CNL Lifestyle Properties (CLLY) 425 Business combination disclosure

Exhibit 99.3

Supplemental Operating and Financial Data

Third Quarter and Nine Months Ended September 30, 2016

EPR Properties

Supplemental Operating and Financial Data

Third Quarter and Nine Months Ended September 30, 2016

Table of Contents

Section	Page
Company Profile	5
Investor Information	6
Selected Financial Information	7
Selected Balance Sheet Information	8
Selected Operating Data	9
Funds From Operations and Funds From Operations as Adjusted	10
Adjusted Funds From Operations	11
Capital Structure	12
Summary of Ratios	17
Summary of Mortgage Notes Receivable	19
Capital Spending and Disposition Summaries	20
Property Under Development - Investment Spending Estimates	21
Financial Information and Total Investment by Segment	22
Lease Expirations	27
Top Ten Customers by Revenue from Continuing Operations	28
Net Asset Value (NAV) Components	29
Annualized GAAP Net Operating Income	30
Guidance	31
Definitions-Non-GAAP Financial Measures	32
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	35

2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company’s other financial information determined under GAAP. See pages 32 through 34 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures in the Appendix on pages 35 through 41.

IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the transaction referred to in this communication, EPR Properties expects to file a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) containing a preliminary proxy statement of CNL Lifestyle that also constitutes a preliminary prospectus of EPR Properties. After the registration statement is declared effective, CNL Lifestyle will mail a definitive proxy statement/prospectus to stockholders of CNL Lifestyle. This communication is not a substitute for the joint proxy statement/prospectus or registration statement or for any other document

3

that EPR Properties or CNL Lifestyle may file with the SEC and send to CNL Lifestyle’s stockholders in connection with the proposed transactions. INVESTORS AND SECURITY HOLDERS OF CNL LIFESTYLE ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when available) and other documents filed by EPR Properties and CNL Lifestyle with the SEC though the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by EPR Properties with the SEC will be available free of charge on EPR Properties’ website at www. eprkc.com, or by contacting EPR Properties’ Investor Relations Department at (816) 472-1700. Copies of documents filed by CNL Lifestyle with the SEC will be available free of charge on CNL Lifestyle’s website at www.cnllifestylereit.com, or by contacting CNL Lifestyle’s Investor Relations Department at(866) 650-0650. The content of the websites referenced above are not deemed incorporated by reference into the registration statement or the proxy statement/prospectus.

CERTAIN INFORMATION REGARDING PARTICIPANTS

EPR Properties and CNL Lifestyle and their respective trustees/directors, executive officers and other management members and employees may be deemed participants in the solicitation of proxies with respect to the proposed transactions under the rules of the SEC. Information about the trustees and executive officers of EPR Properties is set forth in its proxy statement for its 2016 annual meeting of shareholders, which was filed with the SEC on April 1, 2016, and Form 4’s of EPR Properties’ trustees and executive officers filed with the SEC. Information about the directors and executive officers of CNL Lifestyle is set forth in its Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC on March 28, 2016, its proxy statement for its 2015 annual meeting of stockholders, which was filed with the SEC on November 3, 2015, and in Form 4’s of CNL Lifestyle’s directors and executive officers filed with the SEC. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC if and when they become available.

4

EPR Properties

Company Profile

The Company

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

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

Company Strategy

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

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

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

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

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

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

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

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

• Advantageous Position - Sustainable competitive advantages

5

EPR Properties

Investor Information

Senior Management

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

Company Information

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

Equity Research Coverage

Bank of America Merrill Lynch	Jeffrey Spector/Joshua Dennerlein	646-855-1363
Citi Global Markets	Michael Bilerman/Nick Joseph	212-816-4471
FBR & Co.	David Corak	703-312-1610
Janney Montgomery Scott	Rob Stevenson	646-840-3217
J.P. Morgan	Anthony Paolone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Craig Mailman	917-368-2280
Ladenburg Thalmann	Daniel Donlan	212-409-2056
RBC Capital Markets	Michael Carroll/Wes Golladay	440-715-2649
Stifel	Simon Yarmak	443-224-1345

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

6

EPR Properties

Selected Financial Information

(Unaudited, dollars and shares in thousands)

	Three Months Ended September 30,				Nine months ended September 30,
Operating Information:	2016		2015		2016		2015
Revenue	$	125,610	$	108,335	$	362,411	$	309,029
Net income available to common shareholders of
EPR Properties		51,575		44,244		148,986		123,927
Adjusted EBITDA (1)(2)		109,068		95,306		314,573		268,181
Interest expense, net		24,265		20,529		70,310		59,123
Recurring principal payments		2,551		3,363		7,447		10,634
Capitalized interest		2,931		4,771		7,982		14,265
Straight-lined rental revenue		4,597		2,738		10,950		8,892
Dividends declared on preferred shares		5,951		5,951		17,855		17,855
Dividends declared on common shares		61,082		53,019		182,948		156,841
General and administrative expense		9,091		7,482		27,309		22,920
Balance Sheet Information:	September 30,
	2016		2015
Total assets	$	4,620,970	$	4,201,105
Accumulated depreciation		609,103		511,949
Total assets before accumulated depreciation (gross assets)		5,230,073		4,713,054
Cash and cash equivalents		7,311		14,614
Debt		2,248,576		2,018,354
Deferred financing costs, net		18,885		19,101
Net debt (2)		2,260,150		2,022,841
Equity		2,189,427		1,989,071
Common shares outstanding		63,628		59,158
Total market capitalization (using EOP closing price)		7,616,469		5,434,479
Net debt/total market capitalization		30%		37%
Net debt/gross assets		43%		43%
Net debt/Adjusted EBITDA (3)		5.18		5.31
Adjusted net debt/Annualized adjusted EBITDA (2)(4)(5)		5.08		n/a

(1) Includes discontinued operations.

(2) See pages 32 through 34 for definitions.

(3) Adjusted EBITDA is for the quarter times four. See pages 32 through 34 for definitions. See calculation on page 41.

(4) Adjusted net debt is net debt less 40% times property under development. See pages 32 through 34 for definitions.

(5) 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 41 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. Amounts not calculated for periods prior to 2016. See pages 32 through 34 for definitions.

7

EPR Properties

Selected Balance Sheet Information

(Unaudited, dollars in thousands)

	3rd Quarter 2016		2nd Quarter 2016		1st Quarter 2016		4th Quarter 2015		3rd Quarter 2015		2nd Quarter 2015
Assets
Rental properties:
Entertainment	$	2,483,321	$	2,473,635	$	2,369,351	$	2,337,427	$	2,309,413	$	2,301,551
Education		811,359		687,815		644,854		621,674		589,755		412,088
Recreation		650,350		600,183		608,393		600,401		551,660		315,502
Other		155,071		153,996		153,944		—		—		—
Less: accumulated depreciation		(609,103)		(583,848)		(562,195)		(534,303)		(511,949)		(492,602)
Land held for development		22,530		22,530		22,530		23,610		30,501		30,495
Property under development		263,026		301,605		266,574		378,920		374,533		494,066
Mortgage notes receivable: (1)
Entertainment		36,032		36,032		80,389		58,220		58,220		58,220
Education		70,609		63,828		61,963		79,584		80,230		79,194
Recreation		331,726		322,515		312,577		283,476		311,859		403,799
Other		2,511		2,500		2,500		2,500		5,021		5,032
Investment in a direct financing lease, net		189,152		188,386		191,720		190,880		190,029		189,203
Investment in joint ventures		6,159		5,955		5,869		6,168		6,439		6,101
Cash and cash equivalents		7,311		8,462		10,980		4,283		14,614		6,146
Restricted cash		20,463		16,614		23,428		10,578		21,949		15,289
Accounts receivable, net		81,217		62,061		62,403		59,101		56,006		64,493
Other assets		99,236		97,955		88,260		94,751		93,724		83,051
Total assets	$	4,620,970	$	4,460,224	$	4,343,540	$	4,217,270	$	4,182,004	$	3,971,628
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	101,019	$	91,130	$	77,523	$	92,178	$	98,736	$	80,855
Common dividends payable		20,361		20,360		20,269		18,401		17,896		17,308
Preferred dividends payable		5,951		5,952		5,952		5,951		5,951		5,952
Unearned rents and interest		55,636		49,798		56,627		44,952		51,996		39,270
Line of credit		200,000		347,000		217,000		196,000		196,000		100,000
Deferred financing costs, net		(18,885)		(16,829)		(17,494)		(18,289)		(19,101)		(19,764)
Other debt		2,067,461		1,768,094		1,796,625		1,804,209		1,841,455		1,845,864
Total liabilities		2,431,543		2,265,505		2,156,502		2,143,402		2,192,933		2,069,485
Equity:
Common stock and additional paid-in-capital		2,669,330		2,666,325		2,644,263		2,509,077		2,414,399		2,297,495
Preferred stock at par value		139		139		139		139		139		139
Treasury stock		(107,136)		(107,133)		(104,864)		(97,328)		(95,564)		(77,244)
Accumulated other comprehensive income		4,698		3,485		3,708		5,622		5,410		8,290
Distributions in excess of net income		(377,604)		(368,097)		(356,208)		(343,642)		(335,690)		(326,914)
EPR Properties shareholders’ equity		2,189,427		2,194,719		2,187,038		2,073,868		1,988,694		1,901,766
Noncontrolling interests		—		—		—		—		377		377
Total equity		2,189,427		2,194,719		2,187,038		2,073,868		1,989,071		1,902,143
Total liabilities and equity	$	4,620,970	$	4,460,224	$	4,343,540	$	4,217,270	$	4,182,004	$	3,971,628

(1) Includes related accrued interest receivable.

8

EPR Properties

Selected Operating Data

(Unaudited, dollars in thousands)

	3rd Quarter       2016		2nd Quarter         2016		1st Quarter       2016		4th Quarter       2015		3rd Quarter       2015		2nd Quarter       2015
Rental revenue and tenant reimbursements:
Entertainment	$	67,950	$	65,149	$	64,001	$	63,823	$	63,355	$	63,794
Education		19,905		17,717		17,182		16,552		13,990		10,803
Recreation		15,958		14,789		14,696		14,539		12,079		7,228
Other		2,290		2,291		1,764		—		—		—
Mortgage and other financing income:
Entertainment		1,294		1,481		2,152		1,781		1,782		1,782
Education (1)		7,319		7,178		10,731		7,566		7,479		7,793
Recreation		8,384		7,268		6,998		6,451		8,835		8,613
Other		34		34		34		63		97		97
Other income		2,476		2,126		1,210		1,213		718		1,148
Total revenue	$	125,610	$	118,033	$	118,768	$	111,988	$	108,335	$	101,258
Property operating expense		5,626		5,580		5,481		5,810		5,496		5,770
Other expense		—		—		5		115		221		210
General and administrative expense		9,091		9,000		9,218		8,101		7,482		7,756
Costs associated with loan refinancing or payoff		14		339		552		9		18		243
Interest expense, net		24,265		22,756		23,289		20,792		20,529		20,007
Transaction costs		2,947		1,490		444		700		783		4,429
Depreciation and amortization		27,601		25,666		25,955		24,915		23,498		21,849
Income before equity in income in joint ventures and other items		56,066		53,202		53,824		51,546		50,308		40,994
Equity in income from joint ventures		203		86		212		268		339		198
Gain (loss) on sale of real estate		1,615		2,270		—		—		(95)		—
Income tax benefit (expense)		(358)		(423)		144		936		(498)		7,506
Income from continuing operations		57,526		55,135		54,180		52,750		50,054		48,698
Discontinued operations:
Income from discontinued operations		—		—		—		—		141		68
Net income attributable to EPR Properties		57,526		55,135		54,180		52,750		50,195		48,766
Preferred dividend requirements		(5,951)		(5,952)		(5,952)		(5,951)		(5,951)		(5,952)
Net income available to common shareholders of EPR Properties	$	51,575	$	49,183	$	48,228	$	46,799	$	44,244	$	42,814

(1) Represents income from owned assets under a direct financing lease and 12 mortgage notes receivable.

9

EPR Properties

Funds From Operations and Funds From Operations as Adjusted

(Unaudited, dollars in thousands except per share information)

	3rd Quarter       2016		2nd Quarter         2016		1st Quarter         2016		4th Quarter         2015		3rd Quarter         2015		2nd Quarter         2015
Funds From Operations (“FFO”) (1):
Net income available to common shareholders of EPR Properties	$	51,575	$	49,183	$	48,228	$	46,799	$	44,244	$	42,814
Gain on sale of real estate (excluding land sale)		(549)		(2,270)		—		—		—		—
Real estate depreciation and amortization		27,147		25,216		25,507		24,480		23,071		21,457
Allocated share of joint venture depreciation		56		58		60		62		64		65
FFO available to common shareholders of EPR Properties	$	78,229	$	72,187	$	73,795	$	71,341	$	67,379	$	64,336
FFO available to common shareholders of EPR Properties	$	78,229	$	72,187	$	73,795	$	71,341	$	67,379	$	64,336
Add: Preferred dividends for Series C preferred shares		1,941		1,941		1,941		1,941		1,941		—
Diluted FFO available to common shareholders	$	80,170	$	74,128	$	75,736	$	73,282	$	69,320	$	64,336
Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	78,229	$	72,187	$	73,795	$	71,341	$	67,379	$	64,336
Costs associated with loan refinancing or payoff		14		339		552		9		18		243
Gain on insurance recovery (included in other income)		(1,825)		(1,523)		(489)		—		—		—
Termination fee included in gain on sale		549		2,270		—		—		—		—
Transaction costs		2,947		1,490		444		700		783		4,429
(Gain) loss on sale of land		(1,066)		—		—		—		95		—
Deferred income tax expense (benefit)		(44)		(18)		(602)		(1,366)		53		(6,711)
FFO as adjusted available to common shareholders of EPR Properties	$	78,804	$	74,745	$	73,700	$	70,684	$	68,328	$	62,297
FFO as adjusted available to common shareholders of EPR Properties	$	78,804	$	74,745	$	73,700	$	70,684	$	68,328	$	62,297
Add: Preferred dividends for Series C preferred shares		1,941		1,941		1,941		1,941		1,941		—
Diluted FFO as adjusted available to common shareholders	$	80,745	$	76,686	$	75,641	$	72,625	$	70,269	$	62,297
FFO per common share attributable to EPR Properties:
Basic	$	1.23	$	1.14	$	1.18	$	1.19	$	1.16	$	1.12
Diluted		1.22		1.13		1.17		1.18		1.15		1.12
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	1.24	$	1.18	$	1.18	$	1.18	$	1.18	$	1.09
Diluted		1.23		1.17		1.17		1.17		1.17		1.08
Shares used for computation (in thousands):
Basic		63,627		63,592		62,664		60,125		58,083		57,200
Diluted		63,747		63,678		62,744		60,205		58,278		57,446
Weighted average shares outstanding-diluted EPS		63,747		63,678		62,744		60,205		58,278		57,446
Effect of dilutive Series C preferred shares		2,036		2,045		2,038		2,029		2,022		—
Adjusted weighted-average shares outstanding-diluted		65,783		65,723		64,782		62,234		60,300		57,446

(1) See pages 32 through 34 for definitions.

10

EPR Properties

Adjusted Funds From Operations

(Unaudited, dollars in thousands except per share information)

	3rd Quarter       2016		2nd Quarter         2016		1st Quarter         2016		4th Quarter         2015		3rd Quarter         2015		2nd Quarter         2015
Adjusted Funds from Operations (“AFFO”) (1):
FFO available to common shareholders of EPR Properties	$	78,229	$	72,187	$	73,795	$	71,341	$	67,379	$	64,336
Adjustments:
Amortization of above market leases, net		42		48		48		47		48		49
Transaction costs		2,947		1,490		444		700		783		4,429
Non-real estate depreciation and amortization		454		450		448		436		427		392
Deferred financing fees amortization		1,187		1,163		1,172		1,163		1,156		1,173
Costs associated with loan refinancing or payoff		14		339		552		9		18		243
Gain on insurance recovery		(1,825)		(1,523)		(489)		—		—		—
Termination fees included in gain on sale		549		2,270		—		—		—		—
Share-based compensation expense to management and trustees		2,778		2,739		2,765		2,290		2,161		2,085
Maintenance capital expenditures (2)		(805)		(1,859)		(1,141)		(1,501)		(897)		(435)
Straight-lined rental revenue		(4,597)		(3,264)		(3,089)		(3,267)		(2,738)		(3,211)
Non-cash portion of mortgage and other financing income		(962)		(1,017)		(928)		(1,009)		(2,042)		(3,408)
(Gain) loss on sale of land		(1,066)		—		—		—		95		—
Deferred income tax expense (benefit)		(44)		(18)		(602)		(1,366)		53		(6,711)
AFFO available to common shareholders of EPR Properties	$	76,901	$	73,005	$	72,975	$	68,843	$	66,443	$	58,942
AFFO available to common shareholders of EPR Properties	$	76,901	$	73,005	$	72,975	$	68,843	$	66,443	$	58,942
Add: Preferred dividends for Series C preferred shares		1,941		1,941		1,941		1,941		1,941		—
Diluted AFFO available to common shareholders of EPR Properties	$	78,842	$	74,946	$	74,916	$	70,784	$	68,384	$	58,942
Weighted average diluted shares outstanding (in thousands)		63,747		63,678		62,744		60,205		58,278		57,446
Effect of dilutive Series C preferred shares		2,036		2,045		2,038		2,029		2,022		—
Adjusted weighted-average shares outstanding-diluted		65,783		65,723		64,782		62,234		60,300		57,446
AFFO per diluted common share	$	1.20	$	1.14	$	1.16	$	1.14	$	1.13	$	1.03
Dividends declared per common share	$	0.9600	$	0.9600	$	0.9600	$	0.9075	$	0.9075	$	0.9075
AFFO payout ratio (3)		80%		84%		83%		80%		80%		88%

(1) See pages 32 through 34 for definitions.

(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.

(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

11

EPR Properties

Capital Structure at September 30, 2016

(Unaudited, dollars in thousands)

Consolidated Debt
Principal Payments Due on Debt:
	Mortgages						Unsecured Credit   Facility (2)		Unsecured   Senior Notes
Year	Amortization		Maturities		Bonds/Term   Loan/Other (1)						Total		Weighted Avg     Interest Rate
2016	$	2,516	$	—	$	—	$	—	$	—	$	2,516		4.69%
2017		5,065		158,201		—		—		—		163,266		4.86%
2018		65		11,619		—		—		—		11,684		6.19%
2019		—		—		—		200,000		—		200,000		1.77%
2020		—		—		350,000		—		250,000		600,000		5.19%
2021		—		—		—		—		—		—		—%
2022		—		—		—		—		350,000		350,000		5.75%
2023		—		—		—		—		275,000		275,000		5.25%
2024		—		—		—		—		148,000		148,000		4.35%
2025		—		—		—		—		300,000		300,000		4.50%
2026		—		—		—		—		192,000		192,000		4.56%
Thereafter		—		—		24,995		—		—		24,995		0.43%
Less: deferred financing costs, net		—		—		—		—		—		(18,885)		—%
	$	7,646	$	169,820	$	374,995	$	200,000	$	1,515,000	$	2,248,576		4.71%
			Balance		Weighted Avg     Interest Rate		Weighted Avg  Maturity
Fixed rate secured debt			$	177,466		4.94%		0.75
Fixed rate unsecured debt (1)				1,815,000		5.15%		6.37
Variable rate secured debt				24,995		0.43%		21.00
Variable rate unsecured debt				250,000		1.80%		2.77
Less: deferred financing costs, net				(18,885)		—%		—
Total			$	2,248,576		4.71%		5.69
(1) Includes  $300 million of term loan that has been fixed through interest rate swaps through April 5, 2019.
(2) Unsecured Credit Facility Summary:
	Commitment		Balance at 9/30/2016		Maturity		Rate at 9/30/2016
	$	650,000	$	200,000		April 24, 2019		1.77%

Note: This facility has a one year extension available at the Company’s option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature in which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from  $1.0 billion to  $2.0 billion, in each case, subject to certain terms and conditions.

12

EPR Properties

Capital Structure at September 30, 2016 and December 31, 2015

(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Debt:

	September 30, 2016		December 31, 2015
Mortgage note payable, 7.37%, paid in full on February 18, 2016		—		4,813
Note payable, 2.50%, paid in full on April 21, 2016		—		1,850
Mortgage notes payable, 6.37%, paid in full on May 2, 2016		—		24,754
Mortgage notes payable, 6.02%, paid in full on August 8, 2016		—		16,738
Mortgage notes payable, 6.10%, paid in full on September 1, 2016		—		22,235
Mortgage note payable, 6.06%, due March 1, 2017		8,706		9,381
Mortgage note payable, 6.07%, due April 6, 2017		9,417		9,667
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017		30,775		31,603
Mortgage notes payable, 4.00%, due July 6, 2017		90,249		93,616
Mortgage note payable, 5.29%, due July 8, 2017		3,338		3,455
Mortgage notes payable, 5.86% due August 1, 2017		22,344		22,931
Mortgage note payable, 6.19%, due February 1, 2018		12,637		13,171
Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019		200,000		196,000
Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 3.14% through April 5, 2019, due April 24, 2020		350,000		350,000
Senior unsecured notes payable, 7.75%, due July 15, 2020		250,000		250,000
Senior unsecured notes payable, 5.75%, due August 15, 2022		350,000		350,000
Senior unsecured notes payable, 5.25%, due July 15, 2023		275,000		275,000
Senior unsecured notes payable, 4.35%, due August 22, 2024		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		—
Bonds payable, variable rate, due October 1, 2037		24,995		24,995
Less: deferred financing costs, net		(18,885)		(18,289)
Total debt	$	2,248,576	$	1,981,920

13

EPR Properties

Capital Structure

Senior Notes

Senior Debt Ratings as of September 30, 2016

Moody’s	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor’s	BBB- (stable)

Summary of Covenants

The Company has outstanding senior unsecured notes with fixed interest rates of 4.50%, 5.25%, 5.75% and 7.75%. Interest on these notes is paid semiannually. These senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company’s debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company’s 4.50%, 5.25%, 5.75% and 7.75% senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company’s ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company’s liquidity or performance. The actual amounts as of September 30, 2016 and June 30, 2016 are:

Note Covenants	Required	Actual 3rd Quarter 2016 (1)	Actual 2nd Quarter 2016 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	< 60%	44%	43%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	< 40%	4%	5%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	> 1.5 x	4.0x	4.1x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	> 150% of unsecured debt	225%	237%

(1) See page 15 for detailed calculations.

Note: The above excludes the private placement notes.

14

EPR Properties

Capital Structure

Senior Notes

(Unaudited, dollars in thousands)

Covenant Calculations

Total Assets:	September 30,   2016				Total Debt:			September 30,   2016
Total Assets per balance sheet	$	4,620,970			Secured debt obligations			$	202,461
Add: accumulated depreciation		609,103			Unsecured debt obligations:
Less: intangible assets		(15,253)			Unsecured debt				2,065,000
Total Assets	$	5,214,820			Outstanding letters of credit				—
					Guarantees				24,929
					Derivatives at fair market value, net, if liability				—
					Total unsecured debt obligations:				2,089,929
					Total Debt			$	2,292,390
Total Unencumbered Assets:	September 30, 2016
Unencumbered real estate assets, gross	$	4,416,850
Cash and cash equivalents		7,311
Land held for development		22,530
Property under development		263,026
Total Unencumbered Assets	$	4,709,717
Consolidated Income Available for Debt Service:	3rd Quarter 2016		2nd Quarter   2016		1st Quarter 2016	4th Quarter 2015		Trailing Twelve Months
Adjusted EBITDA (1)	$	109,068	$	101,930	$        103,575	$	97,962	$	412,535
Less: straight-line rental revenue		(4,597)		(3,264)	(3,089)		(3,267)		(14,217)
Consolidated Income Available for Debt Service	$	104,471	$	98,666	$        100,486	$	94,695	$	398,318
Annual Debt Service:
Interest expense, gross	$	27,196	$	25,516	$          25,580	$	25,076	$	103,368
Less: deferred financing fees amortization		(1,187)		(1,163)	(1,172)		(1,163)		(4,685)
Annual Debt Service	$	26,009	$	24,353	$          24,408	$	23,913	$	98,683
Debt Service Coverage		4.0		4.1	4.1		4.0		4.0

(1) Includes discontinued operations.

15

EPR Properties

Capital Structure at September 30, 2016

(Unaudited, dollars in thousands except share information)

Equity

Security	Shares Issued     and Outstanding		Price per share   at September 30, 2016		Liquidation     Preference		Dividend Rate		Convertible		Conversion Ratio at   September 30,   2016		Conversion Price at   September 30,   2016
Common shares		63,628,019	$	78.74		N/A		(1)		N/A		N/A		N/A
Series C		5,399,950	$	30.67	$	134,999		5.750%		Y		0.3771		66.30
Series E		3,450,000	$	37.22	$	86,250		9.000%		Y		0.4561		54.81
Series F		5,000,000	$	26.12	$	125,000		6.625%		N		N/A		N/A
Calculation of Total Market Capitalization:
Common shares outstanding at September 30, 2016 multiplied by closing price at September 30, 2016							$	5,010,070
Aggregate liquidation value of Series C preferred shares (2)								134,999
Aggregate liquidation value of Series E preferred shares (2)								86,250
Aggregate liquidation value of Series F preferred shares (2)								125,000
Net debt at September 30, 2016 (3)								2,260,150
Total consolidated market capitalization							$	7,616,469

(1) Total monthly dividends declared in the third quarter of 2016 were  $0.96 per share.

(2) Excludes accrued unpaid dividends at September 30, 2016.

(3) See pages 32 through 34 for definitions.

16

EPR Properties

Summary of Ratios

(Unaudited)

	3rd Quarter     2016	2nd Quarter     2016	1st Quarter     2016	4th Quarter     2015	3rd Quarter     2015	2nd Quarter     2015
Net debt to total market capitalization	30%	28%	30%	34%	37%	36%
Net debt to gross assets	43%	42%	41%	42%	43%	43%
Net debt/Adjusted EBITDA (1)(2)	5.18	5.17	4.81	5.09	5.31	5.54
Adjusted net debt/Annualized adjusted EBITDA (3)(4)	5.08	4.89	4.76	n/a	n/a	n/a
Interest coverage ratio (5)	3.9	4.0	4.0	3.9	3.7	3.5
Fixed charge coverage ratio (5)	3.2	3.2	3.3	3.1	3.0	2.8
Debt service coverage ratio (5)	3.6	3.6	3.7	3.5	3.3	3.0
FFO payout ratio (6)	79%	85%	82%	77%	79%	81%
FFO as adjusted payout ratio (7)	78%	82%	81%	78%	78%	84%
AFFO payout ratio (8)	80%	84%	83%	80%	80%	88%

(1) See pages 32 through 34 for definitions.

(2) Adjusted EBITDA is for the quarter times four. See calculation on page 41.

(3) Adjusted net debt is net debt less 40% times property under development. See pages 32 through 34 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 41 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. Amounts not calculated for periods prior to 2016. See pages 32 through 34 for definitions.

(5) See page 18 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.

17

EPR Properties

Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios

(Unaudited, dollars in thousands)

	3rd Quarter   2016		2nd Quarter     2016		1st Quarter     2016		4th Quarter     2015		3rd Quarter     2015		2nd Quarter     2015
Interest Coverage Ratio (1):
Net income	$	57,526	$	55,135	$	54,180	$	52,750	$	50,195	$	48,766
Transaction costs		2,947		1,490		444		700		783		4,429
Interest expense, gross		27,196		25,516		25,580		25,076		25,300		25,164
Depreciation and amortization		27,601		25,666		25,955		24,915		23,498		21,849
Share-based compensation expense to management and trustees		2,778		2,739		2,765		2,290		2,161		2,085
Costs associated with loan refinancing or payoff		14		339		552		9		18		243
Interest cost capitalized		(2,931)		(2,760)		(2,291)		(4,283)		(4,771)		(5,145)
Straight-line rental revenue		(4,597)		(3,264)		(3,089)		(3,267)		(2,738)		(3,211)
(Gain) loss on sale of real estate		(1,615)		(2,270)		—		—		95		—
Gain on insurance recovery		(1,825)		(1,523)		(489)		—		—		—
Deferred income tax expense (benefit)		(44)		(18)		(602)		(1,366)		53		(6,711)
Interest coverage amount	$	107,050	$	101,050	$	103,005	$	96,824	$	94,594	$	87,469
Interest expense, net	$	24,265	$	22,756	$	23,289	$	20,792	$	20,529	$	20,007
Interest income		—		—		—		1		—		12
Interest cost capitalized		2,931		2,760		2,291		4,283		4,771		5,145
Interest expense, gross	$	27,196	$	25,516	$	25,580	$	25,076	$	25,300	$	25,164
Interest coverage ratio		3.9		4.0		4.0		3.9		3.7		3.5
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	107,050	$	101,050	$	103,005	$	96,824	$	94,594	$	87,469
Interest expense, gross	$	27,196	$	25,516	$	25,580	$	25,076	$	25,300	$	25,164
Preferred share dividends		5,951		5,952		5,952		5,951		5,951		5,952
Fixed charges	$	33,147	$	31,468	$	31,532	$	31,027	$	31,251	$	31,116
Fixed charge coverage ratio		3.2		3.2		3.3		3.1		3.0		2.8
Debt Service Coverage Ratio (1):
Interest coverage amount	$	107,050	$	101,050	$	103,005	$	96,824	$	94,594	$	87,469
Interest expense, gross	$	27,196	$	25,516	$	25,580	$	25,076	$	25,300	$	25,164
Recurring principal payments		2,551		2,298		2,598		2,900		3,363		3,560
Debt service	$	29,747	$	27,814	$	28,178	$	27,976	$	28,663	$	28,724
Debt service coverage ratio		3.6		3.6		3.7		3.5		3.3		3.0

(1) See pages 32 through 34 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement. See Appendix on pages 35 through 41 for reconciliations of certain non-GAAP financial measures.

18

EPR Properties

Summary of Mortgage Notes Receivable

(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	Operating Segment		September 30, 2016		December 31, 2015
Mortgage note and related accrued interest receivable, 9.50%, paid in full January 5, 2016		Education	$	—	$	19,944
Mortgage note and related accrued interest receivable, 9.75%, paid in full April 22, 2016		Entertainment		—		22,188
Mortgage note and related accrued interest receivable, 5.50%, due November 1, 2016		Other		2,511		2,500
Mortgage note, 9.00%, due January 31, 2017		Education		1,345		1,257
Mortgage note receivable and related accrued interest receivable, 9.00%, due March 11, 2017		Education		1,454		1,454
Mortgage note receivable, 9.00%, due March 31, 2017		Recreation		5,500		—
Mortgage notes and related accrued interest receivable, 7.00% to 10.00%, due May 1, 2019		Recreation		165,647		164,543
Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032		Entertainment		36,032		36,032
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032		Education		5,364		5,469
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033		Education		30,904		30,680
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033		Education		3,503		3,488
Mortgage note, 11.31%, due July 1, 2033		Recreation		12,595		12,781
Mortgage note and related accrued interest receivable, 8.71%, due June 30, 2034		Education		7,229		4,900
Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034		Education		12,452		12,392
Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034		Recreation		51,250		51,450
Mortgage notes, 10.13%, due December 1, 2034		Recreation		37,562		37,562
Mortgage note, 10.40%, due December 1, 2034		Recreation		4,550		4,550
Mortgage note, 8.00%, due January 5, 2036		Recreation		21,000		—
Mortgage note, 10.25%, due July 1, 2036		Recreation		17,550		9,147
Mortgage note and related accrued interest receivable, 9.75%, due July 31, 2036		Education		5,955		—
Mortgage note and related accrued interest receivable, 9.75%, due October 1, 2036		Recreation		16,072		3,443
Mortgage note receivable, 9.75%, due December 31, 2036		Education		2,403		—
Total mortgage notes and related accrued interest receivable			$	440,878	$	423,780

Payments Due on Mortgage Notes Receivable

	As of September 30,   2016
Year:
2016	$	4,680
2017		9,325
2018		928
2019		165,774
2020		1,143
Thereafter		259,028
Total	$	440,878

19

EPR Properties

Capital Spending and Disposition Summaries

(Unaudited, dollars in thousands)

2016 Capital Spending:

Description	Location		Operating Segment		Capital Spending Three Months Ended September 30, 2016		Capital Spending Nine Months Ended September 30, 2016
Development and redevelopment of megaplex theatres		various		Entertainment	$	12,997	$	31,567
Acquisition of megaplex theatres		various		Entertainment		16,264		111,018
Development of other entertainment and retail projects		various		Entertainment		4,657		18,655
Acquisition of family entertainment center		Marietta, GA		Entertainment		—		14,988
Investment in mortgage note receivable for entertainment retail center		Charlotte, NC		Entertainment		—		22,000
Investment in mortgage notes receivable for public charter schools		various		Education		6,888		11,179
Development of public charter school properties		various		Education		22,101		65,454
Development of early childhood education centers		various		Education		30,941		86,992
Development of private school properties		various		Education		11,186		23,680
Development of Topgolf golf entertainment facilities		various		Recreation		37,735		104,527
Investment in mortgage note receivable for ski resort		Hunter, NY		Recreation		—		21,000
Additions to mortgage note receivable for development of excess land at Schlitterbahn waterpark		various		Recreation		—		200
Development of Camelback Mountain Resort		Tannersville, PA		Recreation		1,974		3,446
Redevelopment of ski properties		various		Recreation		7,236		7,336
Investment in waterpark hotel for casino and resort project		Sullivan County, NY		Recreation		2,012		3,508
Investment in casino and resort project		Sullivan County, NY		Other		1,075		1,313
Total investment spending					$	155,066	$	526,863
Infrastructure spending for casino and resort project (1)		Sullivan County, NY		Other		12		17,111
Other capital acquisitions, net		various		n/a		511		3,127
Total capital spending					$	155,589	$	547,101
2016 Dispositions and Mortgage Note Payoffs:
Description	Location		Date of Disposition or Payoff		Net Proceeds
Land easement sale		D’Iberville, MS		January 2016	$	397
Mortgage note payoff of public charter school property		Washington D.C.		January 2016		19,320
Sale of excess land		Sullivan County, NY		February 2016		1,523
Sale of public charter school property		Highlands Ranch, CO		April 2016		11,209
Sale of public charter school property		Marietta, GA		April 2016		4,050
Mortgage note payoff of entertainment retail center		Charlotte, NC		April 2016		44,000
Sale of public charter school property		Loveland, CO		August 2016		5,433
Sale of land		Mesquite, TX		September 2016		2,089

(1) In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds which will fund construction costs for infrastructure improvements related to the Adelaar Resort. The Company received an initial reimbursement of $43.4 million of construction costs and expects to receive an additional $44.9 million of reimbursements over the balance of the construction period. Construction of infrastructure improvements is expected to be completed in 2017.

20

EPR Properties

Property Under Development - Investment Spending Estimates at September 30, 2016 (1)

(Unaudited, dollars in thousands)

	September 30, 2016				Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects		4th     Quarter     2016		1st     Quarter     2017		2nd     Quarter     2017		3rd     Quarter     2017		Thereafter		Total         Expected         Cost (2)		% Leased
Entertainment	$	33,252		10	$	23,991	$	12,708	$	8,385	$	3,500	$	6,860	$	88,696		100%
Education		98,758		17		28,676		33,150		23,200		19,700		24,240		227,724		100%
Recreation (3)		101,694		7		22,372		15,924		36,472		30,472		81,078		288,012		100%
Total Build-to-Suit		233,704		34	$	75,039	$	61,782	$	68,057	$	53,672	$	112,178	$	604,432
Non Build-to-Suit Development		23,621
Adelaar		5,701
Total Property Under Development	$	263,026
			September 30, 2016		Owned Build-to-Suit In-Service Estimates
			# of Projects		4th Quarter 2016		1st Quarter 2017		2nd Quarter 2017		3rd Quarter 2017		Thereafter		Total In- Service (2)		Actual In-Service     3rd Quarter 2016
Entertainment				10	$	7,407	$	4,573	$	35,011	$	—	$	41,705	$	88,696	$	3,263
Education				17		27,890		15,893		77,684		—		106,257		227,724		121,297
Recreation				7		31,988		23,800		22,362		27,500		182,362		288,012		48,946
Total Build-to-Suit				34	$	67,285	$	44,266	$	135,057	$	27,500	$	330,324	$	604,432	$	173,506
	September 30, 2016				Mortgage Build-to-Suit Spending Estimates
	Mortgage       Notes       Receivable		# of Projects		4th Quarter 2016		1st Quarter 2017		2nd Quarter 2017		3rd Quarter 2017		Thereafter		Total Expected Cost (2)
Entertainment	$	—		—	$	—	$	—	$	—	$	—	$	—	$	—
Education		15,587		3		2,994		2,600		2,500		800		329		24,810
Recreation		16,072		1		2,400		—		—		—		—		18,472
Total Build-to-Suit Mortgage Notes		31,659		4	$	5,394	$	2,600	$	2,500	$	800	$	329	$	43,282
Non Build-to-Suit Mortgage Notes		409,219
Total Mortgage Notes Receivable	$	440,878

(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of September 30, 2016.

(2) “Total Expected Cost” and “Total In-Service” each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).

(3) Recreation includes costs related to waterpark hotel at Adelaar.

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.

21

EPR Properties

Financial Information by Segment

For the Three Months Ended September 30, 2016

(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/       Unallocated		Consolidated
Rental revenue	$	64,134		$	19,900		$	15,958		$	2,290		$	102,282		$	—	$	102,282
Tenant reimbursements		3,816			5			—			—			3,821			—		3,821
Other income		8			—			1,825			—			1,833			643		2,476
Mortgage and other financing income		1,294			7,319			8,384			34			17,031			—		17,031
Total revenue		69,252			27,224			26,167			2,324			124,967			643		125,610
Property operating expense		5,228			—			—			233			5,461			165		5,626
Total investment expenses		5,228			—			—			233			5,461			165		5,626
General and administrative expense		—			—			—			—			—			9,091		9,091
Less: gain on insurance recovery (1)		—			—			1,825			—			1,825			—		1,825
Adjusted EBITDA (2)	$	64,024		$	27,224		$	24,342		$	2,091		$	117,681		$	(8,613)	$	109,068
		54	%		23	%		21	%		2	%		100	%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																	(14)		(14)
Interest expense, net																	(24,265)		(24,265)
Transaction costs																	(2,947)		(2,947)
Depreciation and amortization																	(27,601)		(27,601)
Equity in income from joint ventures																	203		203
Gain on sale of real estate																	1,615		1,615
Income tax expense																	(358)		(358)
Gain on insurance recovery (1)																	1,825		1,825
Net income attributable to EPR Properties																			57,526
Preferred dividend requirements																	(5,951)		(5,951)
Net income available to common shareholders of EPR Properties																		$	51,575

(1) Included in other income. See reconciliation on page 41.

(2) See pages 32 through 34 for definitions.

22

EPR Properties

Financial Information by Segment

For the Nine Months Ended September 30, 2016

(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/     Unallocated		Consolidated
Rental revenue	$	185,530		$	54,797		$	45,443		$	6,345		$	292,115		$	—	$	292,115
Tenant reimbursements		11,570			7			—			—			11,577			—		11,577
Other income		222			—			3,635			—			3,857			1,955		5,812
Mortgage and other financing income		4,927			25,228			22,650			102			52,907			—		52,907
Total revenue		202,249			80,032			71,728			6,447			360,456			1,955		362,411
Property operating expense		15,815			—			8			419			16,242			445		16,687
Other expense		—			—			—			5			5			—		5
Total investment expenses		15,815			—			8			424			16,247			445		16,692
General and administrative expense		—			—			—			—			—			27,309		27,309
Less: gain on insurance recovery (1)		202			—			3,635			—			3,837			—		3,837
Adjusted EBITDA (2)	$	186,232		$	80,032		$	68,085		$	6,023		$	340,372		$	(25,799)	$	314,573
		55	%		23	%		20	%		2	%		100	%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																	(905)		(905)
Interest expense, net																	(70,310)		(70,310)
Transaction costs																	(4,881)		(4,881)
Depreciation and amortization																	(79,222)		(79,222)
Equity in income from joint ventures																	501		501
Gain on sale of real estate																	3,885		3,885
Income tax expense																	(637)		(637)
Gain on insurance recovery (1)																	3,837		3,837
Net income attributable to EPR Properties																			166,841
Preferred dividend requirements																	(17,855)		(17,855)
Net income available to common shareholders of EPR Properties																		$	148,986

(1) Included in other income. See reconciliation on page 41.

(2) See pages 32 through 34 for definitions.

23

EPR Properties

Financial Information by Segment

For the Three Months Ended September 30, 2015

(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/     Unallocated		Consolidated
Rental revenue	$	59,637		$	13,990		$	12,079		$	—		$	85,706		$	—	$	85,706
Tenant reimbursements		3,718			—			—			—			3,718			—		3,718
Other income		1			—			—			55			56			662		718
Mortgage and other financing income		1,782			7,479			8,835			97			18,193			—		18,193
Total revenue		65,138			21,469			20,914			152			107,673			662		108,335
Property operating expense		5,413			—			—			83			5,496			—		5,496
Other expense		—			—			—			221			221			—		221
Total investment expenses		5,413			—			—			304			5,717			—		5,717
General and administrative expense		—			—			—			—			—			7,482		7,482
Adjusted EBITDA - continuing operations (1)	$	59,725		$	21,469		$	20,914		$	(152)		$	101,956		$	(6,820)	$	95,136
Adjusted EBITDA - discontinued operations (1)		—			—			—			—			—			170		170
Adjusted EBITDA (1)	$	59,725		$	21,469		$	20,914		$	(152)		$	101,956		$	(6,650)	$	95,306
		58	%		21	%		21	%		—	%		100	%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																	(18)		(18)
Interest expense, net																	(20,529)		(20,529)
Transaction costs																	(783)		(783)
Depreciation and amortization																	(23,498)		(23,498)
Equity in income from joint ventures																	339		339
Loss on sale of real estate																	(95)		(95)
Income tax expense (2)																	(527)		(527)
Net income attributable to EPR Properties																			50,195
Preferred dividend requirements																	(5,951)		(5,951)
Net income available to common shareholders of EPR Properties																		$	44,244

(1) See pages 32 through 34 for definitions.

(2) Includes discontinued operations.

24

EPR Properties

Financial Information by Segment

For the Nine Months Ended September 30, 2015

(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/     Unallocated		Consolidated
Rental revenue	$	179,407		$	34,887		$	26,012		$	—		$	240,306		$	—	$	240,306
Tenant reimbursements		12,009			—			—			(23)			11,986			—		11,986
Other income (loss)		504			—			—			118			622			1,794		2,416
Mortgage and other financing income		5,346			23,056			25,629			290			54,321			—		54,321
Total revenue		197,266			57,943			51,641			385			307,235			1,794		309,029
Property operating expense		17,399			—			—			224			17,623			—		17,623
Other expense		—			—			—			533			533			—		533
Total investment expenses		17,399			—			—			757			18,156			—		18,156
General and administrative expense		—			—			—			—			—			22,920		22,920
Adjusted EBITDA - continuing operations (1)	$	179,867		$	57,943		$	51,641		$	(372)		$	289,079		$	(21,126)	$	267,953
Adjusted EBITDA - discontinued operations (1)		—			—			—			—			—			228		228
Adjusted EBITDA (1)	$	179,867		$	57,943		$	51,641		$	(372)		$	289,079		$	(20,898)	$	268,181
		62	%		20	%		18	%		—	%		100	%
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																	(261)		(261)
Interest expense, net																	(59,123)		(59,123)
Transaction costs																	(6,818)		(6,818)
Retirement severance expense																	(18,578)		(18,578)
Depreciation and amortization																	(64,702)		(64,702)
Equity in income from joint ventures																	701		701
Gain on sale of real estate																	23,829		23,829
Income tax expense (2)																	(1,447)		(1,447)
Net income attributable to EPR Properties																			141,782
Preferred dividend requirements																	(17,855)		(17,855)
Net income available to common shareholders of EPR Properties																		$	123,927

(1) See pages 32 through 34 for definitions.

(2) Includes discontinued operations.

25

EPR Properties

Total Investment by Segment

As of September 30, 2016 and December 31, 2015

(Unaudited, dollars in thousands)

	As of September 30, 2016
	Entertainment		Education		Recreation		Other		Consolidated
Rental properties, net of accumulated depreciation	$	1,945,634	$	774,395	$	615,898	$	155,071	$	3,490,998
Add back accumulated depreciation on rental properties		537,687		36,964		34,452		—		609,103
Land held for development		4,457		1,258		—		16,815		22,530
Property under development		54,345		99,482		103,498		5,701		263,026
Mortgage notes and related accrued interest receivable, net		36,032		70,609		331,726		2,511		440,878
Investment in a direct financing lease, net		—		189,152		—		—		189,152
Investment in joint ventures		6,159		—		—		—		6,159
Intangible assets, gross (1)		28,825		190		—		—		29,015
Notes receivable and related accrued interest receivable, net (1)		1,976		3,471		—		—		5,447
Total investments (2)	$	2,615,115	$	1,175,521	$	1,085,574	$	180,098	$	5,056,308
% of total investments		52%		23%		21%		4%		100%
	As of December 31, 2015
	Entertainment		Education		Recreation		Other		Consolidated
Rental properties, net of accumulated depreciation	$	1,849,604	$	597,795	$	577,800	$	—	$	3,025,199
Add back accumulated depreciation on rental properties		487,823		23,879		22,601		—		534,303
Land held for development		4,457		1,258		—		17,895		23,610
Property under development		23,625		112,794		59,453		183,048		378,920
Mortgage notes and related accrued interest receivable, net		58,220		79,584		283,476		2,500		423,780
Investment in a direct financing lease, net		—		190,880		—		—		190,880
Investment in joint ventures		6,168		—		—		—		6,168
Intangible assets, gross (1)		20,715		—		—		—		20,715
Notes receivable and related accrued interest receivable, net (1)		2,228		—		—		—		2,228
Total investments (2)	$	2,452,840	$	1,006,190	$	943,330	$	203,443	$	4,605,803
% of total investments		53%		22%		21%		4%		100%
(1) Included in other assets in the consolidated balance sheets as of September 30, 2016 in the Company’s Quarterly Report on Form 10-Q and December 31, 2015 in the Company’s Annual Report on Form 10-K. Reconciliation is as follows:
	9/30/2016		12/31/2015
Intangible assets, gross	$	29,015	$	20,715
Less: accumulated amortization on intangible assets		(13,762)		(12,079)
Notes receivable and related accrued interest receivable, net		5,447		2,228
Prepaid expenses and other current assets		78,536		83,887
Total other assets	$	99,236	$	94,751
(2) See pages 32 through 34 for definitions.

26

EPR Properties

Lease Expirations

As of September 30, 2016

(Unaudited, dollars in thousands)

	Megaplex Theatres						Education Portfolio						Recreation Portfolio
Year	Total   Number of   Properties		Rental Revenue   for the Trailing   Twelve Months Ended September 30, 2016 (1)		% of Total   Revenue		Total   Number of   Properties		Financing Income/ Rental Revenue for   the Trailing Twelve   Months Ended September 30, 2016		% of Total   Revenue		Total   Number of   Properties	Rental Revenue   for the Trailing   Twelve Months Ended September 30, 2016		% of Total   Revenue
2016	1		$	3,351		1%	—		$	—		—%	—	$	—		—%
2017	3			6,740		2%	1			1,804		—%	—		—		—%
2018	16			26,430		6%	1			95		—%	—		—		—%
2019	4			10,769		2%	—			—		—%	—		—		—%
2020	6			9,934		2%	—			—		—%	—		—		—%
2021	9			13,575		3%	—			—		—%	—		—		—%
2022	12			22,303		5%	—			—		—%	—		—		—%
2023	6			11,106		2%	—			—		—%	—		—		—%
2024	14			27,518		6%	—			—		—%	—		—		—%
2025	8			15,408		3%	—			—		—%	—		—		—%
2026	7			11,647		3%	—			—		—%	—		—		—%
2027	13	(2)		15,043		3%	—			—		—%	1		2,896		1%
2028	4			6,138		1%	—			—		—%	—		—		—%
2029	17	(3)		19,016		4%	—			—		—%	—		—		—%
2030	3			5,134		1%	—			—		—%	—		—		—%
2031	10	(4)		9,344		2%	11	(5)		6,325		1%	—		—		—%
2032	3			2,097		—%	12	(6)		16,750		4%	3		4,415		1%
2033	6			4,297		1%	16	(7)		17,255		4%	1		1,676		—%
2034	2			1,977		—%	15			24,281		5%	6		14,362		3%
2035	2			1,797		—%	24	(8)		20,998		5%	11		39,493		8%
Thereafter	1			389		—	13			5,227		1%	2		455		—%
	147		$	224,013		47%	93		$	92,735		20%	24	$	63,297		13%

Note: This schedule relates to owned megaplex theatres, public charter schools, early education centers, private schools, ski parks and golf entertainment complexes only, which together represent approximately 80% of total revenue for the trailing twelve months ended September 30, 2016. This schedule excludes properties under construction, land held for development and investments in mortgage notes receivable.

(1) Consists of rental revenue and tenant reimbursements.

(2) Eleven of these theatre properties are leased under a master lease.

(3) Fifteen of these theatre properties are leased under a master lease.

(4) Four of these theatre properties are leased under a master lease as well as five of these theatre properties are leased under a separate master lease.

(5) Four of these education properties are leased under a master lease to Imagine.

(6) Four of these education properties are leased under a master lease to Imagine.

(7) Nine of these education properties are leased under a master lease to Imagine.

(8) Three of these education properties are leased under a master lease to Imagine.

27

EPR Properties

Top Ten Customers by Revenue from Continuing Operations

(Unaudited, dollars in thousands)

	Customers	Asset Type		Total Revenue For The   Three Months Ended September 30, 2016		Percentage of       Total Revenue	Total Revenue For The   Nine Months Ended September 30, 2016		Percentage of   Total Revenue
1.	AMC Theatres		Entertainment	$	21,734	17%	$	65,297	18%
2.	Regal Entertainment Group		Entertainment		11,076	9%		32,190	9%
3.	Topgolf		Recreation		10,819	8%		29,564	8%
4.	Cinemark		Entertainment		8,622	7%		25,595	7%
5.	Carmike Cinemas		Entertainment		7,081	5%		16,942	5%
6.	Imagine Schools		Education		5,742	5%		17,213	5%
7.	Camelback Resort		Recreation		4,769	4%		14,182	4%
8.	Schlitterbahn		Recreation		4,263	3%		10,984	3%
9.	Children’s Learning Adventure		Education		3,412	3%		8,641	2%
10.	Southern Theatres		Entertainment		3,394	3%		9,914	3%
	Total			$	80,912	64%	$	230,522	64%

28

EPR Properties

Net Asset Value (NAV) Components

As of September 30, 2016

(Unaudited, dollars and shares in thousands)

Annualized Cash Net Operating Income (NOI) Run Rate (for NAV calculations) (1)

	Owned		Financed		Total
Megaplex	$	203,420	$	1,096	$	204,516
ERC’s/Retail		44,468		—		44,468
Other Entertainment		4,372		3,812		8,184
Entertainment		252,260		4,908		257,168
Public Charter Schools		39,416		26,160		65,576
Early Childhood Education		14,876		—		14,876
Private Schools		19,092		—		19,092
Education		73,384		26,160		99,544
Ski Areas		9,556		11,988		21,544
Waterparks		15,540		14,380		29,920
Golf Entertainment Complexes		38,104		4,956		43,060
Recreation		63,200		31,324		94,524
Annualized cash NOI run rate	$	388,844	$	62,392	$	451,236
Other NAV Components
Assets			Liabilities
Property under development	$	263,026		Long-term debt (2)			$	2,267,461
Land held for development		22,530		Series E liquidation value				86,250
Adelaar land in-service		155,071		Series F liquidation value				125,000
Investment in joint ventures		6,159		Accounts payable and accrued liabilties				101,019
Cash and cash equivalents		7,311		Preferred dividends payable				5,951
Restricted cash		20,463		Unearned rents and interest (4)				23,061
Accounts receivable, net (3)		19,433
Prepaid expenses and other current assets (5)		68,033
Shares
Common shares outstanding		63,628
Effect of dilutive securities - share options		97
Effect of dilutive Series C preferred shares		2,036
Diluted shares outstanding		65,761

(1) See pages 32 through 34 for definitions and see Appendix on pages 35 through 41 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended September 30, 2016.

(2) Excludes deferred financing costs, net of $18.9 million.

(3) Excludes straight-line receivable of $61.8 million.

(4) Excludes deferred rent liabilities related to portions of rental properties funded by tenants of $18.0 million and cash paid by tenants during construction of $14.5 million.

(5) Excludes deferred tax assets of $12.1 million and deferred financing costs, net of $3.8 million.

29

EPR Properties

Annualized GAAP Net Operating Income

As of September 30, 2016

(Unaudited, dollars in thousands)

Annualized GAAP Net Operating Income (NOI) Run Rate (1)
	Owned		Financed		Total
Megaplex	$	204,672	$	1,096	$	205,768
ERC’s/Retail		42,504		—		42,504
Other Entertainment		4,416		3,812		8,228
Entertainment		251,592		4,908		256,500
Public Charter Schools		48,188		30,008		78,196
Early Childhood Education		16,848		—		16,848
Private Schools		20,968		—		20,968
Education		86,004		30,008		116,012
Ski Areas		9,828		11,988		21,816
Waterparks		15,540		14,380		29,920
Golf Entertainment Complexes		38,896		4,956		43,852
Recreation		64,264		31,324		95,588
Annualized GAAP NOI run rate	$	401,860	$	66,240	$	468,100

(1) See pages 32 through 34 for definitions and see Appendix on pages 35 through 41 for reconciliations of certain non-GAAP financial measures. NOI amounts above are based on the three months ended September 30, 2016.

30

EPR Properties

Guidance

(Dollars in millions except for per share information)

Measure		2016 Guidance						2017 Guidance
	YTD     Actuals	Current			Prior			Current
Investment spending	$526.9	$650.0	to	$700.0	$650.0	to	$700.0	$1,300.0	to	$1,350.0
Disposition proceeds and mortgage note payoff	$88.0	$215.0	to	$290.0	$77.3	to	$175.0	$150.0	to	$200.0
Prepayment fee - public charter schools (1)	$3.6	$3.6			$3.6			$—
Termination fee - public charter schools (2)	$2.8	$4.4			$3.8	to	$4.8	$11.0	to	$14.0
Percentage rent	$2.7	$4.0	to	$4.4	$3.7	to	$4.1	$4.2	to	$4.7
Participating interest income	$0.9	$0.9			$1.2	to	$1.6	$0.5	to	$1.0
General and administrative expense	$27.3	$36.5	to	$37.5	$36.5	to	$37.5	$40.5	to	$42.5
FFO per diluted share	$3.52	$4.68	to	$4.75	$4.62	to	$4.70	$4.70	to	$4.81
FFO as adjusted per diluted share	$3.56	$4.75	to	$4.82	$4.72	to	$4.82	$5.05	to	$5.20
Reconciliation from Net income available to common shareholders of EPR Properties (per diluted share):	YTD Actuals	2016 Current   Guidance						2017 Current   Guidance
Net income available to common shareholders of EPR Properties	$2.35	$3.12	to	$3.23				$3.42	to	$3.57
Gain on sale of real estate (excluding land sales) (2)	(0.04)	(0.08)	to	(0.12)				(0.42)	to	(0.46)
Real estate depreciation and amortization	1.23	1.67						1.75
Allocated share of joint venture depreciation	—	—						—
Impact of Series C and Series E Dilution, if applicable	(0.02)	(0.03)						(0.05)
FFO available to common shareholders of EPR Properties	$3.52	$4.68	to	$4.75				$4.70	to	$4.81
Costs associated with loan refinancing or payoff	0.01	0.01						—
Gain on insurance recovery (3)	(0.06)	(0.06)						—
Transaction costs	0.08	0.10						0.17
Gain on sale of land	(0.02)	(0.04)						—
Termination fee - public charter schools (2)	0.04	0.07						0.16	to	0.20
Deferred income tax expense	(0.01)	(0.01)						0.02
FFO as adjusted available to common shareholders of EPR Properties	$3.56	$4.75	to	$4.82				$5.05	to	$5.20

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 notes receivable 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.

(3) Included in other income. See reconciliation on page 41.

31

EPR Properties

Definitions - Non-GAAP Financial Measures

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 net income available to common shareholders excluding costs associated with loan refinancing or payoff, interest expense (net), depreciation and amortization, equity in (income) loss from joint ventures, gain (loss) on the sale of real estate, gain on insurance recovery, income tax expense (benefit), preferred dividend requirements, the effect of non-cash impairment charges, retirement severance expense, the provision for loan losses and transaction costs (benefit), and which is then multiplied by four to get an annual amount. 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 and Annualized Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDA and Annualized Adjusted EBITDA do not represent cash generated from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

NET 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 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

32

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

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales [or acquisitions] of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. In addition, we present FFO as adjusted by adding to FFO costs (gains) associated with loan refinancing or payoff, net, transaction costs (benefit), retirement severance expense, provision for loan losses, preferred share redemption costs and termination fees associated with tenants’ exercises of public charter school buy-out options and by subtracting gain on early extinguishment of debt, gain (loss) on sale of land, gain on insurance recovery and deferred income tax benefit (expense). FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

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

33

an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

INTEREST COVERAGE RATIO

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

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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

TOTAL INVESTMENTS

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

34

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Third Quarter and Nine Months Ended September 30, 2016

35

EPR Properties

Reconciliation of Interest Coverage Amount to Net Cash Provided by Operating Activities

(Unaudited, dollars in thousands)

The interest coverage amount per the table on page 18 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   2016		2nd Quarter   2016		1st Quarter   2016		4th Quarter   2015		3rd Quarter   2015		2nd Quarter   2015
Net cash provided by operating activities	$	63,241	$	83,944	$	68,588	$	93,638	$	64,415	$	62,889
Equity in income from joint ventures		203		86		212		268		339		198
Distributions from joint ventures		—		—		(511)		(540)		—		—
Amortization of deferred financing costs		(1,187)		(1,163)		(1,172)		(1,163)		(1,156)		(1,173)
Amortization of above market leases, net		(42)		(48)		(48)		(47)		(48)		(49)
Increase (decrease) in mortgage notes and related accrued interest receivable		916		(214)		(514)		(1,332)		2,456		2,410
Increase (decrease) in restricted cash		(202)		(556)		2,221		(1,923)		373		197
Increase (decrease) in accounts receivable, net		14,739		1,359		2,968		3,303		(805)		6,981
Increase in direct financing lease receivable		767		896		840		851		826		948
Increase (decrease) in other assets		448		1,838		2,907		(2,744)		344		(834)
Decrease (increase) in accounts payable and accrued liabilities		4,329		(5,947)		6,878		(8,406)		8,697		(3,437)
Decrease (increase) in unearned rents and interest		1,223		(127)		(8)		(3,307)		579		(1,898)
Straight-line rental revenue		(4,597)		(3,264)		(3,089)		(3,267)		(2,738)		(3,211)
Interest expense, gross		27,196		25,516		25,580		25,076		25,300		25,164
Interest cost capitalized		(2,931)		(2,760)		(2,291)		(4,283)		(4,771)		(5,145)
Transaction costs		2,947		1,490		444		700		783		4,429
Interest coverage amount (1)	$	107,050	$	101,050	$	103,005	$	96,824	$	94,594	$	87,469
Net cash used by investing activities	$	(147,051)	$	(137,285)	$	(130,915)	$	(96,423)	$	(185,190)	$	(193,764)
Net cash provided (used) by financing activities	$	82,672	$	51,457	$	68,439	$	(7,291)	$	129,530	$	34,775

(1) See pages 32 through 34 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

36

EPR Properties

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

Net Operating Income (“NOI”), Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate as used on pages 29 and 30 are non-GAAP financial measures and should not be considered as alternatives to net income (loss) in accordance with GAAP as indications of our performance or to cash flows as a measure of our liquidity. The tables on pages 38 through 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 22 of our segment Adjusted EBITDA - continuing operations to our net income.

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

(1) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 22.

(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 to termination fees and a gain from an insurance claim.

37

EPR Properties

Reconciliation of Net Asset Value (NAV) Components

(Unaudited, dollars in thousands)

Annualized Net Operating Income (NOI) Run Rates - Owned Properties (for NAV calculations)

For the three months ended September 30, 2016

	Entertainment											Education											Recreation
	Megaplex			ERC’s/ Retail			Other Entertainment			Entertainment Total		Public Charter Schools			Early Childhood Education			Private Schools			Education Total		Ski Areas			Waterparks		Golf Entertainment Complexes			Recreation Total		Corporate/ unallocated and other		Total
Total revenue	$	51,245		$	15,577		$	1,136		$	67,958	$	11,559		$	4,035		$	4,311		$	19,905	$	4,263		$	3,885	$	9,635		$	17,783	$	2,933	$	108,579
Property operating expense		216			4,752			260			5,228		—			—			—			—		—			—		—			—		398		5,626
Total investment expense		216			4,752			260			5,228		—			—			—			—		—			—		—			—		398		5,626
General and administrative expense		—			—			—			—		—			—			—			—		—			—		—			—		(9,091)		(9,091)
Less: gain on insurance recovery		—			—			—			—		—			—			—			—		(1,825	)		—		—			(1,825)		—		(1,825)
Adjusted EBITDA	$	51,029		$	10,825		$	876		$	62,730	$	11,559		$	4,035		$	4,311		$	19,905	$	2,438		$	3,885	$	9,635		$	15,958	$	(6,556)	$	92,037
General and administrative expense		—			—			—			—		—			—			—			—		—			—		—			—		9,091		9,091
Gain on insurance recovery		—			—			—			—		—			—			—			—		1,825			—		—			1,825		—		1,825
Corporate/unallocated and other (1)		—			—			—			—		—			—			—			—		—			—		—			—		(2,535)		(2,535)
NOI	$	51,029		$	10,825		$	876		$	62,730	$	11,559		$	4,035		$	4,311		$	19,905	$	4,263		$	3,885	$	9,635		$	17,783	$	—	$	100,418
Quarterly GAAP NOI run rate
NOI	$	51,029		$	10,825		$	876		$	62,730	$	11,559		$	4,035		$	4,311		$	19,905	$	4,263		$	3,885	$	9,635		$	17,783	$	—	$	100,418
In-service adjustments (2)		112			—			228			340		488			177			1,056			1,721		—			—		541			541		—		2,602
Percentage rent/participation adjustments (3)		30			(194	)		—			(164)		—			—			(125	)		(125)		19			—		(452	)		(433)		—		(722)
Non-recurring adjustments (6)		(3	)		(5	)		—			(8)		—			—			—			—		(1,825	)		—		—			(1,825)		—		(1,833)
Quarterly GAAP NOI run rate	$	51,168		$	10,626		$	1,104		$	62,898	$	12,047		$	4,212		$	5,242		$	21,501	$	2,457		$	3,885	$	9,724		$	16,066	$	—	$	100,465
		x4			x4			x4			x4		x4			x4			x4			x4		x4			x4		x4			x4				x4
Annualized GAAP NOI run rate	$	204,672		$	42,504		$	4,416		$	251,592	$	48,188		$	16,848		$	20,968		$	86,004	$	9,828		$	15,540	$	38,896		$	64,264	$	—	$	401,860
Quarterly cash NOI run rate
NOI	$	51,029		$	10,825		$	876		$	62,730	$	11,559		$	4,035		$	4,311		$	19,905	$	4,263		$	3,885	$	9,635		$	17,783	$	—	$	100,418
In-service adjustments (4)		112			—			228			340		833			995			1,317			3,145		—			—		541			541		—		4,026
Percentage rent/participation adjustments (3)		30			(194	)		—			(164)		—			—			(125	)		(125)		19			—		(452	)		(433)		—		(722)
Non-recurring adjustments (6)		(3	)		(5	)		—			(8)		—			—			—			—		(1,825	)		—		—			(1,825)		—		(1,833)
Non-cash revenue		(313	)		491			(11	)		167		(2,538	)		(1,311	)		(730	)		(4,579)		(68	)		—		(198	)		(266)		—		(4,678)
Quarterly cash NOI run rate		50,855			11,117			1,093			63,065		9,854			3,719			4,773			18,346		2,389			3,885		9,526			15,800		—		97,211
		x4			x4			x4			x4		x4			x4			x4			x4		x4			x4		x4			x4				x4
Annualized cash NOI run rate	$	203,420		$	44,468		$	4,372		$	252,260	$	39,416		$	14,876		$	19,092		$	73,384	$	9,556		$	15,540	$	38,104		$	63,200	$	—	$	388,844

38

EPR Properties

Reconciliation of Net Asset Value (NAV) Components

(Unaudited, dollars in thousands)

Annualized Net Operating Income (NOI) Run Rates - Financed Properties (for NAV calculations)

For the three months ended September 30, 2016

	Entertainment									Education										Recreation
	Megaplex			ERC’s/ Retail		Other Entertainment		Entertainment Total		Public Charter Schools			Early Childhood Education			Private Schools		Education Total		Ski Areas		Waterparks			Golf Entertainment Complexes		Recreation Total		Corporate/ unallocated and other		Total
Total revenue	$	341		$	—	$	953	$	1,294	$	7,319		$	—		$	—	$	7,319	$	2,937	$	4,263		$	1,184	$	8,384	$	34	$	17,031
Property operating expense		—			—		—		—		—			—			—		—		—		—			—		—		—		—
Total investment expense		—			—		—		—		—			—			—		—		—		—			—		—		—		—
General and administrative expense		—			—		—		—		—			—			—		—		—		—			—		—		—		—
Adjusted EBITDA	$	341		$	—	$	953	$	1,294	$	7,319		$	—		$	—	$	7,319	$	2,937	$	4,263		$	1,184	$	8,384	$	34	$	17,031
General and administrative expense		—			—		—		—		—			—			—		—		—		—			—		—		—		—
Corporate/unallocated and other (1)		—			—		—		—		—			—			—		—		—		—			—		—		(34)		(34)
NOI	$	341		$	—	$	953	$	1,294	$	7,319		$	—		$	—	$	7,319	$	2,937	$	4,263		$	1,184	$	8,384	$	—	$	16,997
Quarterly GAAP NOI run rate
NOI	$	341		$	—	$	953	$	1,294	$	7,319		$	—		$	—	$	7,319	$	2,937	$	4,263		$	1,184	$	8,384	$	—	$	16,997
In-service adjustments (5)		(67	)		—		—		(67)		183			—			—		183		60		—			55		115		—		231
Percentage rent/participation adjustments (3)		—			—		—		—		—			—			—		—		—		(668	)		—		(668)		—		(668)
Non-recurring adjustments (6)		—			—		—		—		—			—	��		—		—		—		—			—		—		—		—
Quarterly GAAP NOI run rate	$	274		$	—	$	953	$	1,227	$	7,502		$	—		$	—	$	7,502	$	2,997	$	3,595		$	1,239	$	7,831	$	—	$	16,560
		x4			x4		x4		x4		x4			x4			x4		x4		x4		x4			x4		x4				x4
Annualized GAAP NOI run rate	$	1,096		$	—	$	3,812	$	4,908	$	30,008		$	—		$	—	$	30,008	$	11,988	$	14,380		$	4,956	$	31,324	$	—	$	66,240
Quarterly cash NOI run rate
NOI	$	341		$	—	$	953	$	1,294	$	7,319		$	—		$	—	$	7,319	$	2,937	$	4,263		$	1,184	$	8,384	$	—	$	16,997
In-service adjustments (5)		(67	)		—		—		(67)		183			—			—		183		60		—			55		115		—		231
Percentage rent/participation adjustments (3)		—			—		—		—		—			—			—		—		—		(668	)		—		(668)		—		(668)
Non-recurring adjustments (6)		—			—		—		—		—			—			—		—		—		—			—		—		—		—
Non-cash revenue		—			—		—		—		(962	)		—			—		(962)		—		—			—		—		—		(962)
Quarterly cash NOI run rate		274			—		953		1,227		6,540			—			—		6,540		2,997		3,595			1,239		7,831		—		15,598
		x4			x4		x4		x4		x4			x4			x4		x4		x4		x4			x4		x4				x4
Annualized cash NOI run rate	$	1,096		$	—	$	3,812	$	4,908	$	26,160		$	—		$	—	$	26,160	$	11,988	$	14,380		$	4,956	$	31,324	$	—	$	62,392

39

EPR Properties

Reconciliation of Net Asset Value (NAV) Components

(Unaudited, dollars in thousands)

Annualized Net Operating Income (NOI) Run Rates - Total - Owned and Financed Properties (for NAV calculations) - sum of pages 38 and 39

For the three months ended September 30, 2016

	Entertainment											Education											Recreation
	Megaplex			ERC’s/ Retail			Other Entertainment			Entertainment Total		Public Charter Schools			Early Childhood Education			Private Schools			Education Total		Ski Areas			Waterparks			Golf Entertainment Complexes			Recreation Total		Corporate/ unallocated and other		Total
Total revenue	$	51,586		$	15,577		$	2,089		$	69,252	$	18,878		$	4,035		$	4,311		$	27,224	$	7,200		$	8,148		$	10,819		$	26,167	$	2,967	$	125,610
Property operating expense		216			4,752			260			5,228		—			—			—			—		—			—			—			—		398		5,626
Total investment expense		216			4,752			260			5,228		—			—			—			—		—			—			—			—		398		5,626
General and administrative expense		—			—			—			—		—			—			—			—		—			—			—			—		(9,091)		(9,091)
Less: gain on insurance recovery		—			—			—			—		—			—			—			—		(1,825	)		—			—			(1,825)		—		(1,825)
Adjusted EBITDA	$	51,370		$	10,825		$	1,829		$	64,024	$	18,878		$	4,035		$	4,311		$	27,224	$	5,375		$	8,148		$	10,819		$	24,342	$	(6,522)	$	109,068
General and administrative expense		—			—			—			—		—			—			—			—		—			—			—			—		9,091		9,091
Gain on insurance recovery		—			—			—			—		—			—			—			—		1,825			—			—			1,825		—		1,825
Corporate/unallocated and other (1)		—			—			—			—		—			—			—			—		—			—			—			—		(2,569)		(2,569)
NOI	$	51,370		$	10,825		$	1,829		$	64,024	$	18,878		$	4,035		$	4,311		$	27,224	$	7,200		$	8,148		$	10,819		$	26,167	$	—	$	117,415
Quarterly GAAP NOI run rate
NOI	$	51,370		$	10,825		$	1,829		$	64,024	$	18,878		$	4,035		$	4,311		$	27,224	$	7,200		$	8,148		$	10,819		$	26,167	$	—	$	117,415
In-service adjustments (2) (5)		45			—			228			273		671			177			1,056			1,904		60			—			596			656		—		2,833
Percentage rent/participation adjustments (3)		30			(194	)		—			(164)		—			—			(125	)		(125)		19			(668	)		(452	)		(1,101)		—		(1,390)
Non-recurring adjustments (6)		(3	)		(5	)		—			(8)		—			—			—			—		(1,825	)		—			—			(1,825)		—		(1,833)
Quarterly GAAP NOI run rate	$	51,442		$	10,626		$	2,057		$	64,125	$	19,549		$	4,212		$	5,242		$	29,003	$	5,454		$	7,480		$	10,963		$	23,897	$	—	$	117,025
		x4			x4			x4			x4		x4			x4			x4			x4		x4			x4			x4			x4				x4
Annualized GAAP NOI run rate	$	205,768		$	42,504		$	8,228		$	256,500	$	78,196		$	16,848		$	20,968		$	116,012	$	21,816		$	29,920		$	43,852		$	95,588	$	—	$	468,100
Quarterly cash NOI run rate
NOI	$	51,370		$	10,825		$	1,829		$	64,024	$	18,878		$	4,035		$	4,311		$	27,224	$	7,200		$	8,148		$	10,819		$	26,167	$	—	$	117,415
In-service adjustments (4) (5)		45			—			228			273		1,016			995			1,317			3,328		60			—			596			656		—		4,257
Percentage rent/participation adjustments (3)		30			(194	)		—			(164)		—			—			(125	)		(125)		19			(668	)		(452	)		(1,101)		—		(1,390)
Non-recurring adjustments (6)		(3	)		(5	)		—			(8)		—			—			—			—		(1,825	)		—			—			(1,825)		—		(1,833)
Non-cash revenue		(313	)		491			(11	)		167		(3,500	)		(1,311	)		(730	)		(5,541)		(68	)		—			(198	)		(266)		—		(5,640)
Quarterly cash NOI run rate		51,129			11,117			2,046			64,292		16,394			3,719			4,773			24,886		5,386			7,480			10,765			23,631		—		112,809
		x4			x4			x4			x4		x4			x4			x4			x4		x4			x4			x4			x4				x4
Annualized cash NOI run rate	$	204,516		$	44,468		$	8,184		$	257,168	$	65,576		$	14,876		$	19,092		$	99,544	$	21,544		$	29,920		$	43,060		$	94,524	$	—	$	451,236

40 

EPR Properties

Reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA

(Unaudited, dollars in thousands)

	3rd Quarter   2016		2nd Quarter   2016		1st Quarter   2016		4th Quarter   2015		3rd Quarter   2015		2nd Quarter   2015
Adjusted EBITDA (1):
Net income available to common shareholder of EPR Properties	$	51,575	$	49,183	$	48,228	$	46,799	$	44,244	$	42,814
Costs associated with loan refinancing or payoff		14		339		552		9		18		243
Interest expense, net		24,265		22,756		23,289		20,792		20,529		20,007
Transaction costs		2,947		1,490		444		700		783		4,429
Depreciation and amortization		27,601		25,666		25,955		24,915		23,498		21,849
Equity in income from joint ventures		(203)		(86)		(212)		(268)		(339)		(198)
(Gain) loss on sale of real estate		(1,615)		(2,270)		—		—		95		—
Income tax expense (benefit)		358		423		(144)		(936)		527		(7,506)
Preferred dividend requirements		5,951		5,952		5,952		5,951		5,951		5,952
Gain on insurance recovery (2)		(1,825)		(1,523)		(489)		—		—		—
Adjusted EBITDA (for the quarter)	$	109,068	$	101,930	$	103,575	$	97,962	$	95,306	$	87,590
Adjusted EBITDA (3)	$	436,272	$	407,720	$	414,300	$	391,848	$	381,224	$	350,360
Annualized Adjusted EBITDA (1) (4):
Adjusted EBITDA (for the quarter)	$	109,068	$	101,930	$	103,575
Corporate/unallocated and other NOI (5)		(2,569)		(2,675)		(2,289)
In-service adjustments (6)		2,833		2,920		948
Percentage rent/participation adjustments (7)		(1,390)		866		594
Non-recurring adjustments (8)		(1,833)		(1,497)		(3,637)
Annualized Adjusted EBITDA (for the quarter)	$	106,109	$	101,544	$	99,191
Annualized Adjusted EBITDA (9)	$	424,436	$	406,176	$	396,764
(2) Included in other income in the consolidated statements of income in the Company’s Quarterly Report on Form 10-Q . Reconciliation is as follows:
Income from settlement of foreign currency swap contracts	$	643	$	595	$	719
Gain on insurance recovery		1,825		1,523		489
Miscellaneous income		8		8		2
Other income	$	2,476	$	2,126	$	1,210

(1) See pages 32 through 34 for definitions.

(3) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

(4) Amounts not calculated for periods prior to 2016.

(5) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 22.

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

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

(8) Non-recurring adjustments relate to termination fees and a gain from an insurance claim.

(9) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

41