization																(45,134		)	(45,134		)
Equity in loss from joint ventures																(435		)	(435		)
Gain on sale of real estate																14,303			14,303
Income tax benefit																600			600
Prepayment fees																1,760			1,760
Net income																			34,003
Preferred dividend requirements																(6,034		)	(6,034		)
Net income available to common shareholders of EPR Properties																			$	27,969
(1) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 21

FINANCIAL INFORMATION BY SEGMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	251,951		$	126,199		$	82,409		$	8,756		$	469,315		$	—		$	469,315
Other income	2,787			13,897			—			—			16,684			850			17,534
Mortgage and other financing income	545			24,204			13,504			—			38,253			—			38,253
Total revenue	255,283			164,300			95,913			8,756			524,252			850			525,102
Property operating expense	(29,993		)	(8,306		)	(3,275		)	(2,974		)	(44,548		)	(679		)	(45,227		)
Other expense	(1,893		)	(17,601		)	—			—			(19,494		)	—			(19,494		)
Total investment expenses	(31,886		)	(25,907		)	(3,275		)	(2,974		)	(64,042		)	(679		)	(64,721		)
General and administrative expense	—			—			—			—			—			(35,540		)	(35,540		)
Prepayment fees	—			(900		)	(1,760		)	—			(2,660		)	—			(2,660		)
Adjusted EBITDA (1)	$	223,397		$	137,493		$	90,878		$	5,782		$	457,550		$	(35,369	)	$	422,181
	49		%	30		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Severance expense																(1,941		)	(1,941		)
Costs associated with loan refinancing or payoff																(38,407		)	(38,407		)
Interest expense, net																(106,744		)	(106,744		)
Transaction costs																(18,005		)	(18,005		)
Depreciation and amortization																(127,232		)	(127,232		)
Equity in income from joint ventures																524			524
Gain on sale of real estate																30,405			30,405
Income tax benefit																2,505			2,505
Prepayment fees																2,660			2,660
Net income																			165,946
Preferred dividend requirements																(18,102		)	(18,102		)
Net income available to common shareholders of EPR Properties																			$	147,844
(1) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 22

FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	75,552		$	36,215		$	26,851		$	2,287		$	140,905		$	—		$	140,905
Other income	143			—			—			—			143			222			365
Mortgage and other financing income	612			29,678			4,849			—			35,139			—			35,139
Total revenue	76,307			65,893			31,700			2,287			176,187			222			176,409
Property operating expense	(5,917		)	(34		)	(407		)	(449		)	(6,807		)	(161		)	(6,968		)
Other expense	—			(118		)	—			—			(118		)	—			(118		)
Total investment expenses	(5,917		)	(152		)	(407		)	(449		)	(6,925		)	(161		)	(7,086		)
General and administrative expense	—			—			—			—			—			(11,424		)	(11,424		)
Prepayment fees	—			(20,026		)	—			—			(20,026		)	—			(20,026		)
Adjusted EBITDA (1)	$	70,390		$	45,715		$	31,293		$	1,838		$	149,236		$	(11,363	)	$	137,873
	47		%	31		%	21		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(33,576		)	(33,576		)
Transaction costs																(1,101		)	(1,101		)
Depreciation and amortization																(38,623		)	(38,623		)
Equity in income from joint ventures																20			20
Gain on sale of real estate																2,215			2,215
Gain on sale of investement in a direct financing lease																5,514			5,514
Income tax expense																(515		)	(515		)
Prepayment fees																20,026			20,026
Net income																			91,833
Preferred dividend requirements																(6,036		)	(6,036		)
Net income available to common shareholders of EPR Properties																			$	85,797
(1) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 23

FINANCIAL INFORMATION BY SEGMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	225,040		$	104,090		$	74,885		$	6,833		$	410,848		$	—		$	410,848
Other income	147			62			—			—			209			1,432			1,641
Mortgage and other financing income	3,514			100,923			17,318			—			121,755			—			121,755
Total revenue	228,701			205,075			92,203			6,833			532,812			1,432			534,244
Property operating expense	(17,962		)	(91		)	(1,880		)	(1,452		)	(21,385		)	(481		)	(21,866		)
Other expense	—			(118		)	—			—			(118		)	—			(118		)
Total investment expenses	(17,962		)	(209		)	(1,880		)	(1,452		)	(21,503		)	(481		)	(21,984		)
General and administrative expense	—			—			—			—			—			(36,724		)	(36,724		)
Prepayment fees	(1,359		)	(65,960		)	—			—			(67,319		)	—			(67,319		)
Adjusted EBITDA (1)	$	209,380		$	138,906		$	90,323		$	5,381		$	443,990		$	(35,773	)	$	408,217
	47		%	31		%	21		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Litigation settlement expense																(2,090		)	(2,090		)
Costs associated with loan refinancing or payoff																(31,958		)	(31,958		)
Interest expense, net																(101,992		)	(101,992		)
Transaction costs																(2,115		)	(2,115		)
Impairment charges																(16,548		)	(16,548		)
Depreciation and amortization																(113,889		)	(113,889		)
Equity in loss from joint ventures																(17		)	(17		)
Gain on sale of real estate																2,688			2,688
Gain on sale of investment in a direct financing lease																5,514			5,514
Income tax expense																(2,177		)	(2,177		)
Prepayment fees																67,319			67,319
Net income																			212,952
Preferred dividend requirements																(18,108		)	(18,108		)
Net income available to common shareholders of EPR Properties																			$	194,844
(1) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 24
��

TOTAL INVESTMENT BY SEGMENT
AS OF SEPTEMBER 30, 2019 AND DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
		As of September 30, 2019
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Real estate investments, net of accumulated depreciation		$	2,594,434		$	1,794,930		$	1,004,042		$	175,904		$	5,569,310
Add back accumulated depreciation on real estate investments		729,886			154,572			104,637			385			989,480
Land held for development		4,457			—			3,455			20,168			28,080
Property under development		27,124			1,128			3,573			—			31,825
Mortgage notes and related accrued interest receivable		14,800			257,315			141,580			—			413,695
Investment in direct financing leases, net		—			—			20,727			—			20,727
Investment in joint ventures		4,709			30,513			—			—			35,222
Intangible assets, gross (1)		30,392			21,310			1,230			—			52,932
Notes receivable and related accrued interest receivable, net (1)		3,486			6,543			2,473			—			12,502
	Total investments (2)	$	3,409,288		$	2,266,311		$	1,281,717		$	196,457		$	7,153,773
	% of total investments	47		%	32		%	18		%	3		%	100		%
		As of December 31, 2018
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Real estate investments, net of accumulated depreciation		$	2,238,831		$	1,497,759		$	1,112,790		$	174,677		$	5,024,057
Add back accumulated depreciation on real estate investments		670,193			116,341			96,603			37			883,174
Land held for development		4,457			—			9,552			20,168			34,177
Property under development		20,031			249,911			17,604			—			287,546
Mortgage notes and related accrued interest receivable		—			368,655			148,812			—			517,467
Investment in direct financing leases, net		—			—			20,558			—			20,558
Investment in joint ventures		4,962			29,524			—			—			34,486
Intangible assets, gross (1)		28,874			21,310			1,230			—			51,414
Notes receivable and related accrued interest receivable, net (1)		1,976			3,469			—			—			5,445
	Total investments (2)	$	2,969,324		$	2,286,969		$	1,407,149		$	194,882		$	6,858,324
	% of total investments	43		%	33		%	21		%	3		%	100		%
(1) Included in other assets in the consolidated balance sheets as of September 30, 2019 in the Company's Quarterly Report on Form 10-Q and December 31, 2018 in the Company's Annual Report on Form 10-K. Reconciliation is as follows:
		9/30/2019			12/31/2018
Intangible assets, gross		$	52,932		$	51,414
Less: accumulated amortization on intangible assets		(11,816		)	(8,923		)
Notes receivable and related accrued interest receivable, net		12,502			5,445
Prepaid expenses and other current assets		40,396			48,287
Total other assets		$	94,014		$	96,223
(2) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 25

LEASE EXPIRATIONS
AS OF SEPTEMBER 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
	MEGAPLEX THEATRES					RECREATION PORTFOLIO					EDUCATION PORTFOLIO
YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2019 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2019 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	FINANCING INCOME/RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2019 (1)			% OF TOTAL REVENUE
2019	3	$	6,511	1	%	—	$	—	—	%	8	$	12,376		2	%
2020	2	3,941		1	%	—	—		—	%	1	(343		)	—	%
2021	8	11,954		2	%	—	—		—	%	—	—			—	%
2022	10	21,655		3	%	—	—		—	%	—	—			—	%
2023	8	19,742		3	%	—	—		—	%	—	—			—	%
2024	13	27,053		4	%	—	—		—	%	1	658			—	%
2025	4	9,236		1	%	1	1,963		—	%	—	—			—	%
2026	8	16,250		2	%	1	5,368		1	%	—	—			—	%
2027	17	23,100		3	%	2	18,668		3	%	6	4,492			1	%
2028	13	26,843		4	%	—	—		—	%	1	80			—	%
2029	13	18,685		3	%	2	5,764		1	%	—	—			—	%
2030	18	24,480		4	%	—	—		—	%	—	—			—	%
2031	14	22,571		3	%	—	—		—	%	10	4,039			1	%
2032	8	8,633		1	%	5	7,034		1	%	4	2,562			—	%
2033	9	9,851		2	%	2	3,967		—	%	3	2,880			—	%
2034	25	14,269		2	%	7	12,758		2	%	10	20,520			3	%
2035	2	2,297		—	%	13	42,357		6	%	8	8,433			1	%
2036	2	2,588		—	%	5	11,628		2	%	11	15,849			2	%
2037	3	7,726		1	%	14	35,848		5	%	8	4,789			1	%
2038	2	3,631		1	%	7	16,021		2	%	7	6,496			1	%
Thereafter	—	—		—	%	6	3,499		1	%	48	18,937			3	%
	182	$	281,016	41	%	65	$	164,875	24	%	126	$	101,768		15	%
Note: This schedule relates to owned and leased megaplex theatres, ski areas, attractions, golf entertainment complexes, public charter schools, early education centers and private schools only, which together represent approximately 80% of total revenue for the trailing twelve months ended September 30, 2019. This schedule excludes entertainment properties that are not megaplex theatres, properties under construction, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the trailing twelve months ended September 30, 2019 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the three and nine months ended September 30, 2019 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).

	Q3 2019 Supplemental	Page 26

TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)
			PERCENTAGE OF TOTAL REVENUE (1) (2)	PERCENTAGE OF TOTAL REVENUE (1) (2)
			FOR THE THREE MONTHS ENDED	FOR THE NINE MONTHS ENDED
	CUSTOMERS	ASSET TYPE	SEPTEMBER 30, 2019	SEPTEMBER 30, 2019
1.	AMC Theatres	Entertainment	18.1%	18.3%
2.	Regal Entertainment Group	Entertainment	12.3%	10.7%
3.	Topgolf	Recreation	11.6%	11.4%
4.	Cinemark	Entertainment	5.6%	5.7%
5.	Vail Resorts	Recreation	4.0%	4.4%
6.	Basis Independent Schools	Education	3.1%	3.3%
7.	Camelback Resort	Recreation	3.0%	3.0%
8.	Premier Parks	Recreation	2.5%	2.5%
9.	VSS Southern	Entertainment	2.4%	2.5%
10.	Six Flags	Recreation	2.3%	2.4%
	Total		64.9%	64.2%
(1) Total revenue for the three and nine months ended September 30, 2019 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized in accordance with Topic 842.
(2) Excludes prepayment fees and other income for the three and nine months ended September 30, 2019.

	Q3 2019 Supplemental	Page 27

NET ASSET VALUE (NAV) COMPONENTS
AS OF SEPTEMBER 30, 2019
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
ANNUALIZED CASH NET OPERATING INCOME (NOI) RUN RATE (FOR NAV CALCULATIONS) (1)
	OWNED		FINANCED		TOTAL
Megaplex	$	260,392	$	240	$	260,632
ERC's/Retail	38,844		—		38,844
Other Entertainment	12,004		1,316		13,320
ENTERTAINMENT	311,240		1,556		312,796
Ski Areas	25,688		12,172		37,860
Attractions (2)	55,864		1,096		56,960
Golf Entertainment Complexes	68,536		4,892		73,428
Other Recreation	8,800		6,968		15,768
RECREATION	158,888		25,128		184,016
Public Charter Schools	31,508		12,664		44,172
Early Childhood Education (3)	23,492		500		23,992
Private Schools	29,716		472		30,188
EDUCATION	84,716		13,636		98,352
ANNUALIZED CASH NOI RUN RATE	$	554,844	$	40,320	$	595,164
OTHER NAV COMPONENTS
ASSETS			LIABILITIES
Property under development	$	31,825	Long-term debt (6)				$	3,139,995
Land held for development	28,080		Series G liquidation value				150,000
Real estate investments, net related to Resorts World Catskills (1)	175,904		Accounts payable and accrued liabilities (7)				113,553
Real estate investments, net related to Kartrite Resort and Indoor Waterpark (2)	258,501		Preferred dividends payable				6,034
Investment in joint ventures	35,222		Unearned rents and interest (8)				31,861
Cash and cash equivalents	115,839
Restricted cash	5,929
Accounts receivable (4)	9,829
Other assets (5)	22,187
Real estate investments, net, related to CLA (3)	70,972
SHARES
Common shares outstanding	78,240
Effect of dilutive securities - share options	32
Effect of dilutive Series C preferred shares	2,170
Effect of dilutive Series E preferred shares	1,634
Diluted shares outstanding	82,076

(1) See pages 31 through 33 for definitions and see Appendix on pages 34 through 40 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended September 30, 2019 and excludes the "Other" segment related to the Resorts World Catskills project in Sullivan County, New York, which is disclosed at carrying value under other NAV components.

(2) Includes no NOI related to Kartrite Resort and Indoor Waterpark. Kartrite Resort and Indoor Waterpark assets are disclosed at carrying value under other NAV components.

(3) Includes no NOI related to CLA assets. CLA assets are disclosed at carrying value under other NAV components. NOI related to assets transferred to Crème de la Crème is included in the annualized cash NOI run rate.

(4) Excludes straight-line receivable of $89.4 million.

(5) Excludes deferred tax assets of $14.3 million, net deferred financing costs of $3.9 million, net intangible assets of $41.1 million and notes and related accrued interest of $12.5 million.

(6) Excludes deferred financing costs, net of $38.4 million.

(7) Excludes below market leases, net of $7.8 million.

(8) Excludes deferred rent liabilities related to portions of real estate investments funded by tenants of $33.3 million and cash paid by tenants during construction of $24.6 million.

	Q3 2019 Supplemental	Page 28

ANNUALIZED GAAP NET OPERATING INCOME
AS OF SEPTEMBER 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED GAAP NET OPERATING INCOME (NOI) RUN RATE (1)
	OWNED		FINANCED		TOTAL
Megaplex	$	264,700	$	224	$	264,924
ERC's/Retail	38,260		—		38,260
Other Entertainment	12,464		1,304		13,768
ENTERTAINMENT	315,424		1,528		316,952
Ski Areas	26,024		12,176		38,200
Attractions (2)	56,428		1,092		57,520
Golf Entertainment Complexes	70,532		4,884		75,416
Other Recreation	8,940		6,968		15,908
RECREATION	161,924		25,120		187,044
Public Charter Schools	36,236		13,292		49,528
Early Childhood Education (3)	26,652		796		27,448
Private Schools	32,604		484		33,088
EDUCATION	95,492		14,572		110,064
ANNUALIZED GAAP NOI RUN RATE	$	572,840	$	41,220	$	614,060

(1) See pages 31 through 33 for definitions and see Appendix on pages 34 through 40 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended September 30, 2019 and excludes the "Other" segment related to the Resorts World Catskills project in Sullivan County, New York.

(2) Includes no NOI related to Kartrite Resort and Indoor Waterpark.

(3) Includes no NOI related to CLA assets. NOI related to assets transferred to Crème de la Crème is included in the annualized GAAP NOI run rate.

	Q3 2019 Supplemental	Page 29

GUIDANCE

(DOLLARS IN MILLIONS EXCEPT FOR PER SHARE INFORMATION)

MEASURE		2019 GUIDANCE
	YTD ACTUALS	CURRENT			PRIOR
Investment spending	$684.7	$775.0	to	$825.0	$700.0	to	$850.0
Disposition proceeds and mortgage note payoff	$390.2	$400.0	to	$475.0	$300.0	to	$400.0
Prepayment fees - entertainment and recreation properties (1)	$0.9	$0.9			$0.9
Prepayment fees - education properties (1)	$1.8	$1.8			$1.0	to	$2.0
Termination fees - education properties (2)	$22.9	$22.9			$14.0	to	$16.0
Percentage rent and participating interest income	$9.1	$13.0	to	$15.0	$13.0	to	$15.0
General and administrative expense	$35.5	$46.5	to	$48.5	$46.5	to	$48.5
FFO per diluted share	$3.21	$4.41	to	$4.49	$4.92	to	$5.05
FFO as adjusted per diluted share	$4.19	$5.44	to	$5.52	$5.32	to	$5.48
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	YTD ACTUALS	2019 CURRENT GUIDANCE
Net income available to common shareholders of EPR Properties	$1.94	$2.58	to	$2.66
Gain on sale of real estate (2)	(0.40)	(0.40)
Real estate depreciation and amortization	1.66	2.22
Allocated share of joint venture depreciation	0.02	0.03
Impact of Series C and Series E Dilution, if applicable	(0.01)	(0.02)
FFO available to common shareholders of EPR Properties	$3.21	$4.41	to	$4.49
Costs associated with loan refinancing or payoff	0.50	0.50
Transaction costs	0.24	0.30
Severance expense	0.03	0.03
Termination fees - education properties (2)	0.30	0.30
Deferred income tax benefit	(0.04)	(0.06)
Impact of Series C and Series E Dilution, if applicable	(0.05)	(0.04)
FFO as adjusted available to common shareholders of EPR Properties	$4.19	$5.44	to	$5.52

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) Prepayment fees received related to mortgage agreements are included in mortgage and other financing income per GAAP and are included in FFO and FFO as adjusted.

(2) Termination fees received related to leases where an operator exercises its option to purchase the property and terminates 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 other lease termination fees and fees received for early prepayment of mortgage notes receivable are reflected.

	Q3 2019 Supplemental	Page 30

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses from disposition of real estate, impairment losses on real estate, costs (gain) associated with loan refinancing or payoff, gain on early extinguishment of debt and adjustments for unconsolidated partnerships, joint ventures and other affiliates. Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure as it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA

Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDA as EBITDAre (defined above) excluding gain on insurance recovery, severance expense, litigation settlement expense, impairment of direct financing lease (allowance for lease loss portion), the provision for loan losses, transaction costs and prepayment fees and which is then multiplied by four to get an annual amount. For the three months and year ended December 31, 2017, Adjusted EBITDA was further adjusted to reflect zero Adjusted EBITDA related to one of the Company's early education tenants, CLA. Annualized Adjusted EBITDA is Adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items, which is then multiplied by four to get an annual amount.

The Company's method of calculating Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDA is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered as an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

NET DEBT AND ADJUSTED NET DEBT

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net and cash and cash equivalents, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted net debt is net debt less 40% times property under development to remove the estimated portion of property under development that has been financed with debt but has not yet produced earnings. The Company's method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

NET DEBT TO ADJUSTED EBIDTA AND ADJUSTED NET DEBT TO ANNUALIZED ADJUSTED EBITDA

Net Debt to Adjusted EBITDA and Adjusted Net Debt to Annualized Adjusted EBITDA are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The Company believes that investors commonly use versions of these ratios in a similar manner. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and

	Q3 2019 Supplemental	Page 31

covenant limitations. The Company's method of calculating both ratios may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

NET OPERATING INCOME ("NOI") AND 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 projects, percentage rent and participating interest, non-cash revenue and non-recurring adjustments 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 projects, percentage rent and participating interest and non-recurring adjustments to provide a quarterly GAAP run rate of such measure. Quarterly GAAP NOI Run Rate multiplied by four equals Annualized GAAP NOI Run Rate.

The Company's method of calculating NOI, Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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

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, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real 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. The Company has calculated FFO for all periods presented in accordance with this definition. In addition, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus costs (gain) associated with loan refinancing or payoff, transaction costs, severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants' exercises of education properties buy-out options, impairment of direct financing lease (allowance for lease loss portion) and provision for loan losses, and by subtracting gain on early extinguishment of debt, gain on insurance recovery and deferred income tax benefit (expense). FFO and FFO as adjusted are 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 the Company's operations, 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, the Company presents AFFO by adding to FFO costs (gain) associated with loan refinancing or payoff, net, transaction costs, severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants' exercises of education properties buy-out options, impairment

	Q3 2019 Supplemental	Page 32

of direct financing lease (allowance for lease loss portion) and provision for loan losses, and by subtracting gain on early extinguishment of debt, gain on insurance recovery, and deferred income tax (benefit) expense; adding non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense to management and trustees and amortization of above and below market leases, net and tenant allowances; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue, and the non-cash portion of mortgage and other financing income. 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 the Company's operations or its 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. The Company calculates the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs, interest expense, gross (including interest expense in discontinued operations), severance expense, litigation settlement 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 of real estate from continuing and discontinued operations, gain on insurance recovery, gain on previously held equity interest, gain on early extinguishment of debt, prepayment fees and deferred income tax benefit (expense). The Company calculated interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. The Company considers 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. The Company's 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. The Company considers 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. The Company's calculation of the fixed 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. The Company considers 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. The Company's 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 real estate investments (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment in direct financing leases, 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.

	Q3 2019 Supplemental	Page 33

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Third Quarter and Nine Months Ended September 30, 2019

	Q3 2019 Supplemental	Page 34

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 by 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:
	3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018
Net cash provided by operating activities	$	127,506		$	87,372		$	122,384		$	83,446		$	151,134		$	140,784
Equity in (loss) income from joint ventures	(435		)	470			489			(5		)	20			(88		)
Distributions from joint ventures	—			—			(112		)	—			—			(451		)
Amortization of deferred financing costs	(1,552		)	(1,517		)	(1,502		)	(1,490		)	(1,470		)	(1,439		)
Amortization of above and below market leases, net and tenant allowances	107			58			59			54			55			55
Amortization of operating lease assets and liabilities	(1,323		)	735			(445		)	—			—			—
Changes in assets and liabilities, net:
Mortgage notes and related accrued interest receivable	(1,155		)	1,409			135			(453		)	596			1,219
Accounts receivable	(500		)	2,234			(14,669		)	8,680			7,995			9,222
Direct financing lease receivable	52			59			58			63			99			203
Other assets	(2,245		)	(239		)	5,673			(1,662		)	(1,272		)	163
Accounts payable and accrued liabilities	(5,639		)	4,634			(4,684		)	6,265			(18,002		)	(2,360		)
Unearned rents and interest	(8,769		)	5,568			(5,951		)	15,912			(12,649		)	1,997
Straight-line rental revenue	(4,399		)	(3,223		)	(2,414		)	(3,216		)	(3,079		)	(2,060		)
Interest expense, gross	37,575			37,999			37,138			36,304			36,360			36,468
Interest cost capitalized	(386		)	(1,530		)	(3,137		)	(2,669		)	(2,697		)	(2,294		)
Transaction costs	5,959			6,923			5,123			1,583			1,101			405
Severance expense (cash portion)	1,103			—			317			2,720			—			—
Prepayment fees	(1,760		)	—			(900		)	(7,391		)	(20,026		)	(47,293		)
Litigation settlement expense	—			—			—			—			—			2,090
Interest coverage amount (1)	$	144,139		$	140,952		$	137,562		$	138,141		$	138,165		$	136,621
Net cash provided (used) by investing activities	$	176,446		$	(333,363	)	$	(127,833	)	$	(104,684	)	$	46,868		$	67,920
Net cash (used) provided by financing activities	$	(194,098	)	$	235,607		$	9,154		$	(56,075	)	$	(116,130	)	$	(234,550	)
(1) See pages 31 through 33 for definitions.

	Q3 2019 Supplemental	Page 35

RECONCILIATION 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 28 and 29 are non-GAAP financial measures and should not be considered as alternatives to net income (loss) in accordance with GAAP as indications of the Company's performance or to cash flows as a measure of the Company's liquidity. The tables on pages 37 through 40 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 the Company's segment Adjusted EBITDA - continuing operations to the Company's net income.

The following explanatory notes apply to the tables on pages 37 through 39.

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

(6) Non-recurring adjustments relate primarily to NOI from properties excluded from the calculation and disclosed at their carrying value.

	Q3 2019 Supplemental	Page 36

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 SEPTEMBER 30, 2019
	ENTERTAINMENT											RECREATION															EDUCATION
	MEGA-PLEX			ERC's/RETAIL		OTHER ENTERTAIN-MENT			TOTAL			SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES			OTHER RECREA-TION			TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER			TOTAL
Total revenue	$	70,482		$	14,985	$	3,455		$	88,922		$	6,165		$	25,682		$	18,652		$	2,273		$	52,772		$	10,301		$	8,704		$	8,638		$	27,643		$	3,389		$	172,726
Property operating expense	3,644			5,467		386			9,497			48			1,260			1,497			38			2,843			170			415			522			1,107			1,216			14,663
Other expense	864			—		—			864			—			10,539			—			—			10,539			—			—			—			—			—			11,403
Total investment expense	4,508			5,467		386			10,361			48			11,799			1,497			38			13,382			170			415			522			1,107			1,216			26,066
General and administrative expense	—			—		—			—			—			—			—			—			—			—			—			—			—			(11,600		)	(11,600		)
Prepayment fees	—			—		—			—			—			—			—			—			—			—			—			—			—			—			—
Adjusted EBITDA	$	65,974		$	9,518	$	3,069		$	78,561		$	6,117		$	13,883		$	17,155		$	2,235		$	39,390		$	10,131		$	8,289		$	8,116		$	26,536		$	(9,427	)	$	135,060
General and administrative expense	—			—		—			—			—			—			—			—			—			—			—			—			—			11,600			11,600
Corporate/unallocated and other (1)	—			—		—			—			—			—			—			—			—			—			—			—			—			(2,173		)	(2,173		)
NOI	$	65,974		$	9,518	$	3,069		$	78,561		$	6,117		$	13,883		$	17,155		$	2,235		$	39,390		$	10,131		$	8,289		$	8,116		$	26,536		$	—		$	144,487
Quarterly GAAP NOI run rate
NOI	$	65,974		$	9,518	$	3,069		$	78,561		$	6,117		$	13,883		$	17,155		$	2,235		$	39,390		$	10,131		$	8,289		$	8,116		$	26,536		$	—		$	144,487
In-service adjustments (2)	390			—		49			439			—			(165		)	226			—			61			(1,072		)	730			8			(334		)	—			166
Percentage rent/participation adjustments (3)	147			47		—			194			389			(162		)	252			—			479			—			(61		)	27			(34		)	—			639
Non-recurring adjustments (6)	(336		)	—		(2		)	(338		)	—			551			—			—			551			—			(2,295		)	—			(2,295		)	—			(2,082		)
Quarterly GAAP NOI run rate	$	66,175		$	9,565	$	3,116		$	78,856		$	6,506		$	14,107		$	17,633		$	2,235		$	40,481		$	9,059		$	6,663		$	8,151		$	23,873		$	—		$	143,210
	x4			x4		x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	264,700		$	38,260	$	12,464		$	315,424		$	26,024		$	56,428		$	70,532		$	8,940		$	161,924		$	36,236		$	26,652		$	32,604		$	95,492		$	—		$	572,840
Quarterly cash NOI run rate
NOI	$	65,974		$	9,518	$	3,069		$	78,561		$	6,117		$	13,883		$	17,155		$	2,235		$	39,390		$	10,131		$	8,289		$	8,116		$	26,536		$	—		$	144,487
In-service adjustments (4)	219			—		49			268			—			(165		)	226			—			61			(683		)	732			41			90			—			419
Percentage rent/participation adjustments (3)	147			47		—			194			389			(162		)	252			—			479			—			(61		)	27			(34		)	—			639
Non-recurring adjustments (6)	(336		)	—		(2		)	(338		)	—			551			—			—			551			—			(2,295		)	—			(2,295		)	—			(2,082		)
Non-cash revenue	(906		)	146		(115		)	(875		)	(84		)	(141		)	(499		)	(35		)	(759		)	(1,571		)	(792		)	(755		)	(3,118		)	—			(4,752		)
Quarterly cash NOI run rate	65,098			9,711		3,001			77,810			6,422			13,966			17,134			2,200			39,722			7,877			5,873			7,429			21,179			—			138,711
	x4			x4		x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	260,392		$	38,844	$	12,004		$	311,240		$	25,688		$	55,864		$	68,536		$	8,800		$	158,888		$	31,508		$	23,492		$	29,716		$	84,716		$	—		$	554,844

	Q3 2019 Supplemental	Page 37

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 SEPTEMBER 30, 2019
	ENTERTAINMENT								RECREATION													EDUCATION
	MEGA-PLEX		ERC's/RETAIL		OTHER ENTERTAIN-MENT		TOTAL		SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES		OTHER RECREA-TION		TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER		TOTAL
Total revenue	$	56	$	—	$	326	$	382	$	3,044		$	1,391		$	1,221	$	582	$	6,238		$	5,206		$	189		$	121		$	5,516		$	—	$	12,136
Property operating expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Other expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Total investment expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
General and administrative expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Prepayment fee	—		—		—		—		—			—			—		—		—			(1,760		)	—			—			(1,760		)	—		(1,760		)
Adjusted EBITDA	$	56	$	—	$	326	$	382	$	3,044		$	1,391		$	1,221	$	582	$	6,238		$	3,446		$	189		$	121		$	3,756		$	—	$	10,376
General and administrative expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Corporate/unallocated and other (1)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
NOI	$	56	$	—	$	326	$	382	$	3,044		$	1,391		$	1,221	$	582	$	6,238		$	3,446		$	189		$	121		$	3,756		$	—	$	10,376
Quarterly GAAP NOI run rate
NOI	$	56	$	—	$	326	$	382	$	3,044		$	1,391		$	1,221	$	582	$	6,238		$	3,446		$	189		$	121		$	3,756		$	—	$	10,376
In-service adjustments (5)	—		—		—		—		—			(685		)	—		1,160		475			(123		)	10			—			(113		)	—		362
Percentage rent/participation adjustments (3)	—		—		—		—		—			(433		)	—		—		(433		)	—			—			—			—			—		(433		)
Non-recurring adjustments (6)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Quarterly GAAP NOI run rate	$	56	$	—	$	326	$	382	$	3,044		$	273		$	1,221	$	1,742	$	6,280		$	3,323		$	199		$	121		$	3,643		$	—	$	10,305
	x4		x4		x4		x4		x4			x4			x4		x4		x4			x4			x4			x4			x4					x4
Annualized GAAP NOI run rate	$	224	$	—	$	1,304	$	1,528	$	12,176		$	1,092		$	4,884	$	6,968	$	25,120		$	13,292		$	796		$	484		$	14,572		$	—	$	41,220
Quarterly cash NOI run rate
NOI	$	56	$	—	$	326	$	382	$	3,044		$	1,391		$	1,221	$	582	$	6,238		$	3,446		$	189		$	121		$	3,756		$	—	$	10,376
In-service adjustments (5)	—		—		—		—		—			(685		)	—		1,160		475			(123		)	10			—			(113		)	—		362
Percentage rent/participation adjustments (3)	—		—		—		—		—			(433		)	—		—		(433		)	—			—			—			—			—		(433		)
Non-recurring adjustments (6)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Non-cash revenue	4		—		3		7		(1		)	1			2		—		2			(157		)	(74		)	(3		)	(234		)	—		(225		)
Quarterly cash NOI run rate	60		—		329		389		3,043			274			1,223		1,742		6,282			3,166			125			118			3,409			—		10,080
	x4		x4		x4		x4		x4			x4			x4		x4		x4			x4			x4			x4			x4					x4
Annualized cash NOI run rate	$	240	$	—	$	1,316	$	1,556	$	12,172		$	1,096		$	4,892	$	6,968	$	25,128		$	12,664		$	500		$	472		$	13,636		$	—	$	40,320

	Q3 2019 Supplemental	Page 38

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 37 AND 38
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019
	ENTERTAINMENT											RECREATION															EDUCATION
	MEGA-PLEX			ERC's/RETAIL		OTHER ENTERTAIN-MENT			TOTAL			SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES			OTHER RECREA-TION			TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER			TOTAL
Total revenue	$	70,538		$	14,985	$	3,781		$	89,304		$	9,209		$	27,073		$	19,873		$	2,855		$	59,010		$	15,507		$	8,893		$	8,759		$	33,159		$	3,389		$	184,862
Property operating expense	3,644			5,467		386			9,497			48			1,260			1,497			38			2,843			170			415			522			1,107			1,216			14,663
Other expense	864			—		—			864			—			10,539			—			—			10,539			—			—			—			—			—			11,403
Total investment expense	4,508			5,467		386			10,361			48			11,799			1,497			38			13,382			170			415			522			1,107			1,216			26,066
General and administrative expense	—			—		—			—			—			—			—			—			—			—			—			—			—			(11,600		)	(11,600		)
Prepayment fee	—			—		—			—			—			—			—			—			—			(1,760		)	—			—			(1,760		)	—			(1,760		)
Adjusted EBITDA	$	66,030		$	9,518	$	3,395		$	78,943		$	9,161		$	15,274		$	18,376		$	2,817		$	45,628		$	13,577		$	8,478		$	8,237		$	30,292		$	(9,427	)	$	145,436
General and administrative expense	—			—		—			—			—			—			—			—			—			—			—			—			—			11,600			11,600
Corporate/unallocated and other (1)	—			—		—			—			—			—			—			—			—			—			—			—			—			(2,173		)	(2,173		)
NOI	$	66,030		$	9,518	$	3,395		$	78,943		$	9,161		$	15,274		$	18,376		$	2,817		$	45,628		$	13,577		$	8,478		$	8,237		$	30,292		$	—		$	154,863
Quarterly GAAP NOI run rate
NOI	$	66,030		$	9,518	$	3,395		$	78,943		$	9,161		$	15,274		$	18,376		$	2,817		$	45,628		$	13,577		$	8,478		$	8,237		$	30,292		$	—		$	154,863
In-service adjustments (2) (5)	390			—		49			439			—			(850		)	226			1,160			536			(1,195		)	740			8			(447		)	—			528
Percentage rent/participation adjustments (3)	147			47		—			194			389			(595		)	252			—			46			—			(61		)	27			(34		)	—			206
Non-recurring adjustments (6)	(336		)	—		(2		)	(338		)	—			551			—			—			551			—			(2,295		)	—			(2,295		)	—			(2,082		)
Quarterly GAAP NOI run rate	$	66,231		$	9,565	$	3,442		$	79,238		$	9,550		$	14,380		$	18,854		$	3,977		$	46,761		$	12,382		$	6,862		$	8,272		$	27,516		$	—		$	153,515
	x4			x4		x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	264,924		$	38,260	$	13,768		$	316,952		$	38,200		$	57,520		$	75,416		$	15,908		$	187,044		$	49,528		$	27,448		$	33,088		$	110,064		$	—		$	614,060
Quarterly cash NOI run rate
NOI	$	66,030		$	9,518	$	3,395		$	78,943		$	9,161		$	15,274		$	18,376		$	2,817		$	45,628		$	13,577		$	8,478		$	8,237		$	30,292		$	—		$	154,863
In-service adjustments (4) (5)	219			—		49			268			—			(850		)	226			1,160			536			(806		)	742			41			(23		)	—			781
Percentage rent/participation adjustments (3)	147			47		—			194			389			(595		)	252			—			46			—			(61		)	27			(34		)	—			206
Non-recurring adjustments (6)	(336		)	—		(2		)	(338		)	—			551			—			—			551			—			(2,295		)	—			(2,295		)	—			(2,082		)
Non-cash revenue	(902		)	146		(112		)	(868		)	(85		)	(140		)	(497		)	(35		)	(757		)	(1,728		)	(866		)	(758		)	(3,352		)	—			(4,977		)
Quarterly cash NOI run rate	65,158			9,711		3,330			78,199			9,465			14,240			18,357			3,942			46,004			11,043			5,998			7,547			24,588			—			148,791
	x4			x4		x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	260,632		$	38,844	$	13,320		$	312,796		$	37,860		$	56,960		$	73,428		$	15,768		$	184,016		$	44,172		$	23,992		$	30,188		$	98,352		$	—		$	595,164

	Q3 2019 Supplemental	Page 39

RECONCILIATION OF EBITDAre, ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDA (1):	3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018
Net income	$	34,003		$	66,594		$	65,349		$	54,031		$	91,833		$	91,581
Interest expense, net	36,640			36,278			33,826			33,515			33,576			34,079
Income tax (benefit) expense	(600		)	(1,300		)	(605		)	108			515			642
Depreciation and amortization	45,134			42,355			39,743			39,541			38,623			37,582
Gain on sale of real estate	(14,303		)	(9,774		)	(6,328		)	(349		)	(2,215		)	(473		)
Gain on sale of investment in direct financing leases	—			—			—			—			(5,514		)	—
Impairment charges	—			—			—			10,735			—			16,548
Costs associated with loan refinancing or payoff	38,407			—			—			—			—			15
Equity in loss (income) from joint ventures	435			(470		)	(489		)	5			(20		)	88
EBITDAre (2)	$	139,716		$	133,683		$	131,496		$	137,586		$	156,798		$	180,062
Severance expense	1,521			—			420			5,938			—			—
Litigation settlement expense	—			—			—			—			—			2,090
Transaction costs	5,959			6,923			5,123			1,583			1,101			405
Prepayment fees	(1,760		)	—			(900		)	(7,391		)	(20,026		)	(47,293		)
Adjusted EBITDA (for the quarter)	$	145,436		$	140,606		$	136,139		$	137,716		$	137,873		$	135,264
Adjusted EBITDA (2)	$	581,744		$	562,424		$	544,556		$	550,864		$	551,492		$	541,056
ANNUALIZED ADJUSTED EBITDA (1):
Adjusted EBITDA (for the quarter)	$	145,436		$	140,606		$	136,139		$	137,716		$	137,873		$	135,264
Corporate/unallocated and other NOI (3)	(2,173		)	(1,855		)	(1,925		)	(1,530		)	(1,899		)	(2,079		)
In-service adjustments (4)	528			5,591			252			243			(3,645		)	(1,785		)
Percentage rent/participation adjustments (5)	206			(856		)	1,335			(2,339		)	(463		)	517
Non-recurring adjustments (6)	213			2,668			(72		)	(240		)	24			(4		)
Annualized Adjusted EBITDA (for the quarter)	$	144,210		$	146,154		$	135,729		$	133,850		$	131,890		$	131,913
Annualized Adjusted EBITDA (7)	$	576,840		$	584,616		$	542,916		$	535,400		$	527,560		$	527,652
(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(3) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 21.
(4) Adjustments for properties commencing or terminating GAAP net operating income during the quarter.
(5) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing 12 month amount divided by 4.
(6) Non-recurring adjustments relate primarily to properties under operating agreements with third parties.
(7) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

	Q3 2019 Supplemental	Page 40