8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2019

EPR Properties

(Exact name of registrant as specified in its charter)

Maryland	001-13561	43-1790877
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

909 Walnut Street, Suite 200

Kansas City, Missouri 64106

(Address of principal executive office)(Zip Code)

(816) 472-1700

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common shares of beneficial interest, par value $0.01 per share	EPR	New York Stock Exchange
5.75% Series C cumulative convertible preferred shares of beneficial interest, par value $0.01 per share	EPR PrC	New York Stock Exchange
9.00% Series E cumulative convertible preferred shares of beneficial interest, par value $0.01 per share	EPR PrE	New York Stock Exchange
5.75% Series G cumulative convertible preferred shares of beneficial interest, par value $0.01 per share	EPR PrG	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    o

Item 2.02 Results of Operations and Financial Condition.

On July 31, 2019, the Company announced its results of operations and financial condition for the second quarter and six months ended June 30, 2019. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

In addition, on July 31, 2019, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the second quarter and six months ended June 30, 2019, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.

The information set forth in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated July 31, 2019 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2019.
99.2	Investor slide presentation for the second quarter and six months ended June 30, 2019, made available by EPR Properties on July 31, 2019.
99.3	Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2019, made available by EPR Properties on July 31, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EPR PROPERTIES
By:	/s/ Mark A. Peterson
	Mark A. Peterson
	Executive Vice President, Treasurer and Chief Financial Officer

Date: July 31, 2019

EX-99.1

Exhibit 99.1

EPR PROPERTIES REPORTS SECOND QUARTER 2019 RESULTS

Increases 2019 Investment Spending Guidance

Kansas City, MO, July 31, 2019 -- EPR Properties (NYSE:EPR) today announced operating results for the second quarter and six months endedJune 30, 2019.    

Three Months Ended June 30, 2019

• Total revenue was $175.7 million for the second quarter of 2019, compared to $202.9 million for the same quarter in 2018. Total revenue for the second quarter in 2018 included a $45.9 million prepayment fee relating to a recreation segment mortgage note.

• Net income available to common shareholders was $60.6 million, or $0.79 per diluted common share, for the second quarter of 2019 compared to $85.5 million, or $1.15 per diluted common share, for the same quarter in 2018.

• Funds From Operations (FFO) (a non-GAAP financial measure) for the second quarter of 2019 was $93.4 million, or $1.22 per diluted common share, compared to $139.0 million, or $1.84 per diluted common share, for the same quarter in 2018.

• FFO as adjusted (FFOAA) (a non-GAAP financial measure) for the second quarter of 2019 was $105.2 million, or $1.36 per diluted common share, compared to $141.8 million, or $1.87 per diluted common share, for the same quarter in 2018.

Six Months Ended Ended June 30, 2019

• Total revenue was $340.2 million for the six months endedJune 30, 2019, compared to $357.8 million for the same period in 2018. Total revenue for the six months ended June 30, 2018 included a $45.9 million prepayment fee relating to a recreation segment mortgage note.

• Net income available to common shareholders was $119.9 million, or $1.59 per diluted common share, for the six months endedJune 30, 2019 compared to $109.0 million, or $1.47 per diluted common share, for the same period in 2018.

• FFO (a non-GAAP financial measure) for the six months endedJune 30, 2019 was $186.5 million, or$2.45 per diluted common share, compared to $200.1 million, or $2.67 per diluted common share, for the same period in 2018.

• FFOAA (a non-GAAP financial measure) for the six months endedJune 30, 2019 was $207.8 million, or $2.72 per diluted common share, compared to $235.8 million, or $3.12 per diluted common share, for the same period in 2018.

“This was a very productive quarter for EPR.  Not only is deal velocity increasing, but the credit profile of our asset base has significantly strengthened,” commented Greg Silvers, President and CEO.  “Furthermore, the market’s support of our experiential strategy has allowed us to issue all the equity needed to fund our upsized investment spending guidance, while also de-leveraging our balance sheet.  As a result, we believe we are well positioned to take advantage of increasing interest in experiential assets and the opportunities presented.”

Portfolio Update

The Company's investment portfolio (excluding property under development) consisted of the following at June 30, 2019:

• The Entertainment segment included investments in 176 megaplex theatre properties, seven entertainment retail centers (which include seven additional megaplex theatre properties) and 12 other entertainment properties. The Company’s portfolio of owned entertainment properties consisted of 14.7 million square feet and was 99% leased, including megaplex theatres that were 100% leased.

• The Recreation segment included investments in 12 ski areas, 23 attractions, 35 golf entertainment complexes and 13 other recreation properties. The Company’s portfolio of owned recreation properties was 100% leased.

• The Education segment included investments in 51 public charter schools, 71 early education centers and 16 private schools. The Company’s portfolio of owned education properties consisted of 4.3 million square feet and was 98% leased.

• The Other segment consisted primarily of the land under ground lease and land held for development related to the Resorts World Catskills project in Sullivan County, New York.

The Company's combined owned portfolio consisted of 23.3 million square feet and was 99% leased. As of June 30, 2019, the Company also had a total of $80.7 million invested in property under development.

Vail Resorts Acquisition of Peak Resorts

On July 22, 2019, two of the Company's ski customers announced that one of them, Vail Resorts Inc., would acquire the other, Peak Resorts Inc. The Company currently has ski investments in Vail’s NorthStar California Resort and eight Peak properties located in four states. The Company expects to continue holding these investments with no structural changes. If the transaction had been consummated at June 30, 2019, Vail would have been one of the Company's top five customers by revenue during the second quarter.

Investment Update

The Company's investment spending for the three months ended June 30, 2019 totaled $391.9 million (bringing the year-to-date investment spending to $566.5 million), and included investments in each of its operating segments:

• Entertainment investment spending during the three months ended June 30, 2019 totaled $311.6 million,including spending on the acquisition of 19 megaplex theatres totaling $284.5 million, and build-to-suit development and redevelopment of megaplex theatres, entertainment retail centers and other entertainment properties.

• Recreation investment spending during the three months ended June 30, 2019 totaled $56.8 million, including spending on the acquisition of two attractions totaling $24.0 million, and build-to-suit development of golf entertainment complexes and attractions.

• Education investment spending during the three months ended June 30, 2019 totaled $23.5 million, including spending on the acquisition of one early education center totaling $2.6 million, and build-to-suit development and redevelopment of public charter schools, early education centers and private schools.

Capital Recycling

During the second quarter of 2019, pursuant to tenant purchase options, the Company completed the sale of four public charter schools for net proceeds totaling $46.7 million and recognized a combined gain on sale of $8.2 million. In addition, the Company completed the sale of one other public charter school and one land parcel for net proceeds totaling $11.5 million and recognized a combined gain on sale of $1.6 million.

Disposition proceeds totaled $95.8 million for the six months endedJune 30, 2019. There were no mortgage payoffs during the second quarter.

Subsequent to quarter end, on July 1, 2019, the Company received repayment in full on its mortgage notes receivable totaling $189.7 million associated with the Schlitterbahn waterparks.

Balance Sheet Update

The Company had a net debt to adjusted EBITDA ratio (a non-GAAP financial measure) of 5.8x at June 30, 2019. The repayment in full of the $189.7 million Schlitterbahn mortgage notes received after quarter-end, which was applied to reduce the outstanding amount on the Company's line of credit, reduced this ratio to within management's normal expected range. The Company had $6.9 million of unrestricted cash on hand and a $240.0 million outstanding balance under its $1.0 billion unsecured revolving credit facility at June 30, 2019.

During the quarter, the Company issued 2.0 million common shares under its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for net proceeds of $157.6 million bringing the year to date issuances under this plan to 3.1 million common shares for net proceeds of $236.6 million.

Dividend Information

The Company declared regular monthly cash dividends during the second quarter of 2019 totaling $1.125 per common share. This dividend represents an annualized dividend of $4.50 per common share, an increase of 4.2% over the prior year, and is the Company's ninth consecutive year with a significant annual dividend increase.

The Company also declared second quarter cash dividends of $0.359375 per share on its 5.75% Series C cumulative convertible preferred shares, $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares and $0.359375 per share on its 5.75% Series G cumulative redeemable preferred shares.

2019 Guidance

The Company's updated 2019 guidance for net income per diluted share is $2.99 to $3.15. The Company is narrowing its guidance for 2019 FFO as adjusted per diluted share to a range of $5.32 to $5.48 from a range of $5.30 to $5.50 and increasing its 2019 investment spending guidance to a range of $700.0 million to $850.0 million from a range of $600.0 million to $800.0 million. The Company is confirming its 2019 expected disposition proceeds range of $300.0 million to $400.0 million.

FFO as adjusted guidance for 2019 is based on FFO per diluted share of $4.92 to $5.05 adjusted for estimated transaction costs, termination fees related to public charter schools, deferred income tax benefit and the impact of Series C and Series E dilution. FFO per diluted share is based on a net income per diluted share range of $2.99 to $3.15 less estimated gain on sale of real estate of a range of $0.30 to $0.33 and the impact of Series C and Series E dilution of $0.04, plus estimated real estate depreciation of $2.24 and allocated share of joint venture depreciation of $0.03 (in accordance with the NAREIT definition of FFO).

Quarterly Supplemental

The Company's supplemental information package for the second quarter and six months endedJune 30, 2019 is available on the Company's website at http://investors.eprkc.com/earnings-supplementals.

EPR Properties

Consolidated Statements of Income

(Unaudited, dollars in thousands except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Rental revenue	$	157,330		$	137,019		$	308,053		$	269,943
Other income	5,726			646			6,070			1,276
Mortgage and other financing income	12,642			65,202			26,117			86,616
Total revenue	175,698			202,867			340,240			357,835
Property operating expense	14,771			7,334			30,564			14,898
Other expense	8,091			—			8,091			—
General and administrative expense	12,230			12,976			24,360			25,300
Litigation settlement expense	—			2,090			—			2,090
Costs associated with loan refinancing or payoff	—			15			—			31,958
Interest expense, net	36,278			34,079			70,104			68,416
Transaction costs	6,923			405			12,046			1,014
Impairment charges	—			16,548			—			16,548
Depreciation and amortization	42,355			37,582			82,098			75,266
Income before equity in income (loss) from joint ventures and other items	55,050			91,838			112,977			122,345
Equity in income (loss) from joint ventures	470			(88		)	959			(37		)
Gain on sale of real estate	9,774			473			16,102			473
Income before income taxes	65,294			92,223			130,038			122,781
Income tax benefit (expense)	1,300			(642		)	1,905			(1,662		)
Net income	66,594			91,581			131,943			121,119
Preferred dividend requirements	(6,034		)	(6,036		)	(12,068		)	(12,072		)
Net income available to common shareholders of EPR Properties	$	60,560		$	85,545		$	119,875		$	109,047
Per share data attributable to EPR Properties common shareholders:
Basic earnings per share data:
Net income available to common shareholders	$	0.80		$	1.15		$	1.59		$	1.47
Diluted earnings per share data:
Net income available to common shareholders	$	0.79		$	1.15		$	1.59		$	1.47
Shares used for computation (in thousands):
Basic	76,164			74,329			75,426			74,238
Diluted	76,199			74,365			75,467			74,273

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)

	June 30, 2019		December 31, 2018
Assets
Real estate investments, net of accumulated depreciation of $954,806 and $883,174 at June 30, 2019 and December 31, 2018, respectively	$	5,598,246	$	5,024,057
Land held for development	28,080		34,177
Property under development	80,695		287,546
Operating lease right-of-use assets	220,758		—
Mortgage notes and related accrued interest receivable	550,131		517,467
Investment in direct financing leases, net	20,675		20,558
Investment in joint ventures	35,658		34,486
Cash and cash equivalents	6,927		5,872
Restricted cash	5,010		12,635
Accounts receivable	108,433		98,369
Other assets	92,042		96,223
Total assets	$	6,746,655	$	6,131,390
Liabilities and Equity
Accounts payable and accrued liabilities	$	126,015	$	168,463
Operating lease liabilities	245,372		—
Dividends payable	35,118		32,799
Unearned rents and interest	78,629		79,051
Debt	3,216,623		2,986,054
Total liabilities	3,701,757		3,266,367
Total equity	$	3,044,898	$	2,865,023
Total liabilities and equity	$	6,746,655	$	6,131,390

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
FFO: (A)
Net income available to common shareholders of EPR Properties	$	60,560		$	85,545		$	119,875		$	109,047
Gain on sale of real estate	(9,774		)	(473		)	(16,102		)	(473		)
Impairment of real estate investments	—			16,548			—			16,548
Real estate depreciation and amortization	42,098			37,359			81,612			74,823
Allocated share of joint venture depreciation	554			58			1,109			116
FFO available to common shareholders of EPR Properties	$	93,438		$	139,037		$	186,494		$	200,061
FFO available to common shareholders of EPR Properties	$	93,438		$	139,037		$	186,494		$	200,061
Add: Preferred dividends for Series C preferred shares	1,939			1,940			3,878			3,880
Add: Preferred dividends for Series E preferred shares	1,939			—			3,878			—
Diluted FFO available to common shareholders of EPR Properties	$	97,316		$	140,977		$	194,250		$	203,941
FFOAA: (A)
FFO available to common shareholders of EPR Properties	$	93,438		$	139,037		$	186,494		$	200,061
Costs associated with loan refinancing or payoff	—			15			—			31,958
Transaction costs	6,923			405			12,046			1,014
Litigation settlement expense	—			2,090			—			2,090
Termination fee included in gain on sale	6,533			—			11,534			—
Deferred income tax (benefit) expense	(1,675		)	235			(2,284		)	663
FFOAA available to common shareholders of EPR Properties	$	105,219		$	141,782		$	207,790		$	235,786
FFOAA available to common shareholders of EPR Properties	$	105,219		$	141,782		$	207,790		$	235,786
Add: Preferred dividends for Series C preferred shares	1,939			1,940			3,878			3,880
Add: Preferred dividends for Series E preferred shares	1,939			1,939			3,878			3,878
Diluted FFOAA available to common shareholders of EPR Properties	$	109,097		$	145,661		$	215,546		$	243,544
FFO per common share:
Basic	$	1.23		$	1.87		$	2.47		$	2.69
Diluted	1.22			1.84			2.45			2.67
FFOAA per common share:
Basic	$	1.38		$	1.91		$	2.75		$	3.18
Diluted	1.36			1.87			2.72			3.12
Shares used for computation (in thousands):
Basic	76,164			74,329			75,426			74,238
Diluted	76,199			74,365			75,467			74,273
Weighted average shares outstanding-diluted EPS	76,199			74,365			75,467			74,273
Effect of dilutive Series C preferred shares	2,158			2,110			2,151			2,104
Adjusted weighted average shares outstanding-diluted Series C	78,357			76,475			77,618			76,377
Effect of dilutive Series E preferred shares	1,628			1,604			1,625			1,601
Adjusted weighted average shares outstanding-diluted Series C and Series E	79,985			78,079			79,243			77,978
Other financial information:
Straight-lined rental revenue	$	3,223		$	2,060		$	5,637		$	3,934
Dividends per common share	$	1.125		$	1.080		$	2.250		$	2.160

(A) NAREIT developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors

in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition to FFO, the Company presents FFO as adjusted (FFOAA). Management believes it is useful to provide FFOAA as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFOAA is FFO plus costs (gain) associated with loan refinancing or payoff, transaction costs, severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants' exercises of education properties buy-out options, impairment of direct financing lease (allowance for lease loss portion) and provision for loan losses, and by subtracting gain on early extinguishment of debt, gain on insurance recovery and deferred tax benefit (expense). FFO and FFOAA are non-GAAP financial measures. FFO and FFOAA do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO or FFOAA the same way so comparisons of each of these non-GAAP measures with other REITs may not be meaningful.

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO and FFOAA per share for the three and six months ended June 30, 2019. Therefore, the additional 2.2 million common shares and 1.6 million common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO per share and diluted FFOAA per share for the three and six months ended June 30, 2019.

The conversion of the 5.75% Series C cumulative convertible preferred shares would be dilutive to FFO and FFOAA per share for the three and six months ended June 30, 2018. Therefore, the additional 2.1 million common shares shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO per share and diluted FFOAA per share for the three and six months ended June 30, 2018.

The conversion of the 9.00% Series E cumulative convertible preferred shares would not be dilutive to FFO per share for the three and six months ended June 30, 2018. Therefore, the additional 1.6 million common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted FFO per share for the three and six months ended June 30, 2018. The conversion of the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFOAA per share for the three and six months ended June 30, 2018. Therefore, the additional 1.6 million common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFOAA per share for the three and six months ended June 30, 2018.

Net Debt to Adjusted EBITDA Ratio

Net Debt to Adjusted EBITDA Ratio is a supplemental measure derived from non-GAAP financial measures 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 this ratio in a similar manner. In addition, financial institutions use versions of this ratio in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating Net Debt to Adjusted EBITDA Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Reconciliations of debt and net income (both reported in accordance with GAAP) to Net Debt, EBITDAre, Adjusted EBITDA, and Net Debt to Adjusted EBITDA Ratio (each of which is a non-GAAP financial measure) are included in the following tables (unaudited, in thousands):

	June 30,
	2019			2018
Net Debt: (B)
Debt	$	3,216,623		$	2,983,975
Deferred financing costs, net	31,957			36,020
Cash and cash equivalents	(6,927		)	(3,017		)
Net Debt	$	3,241,653		$	3,016,978
	Three Months Ended June 30,
	2019			2018
EBITDAre and Adjusted EBITDA:
Net income	$	66,594		$	91,581
Interest expense, net	36,278			34,079
Income tax (benefit) expense	(1,300		)	642
Depreciation and amortization	42,355			37,582
Gain on sale of real estate	(9,774		)	(473		)
Impairment of real estate investments	—			16,548
Costs associated with loan refinancing or payoff	—			15
Equity in (income) loss from joint ventures	(470		)	88
EBITDAre (for the quarter) (C)	$	133,683		$	180,062
Litigation settlement expense	—			2,090
Transaction costs	6,923			405
Prepayment fees	—			(47,293		)
Adjusted EBITDA (for the quarter)	$	140,606		$	135,264
Adjusted EBITDA (1) (D)	$	562,424		$	541,056
Net Debt/Adjusted EBITDA Ratio	5.8			5.6
(1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

(B) 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 reducing debt for cash and cash equivalents on hand, 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 our financial condition. The Company's method of calculating Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

(C) NAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax expense (benefit), depreciation and amortization, gains and losses from disposition of real estate, impairment losses on real estate, costs (gain) associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure as it can help facilitate comparisons of operating performance between periods and with other REITs. EBITDAre does not represent cash flow from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

(D) Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that it is an informative measure

to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDA as EBITDAre (defined above) excluding gain on insurance recovery, severance expense, litigation settlement expense, impairment of direct financing lease (allowance for lease loss portion), the provision for loan losses, transaction costs and prepayment fees, and which is then multiplied by four to get an annual amount.

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

About EPR Properties

EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $7.3 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

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, expected dividend payments, 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. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. 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.

EPR Properties

Brian Moriarty, 888-EPR-REIT

www.eprkc.com

EX-99.2

Q2 2019 EARNINGS CALL AUGUST 1, 2019

INTRODUCTORY COMMENTS This information is as of the date indicated and, to our knowledge, was timely and accurate when presented. We are under no obligation to update or remove outdated information other than as required by applicable law or regulation. 2

HEADLINES 1. Productive Quarter Anchored by Strong Investment Spending Volume 3

HEADLINES 1. Productive Quarter Anchored by Strong Investment Spending Volume 2. Enhanced Portfolio Credit Profile 4

HEADLINES 1. Productive Quarter Anchored by Strong Investment Spending Volume 2. Enhanced Portfolio Credit Profile 3. Experiential Assets Continue to Perform 5

HEADLINES 1. Productive Quarter Anchored by Strong Investment Spending Volume 2. Enhanced Portfolio Credit Profile 3. Experiential Assets Continue to Perform 4. Strengthened Balance Sheet Capacity 6

HEADLINES 1. Productive Quarter Anchored by Strong Investment Spending Volume 2. Enhanced Portfolio Credit Profile 3. Experiential Assets Continue to Perform 4. Strengthened Balance Sheet Capacity 5. Increasing Investment Spending Guidance 7

PORTFOLIO UPDATE 8

PORTFOLIO STATISTICS $7.3B+ TOTAL INVESTMENTS* 417 PROPERTIES IN SERVICE 99% OCCUPANCY $391.9M Q2 INVESTMENT SPENDING 1.86X RENT ** * See investor supplementals for the applicable periods for definitions and calculations of these non-GAAP COVERAGE measures // ** Coverage is weighted average for the segments. Theatres and Family Entertainment Centers data is TTM March 2019. Golf Entertainment Complexes and Other Recreation data is TTM March 2019. Ski 9 Area data is TTM April 2019 and Attractions data is TTM August 2018. Public Charter School data is TTM June 2018, Private School data is TTM June 2018 and Early Childhood Education data is TTM March 2019.

ENTERTAINMENT SEGMENT HIGHLIGHTS UPDATES • YTD 2019 Box Office revenue softer vs. record-breaking prior year* but expect full year to be flat or slightly up • Regal transaction demonstrates benefit of our deep industry $3.4B ** relationships INVESTED 195 PROPERTIES IN SERVICE 2 PROPERTIES UNDER DEVELOPMENT*** MEGAPLEX THEATRES 26 OPERATORS**** 1.76x RENT COVERAGE $311.6M FAMILY ENTERTAINMENT CENTERS ENTERTAINMENT RETAIL CENTERS Q2 INVESTMENT SPENDING * Source: Box Office Mojo // ** See investor supplementals for the applicable periods for definitions and calculations of these non-GAAP measures // *** Properties not yet in service // **** Does not include 10 operators at ERCs

RECREATION SEGMENT UPDATES HIGHLIGHTS • Tenant credit will be strengthened with Vail Resort’s announced purchase of Peak Resorts $2.4B * • The Kartrite Hotel & Indoor Waterpark opened and is building INVESTED awareness 83 PROPERTIES IN SERVICE 1 PROPERTY UNDER DEVELOPMENT** GOLF ENTERTAINMENT COMPLEXES ATTRACTIONS 20 OPERATORS 2.22x RENT COVERAGE $56.8M SKI AREAS OTHER RECREATION Q2 INVESTMENT SPENDING * See investor supplementals for the applicable periods for definitions and calculations of these non- GAAP measures // ** Properties not yet in service 11

EDUCATION SEGMENT UPDATES HIGHLIGHTS • Received $58 million in disposition proceeds CLA transition to Crème de la Crème going well, 7 completed and $1.3B • * remaining 14 anticipated over the next 6 months INVESTED 138 PROPERTIES IN SERVICE 4 PROPERTIES UNDER DEVELOPMENT** PUBLIC CHARTER SCHOOLS 57 OPERATORS 1.46x RENT COVERAGE PRIVATE SCHOOLS EARLY CHILDHOOD EDUCATION $23.5M Q2 INVESTMENT SPENDING * See investor supplementals for the applicable periods for definitions and calculations of these non- GAAP measures // ** Properties not yet in service 12

FINANCIAL REVIEW 13

FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE Quarter ended June 30, (In millions except per-share data) 2019 2018 $ CHANGE % CHANGE Total Revenue $175.7 $202.9 ($27.2) (13%) Net Income - Common 60.6 85.5 (24.9) (29%) FFO – Common* 93.4 139.0 (45.6) (33%) FFO as adj. – Common* 105.2 141.8 (36.6) (26%) Net Income/share – Common 0.79 1.15 (0.36) (31%) FFO/share – Common* 1.22 1.84 (0.62) (34%) FFO/share - Common, as adj.* 1.36 1.87 (0.51) (27%) * See investor supplementals for the applicable periods for definitions and calculations of these non- GAAP measures 14

FINANCIAL HIGHLIGHTS KEY RATIOS * Quarter ended June 30, 2019 2018 Fixed charge coverage 3.2x 3.2x Debt service coverage 3.7x 3.7x Interest coverage 3.7x 3.7x Net debt to Adjusted EBITDA 5.8x 5.6x FFO as adjusted payout 83% 58% Note: Schlitterbahn mortgage notes totaling ~$190M were repaid in full on July 1, 2019 and proceeds received were used to reduce the outstanding balance on the Company's line of credit. * See investor supplementals for the applicable periods for definitions and calculations for these non-GAAP measures. Ratios exclude all termination and prepayment fees except FFO as adjusted payout percentage. 15

CAPITAL MARKETS & LIQUIDITY UPDATE 16

CAPITAL MARKETS UPDATE TOTAL DEBT IS $3.2B AT 6/30/19 • $3.0B is fixed rate or fixed through interest rate swaps, wtd. avg. = 4.6% • $240M outstanding on $1B revolver at 6/30/19; $6.9M unrestricted cash • Weighted average debt maturity of ~6 years; No debt maturities until 2022 SIGNIFICANT LOW COST EQUITY ISSUANCE • During the quarter, issued 2.0M common shares under our DSPP for net proceeds of $157.6M bringing the YTD total to 3.1M common shares for net proceeds of $236.6M. • No need for additional equity issuance over the remainder of the year to fund our current plan. 17

CONFIRMING 2019 GUIDANCE 2019 GUIDANCE FF0 AS ADJUSTED PER SHARE Revised Guidance $5.32 - $5.48 Prior Guidance $5.30 - $5.50 INVESTMENT SPENDING Revised Guidance $700M - $850M Prior Guidance $600M - $800M DISPOSITION PROCEEDS Guidance $300M - $400M 18

RECONCILIATION OF MIDPOINT OF FFOAA/SHARE* GUIDANCE FFO as adjusted per share (previous guidance midpoint) $5.40 Increased investment spending and favorable timing 0.05 Increased percentage rent and participating interest 0.03 Increase in size and timing of equity issuance (0.07) Increase in G&A (0.02) Other, net 0.01 Termination fees–education properties 0.01 Prepayment fees-education properties (0.01) Net change in termination and prepayment fees-education properties 0.00 FFO as adjusted per share (current guidance midpoint) $5.40 *See investor supplementals for the definition of this non-GAAP measure. 19

CLOSING COMMENTS 20

EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com

EX-99.3

Exhibit 99.3

Supplemental Operating and Financial Data

Second Quarter and Six Months Ended June 30, 2019

TABLE OF CONTENTS
SECTION	PAGE
Company Profile	4
Investor Information	5
Selected Financial Information	6
Selected Balance Sheet Information	7
Selected Operating Data	8
Funds From Operations and Funds From Operations as Adjusted	9
Adjusted Funds From Operations	10
Capital Structure	11
Summary of Ratios	16
Summary of Mortgage Notes Receivable	18
Capital Spending and Disposition Summaries	19
Property Under Development - Investment Spending Estimates	20
Financial Information and Total Investment by Segment	21
Lease Expirations	26
Top Ten Customers by Total Revenue	27
Net Asset Value (NAV) Components	28
Annualized GAAP Net Operating Income	29
Guidance	30
Definitions-Non-GAAP Financial Measures	31
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	34

	Q2 2019 Supplemental	Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 31 through 33 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures in the Appendix on pages 34 through 40.

	Q2 2019 Supplemental	Page 3

COMPANY PROFILE

THE COMPANY

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

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

COMPANY STRATEGY

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

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

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

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

INFLECTION OPPORTUNITY - Renewal or restructuring in an industry’s properties

ENDURING VALUE -Real estate devoted to and improving long-lived activities

EXCELLENT EXECUTION -Market-dominant performance that creates value beyond tenant credit

ATTRACTIVE ECONOMICS -Accretive initial returns along with growth in yield

ADVANTAGEOUS POSITION - Sustainable competitive advantages

	Q2 2019 Supplemental	Page 4

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

COMPANY INFORMATION
CORPORATE HEADQUARTERS	TRADING SYMBOLS
909 Walnut Street, Suite 200	Common Stock:
Kansas City, MO 64106	EPR
888-EPR-REIT	Preferred Stock:
www.eprkc.com	EPR-PrC
	EPR-PrE
STOCK EXCHANGE LISTING	EPR-PrG
New York Stock Exchange

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

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

	Q2 2019 Supplemental	Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
Operating Information:	2019			2018			2019		2018
Revenue	$	175,698		$	202,867		$	340,240	$	357,835
Net income available to common shareholders of EPR Properties	60,560			85,545			119,875		109,047
EBITDAre (1)	133,683			180,062			265,179		314,533
Adjusted EBITDA (1)	140,606			135,264			276,325		270,344
Interest expense, net	36,278			34,079			70,104		68,416
Capitalized interest	1,530			2,294			4,667		4,538
Straight-lined rental revenue	3,223			2,060			5,637		3,934
Dividends declared on preferred shares	6,034			6,036			12,068		12,072
Dividends declared on common shares	86,097			80,277			170,440		160,539
General and administrative expense	12,230			12,976			24,360		25,300
	JUNE 30,
Balance Sheet Information:	2019			2018
Total assets	$	6,746,655		$	6,104,224
Accumulated depreciation	954,806			810,604
Total assets before accumulated depreciation (gross assets)	7,701,461			6,914,828
Cash and cash equivalents	6,927			3,017
Debt	3,216,623			2,983,975
Deferred financing costs, net	31,957			36,020
Net debt (1)	3,241,653			3,016,978
Equity	3,044,898			2,885,968
Common shares outstanding	77,556			74,348
Total market capitalization (using EOP closing price)	9,397,591			8,205,138
Net debt/total market capitalization	34		%	37		%
Net debt/gross assets	42		%	44		%
Net debt/Adjusted EBITDA (2)	5.8			5.6
Adjusted net debt/Annualized adjusted EBITDA (1)(3)(4)	5.5			5.5
(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied times four. See pages 31 through 33 for definitions. See calculation on page 40.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 31 through 33 for definitions.
(4) Annualized adjusted EBITDA is adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 40 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS	2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018
Real estate investments:
Entertainment	$	3,307,670		$	3,018,987		$	2,909,024		$	2,875,959		$	2,854,274		$	2,812,120
Recreation	1,921,868			1,610,071			1,614,100			1,502,639			1,476,759			1,452,087
Education	1,147,220			1,188,959			1,209,393			1,204,851			1,175,973			1,170,548
Other	176,294			174,690			174,714			156,786			156,786			156,786
Less: accumulated depreciation	(954,806		)	(920,409		)	(883,174		)	(848,280		)	(810,604		)	(776,404		)
Land held for development	28,080			28,080			34,177			31,076			31,076			33,693
Property under development	80,695			315,237			287,546			289,228			268,090			249,931
Operating lease right-of-use assets	220,758			211,299			—			—			—			—
Mortgage notes receivable: (1)
Entertainment	14,670			—			—			23,327			23,321			31,061
Recreation	378,292			375,094			368,655			365,100			439,759			614,405
Education	157,169			152,533			148,812			184,273			178,348			174,371
Investment in direct financing leases, net	20,675			20,616			20,558			20,495			58,305			58,101
Investment in joint ventures	35,658			35,188			34,486			5,018			4,999			5,538
Cash and cash equivalents	6,927			11,116			5,872			74,153			3,017			24,514
Restricted cash	5,010			11,166			12,635			22,031			11,283			15,640
Accounts receivable	108,433			111,146			98,369			104,757			97,804			88,750
Other assets	92,042			87,458			96,223			102,657			135,034			127,725
Total assets	$	6,746,655		$	6,431,231		$	6,131,390		$	6,114,070		$	6,104,224		$	6,238,866
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	126,015		$	117,746		$	168,463		$	138,829		$	122,359		$	117,583
Operating lease liabilities	245,372			235,612			—			—			—			—
Common dividends payable	29,084			28,306			26,765			26,761			26,765			26,755
Preferred dividends payable	6,034			6,034			6,034			6,036			6,036			6,036
Unearned rents and interest	78,629			85,012			79,051			90,287			79,121			81,461
Line of credit	240,000			70,000			30,000			—			30,000			570,000
Deferred financing costs, net	(31,957		)	(32,838		)	(33,941		)	(35,033		)	(36,020		)	(28,558		)
Other debt	3,008,580			3,008,580			2,989,995			2,989,995			2,989,995			2,589,995
Total liabilities	3,701,757			3,518,452			3,266,367			3,216,875			3,218,256			3,363,272
Equity:
Common stock and additional paid-in- capital	3,759,032			3,597,916			3,505,266			3,497,055			3,492,333			3,487,902
Preferred stock at par value	148			148			148			148			148			148
Treasury stock	(147,143		)	(146,906		)	(130,728		)	(129,801		)	(129,048		)	(128,707		)
Accumulated other comprehensive income	5,174			8,397			12,085			19,246			17,497			16,481
Distributions in excess of net income	(572,313		)	(546,776		)	(521,748		)	(489,453		)	(494,962		)	(500,230		)
Total equity	3,044,898			2,912,779			2,865,023			2,897,195			2,885,968			2,875,594
Total liabilities and equity	$	6,746,655		$	6,431,231		$	6,131,390		$	6,114,070		$	6,104,224		$	6,238,866
(1) Includes related accrued interest receivable.

	Q2 2019 Supplemental	Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
	2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018
Rental revenue:
Entertainment	$	83,718		$	80,513		$	76,742		$	75,552		$	74,640		$	74,848
Recreation	42,886			40,529			38,732			36,215			34,443			33,432
Education	28,059			26,707			27,757			26,851			25,649			22,385
Other	2,667			2,974			2,284			2,287			2,287			2,259
Mortgage and other financing income:
Entertainment	107			56			4,457			612			2,100			802
Recreation	8,654			9,312			8,277			29,678			57,540			13,705
Education	3,881			4,107			7,803			4,849			5,562			6,907
Other income	5,726			344			435			365			646			630
Total revenue	$	175,698		$	164,542		$	166,487		$	176,409		$	202,867		$	154,968
Property operating expense	14,771			15,793			8,890			6,968			7,334			7,564
Other expense	8,091			—			325			118			—			—
General and administrative expense	12,230			12,130			12,165			11,424			12,976			12,324
Severance expense	—			—			5,938			—			—			—
Litigation settlement expense	—			—			—			—			2,090			—
Costs associated with loan refinancing or payoff	—			—			—			—			15			31,943
Interest expense, net	36,278			33,826			33,515			33,576			34,079			34,337
Transaction costs	6,923			5,123			1,583			1,101			405			609
Impairment charges	—			—			10,735			—			16,548			—
Depreciation and amortization	42,355			39,743			39,541			38,623			37,582			37,684
Income before equity in income (loss) in joint ventures and other items	55,050			57,927			53,795			84,599			91,838			30,507
Equity in income (loss) from joint ventures	470			489			(5		)	20			(88		)	51
Gain on sale of real estate	9,774			6,328			349			2,215			473			—
Gain on sale of investment in direct financing leases	—			—			—			5,514			—			—
Income tax benefit (expense)	1,300			605			(108		)	(515		)	(642		)	(1,020		)
Net income	66,594			65,349			54,031			91,833			91,581			29,538
Preferred dividend requirements	(6,034		)	(6,034		)	(6,034		)	(6,036		)	(6,036		)	(6,036		)
Net income available to common shareholders of EPR Properties	$	60,560		$	59,315		$	47,997		$	85,797		$	85,545		$	23,502

	Q2 2019 Supplemental	Page 8

FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018
Net income available to common shareholders of EPR Properties	$	60,560		$	59,315		$	47,997		$	85,797		$	85,545		$	23,502
Gain on sale of real estate	(9,774		)	(6,328		)	(349		)	(2,215		)	(473		)	—
Gain on sale of investment in direct financing leases	—			—			—			(5,514		)	—			—
Impairment charges	—			—			10,735			—			16,548			—
Real estate depreciation and amortization	42,098			39,514			39,297			38,388			37,359			37,464
Allocated share of joint venture depreciation	554			555			56			54			58			58
FFO available to common shareholders of EPR Properties	$	93,438		$	93,056		$	97,736		$	116,510		$	139,037		$	61,024
FFO available to common shareholders of EPR Properties	$	93,438		$	93,056		$	97,736		$	116,510		$	139,037		$	61,024
Add: Preferred dividends for Series C preferred shares	1,939			1,939			1,939			1,940			1,940			—
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939			1,939			—			—
Diluted FFO available to common shareholders of EPR Properties	$	97,316		$	96,934		$	101,614		$	120,389		$	140,977		$	61,024
FUNDS FROM OPERATIONS AS ADJUSTED (1):
FFO available to common shareholders of EPR Properties	$	93,438		$	93,056		$	97,736		$	116,510		$	139,037		$	61,024
Costs associated with loan refinancing or payoff	—			—			—			—			15			31,943
Transaction costs	6,923			5,123			1,583			1,101			405			609
Severance expense	—			—			5,938			—			—			—
Litigation settlement expense	—			—			—			—			2,090			—
Termination fee included in gain on sale	6,533			5,001			—			1,864			—			—
Deferred income tax (benefit) expense	(1,675		)	(609		)	(182		)	92			235			428
FFO as adjusted available to common shareholders of EPR Properties	$	105,219		$	102,571		$	105,075		$	119,567		$	141,782		$	94,004
FFO as adjusted available to common shareholders of EPR Properties	$	105,219		$	102,571		$	105,075		$	119,567		$	141,782		$	94,004
Add: Preferred dividends for Series C preferred shares	1,939			1,939			1,939			1,940			1,940			1,940
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939			1,939			1,939			1,939
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	109,097		$	106,449		$	108,953		$	123,446		$	145,661		$	97,883
FFO per common share:
Basic	$	1.23		$	1.25		$	1.31		$	1.57		$	1.87		$	0.82
Diluted	1.22			1.23			1.30			1.54			1.84			0.82
FFO as adjusted per common share:
Basic	$	1.38		$	1.37		$	1.41		$	1.61		$	1.91		$	1.27
Diluted	1.36			1.36			1.39			1.58			1.87			1.26
Shares used for computation (in thousands):
Basic	76,164			74,679			74,343			74,345			74,329			74,146
Diluted	76,199			74,725			74,402			74,404			74,365			74,180
Effect of dilutive Series C preferred shares	2,158			2,145			2,133			2,122			2,110			2,098
Adjusted weighted-average shares outstanding-diluted Series C	78,357			76,870			76,535			76,526			76,475			76,278
Effect of dilutive Series E preferred shares	1,628			1,622			1,615			1,610			1,604			1,598
Adjusted weighted-average shares outstanding-diluted Series C and Series E	79,985			78,492			78,150			78,136			78,079			77,876
(1) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018
FFO available to common shareholders of EPR Properties	$	93,438		$	93,056		$	97,736		$	116,510		$	139,037		$	61,024
Adjustments:
Costs associated with loan refinancing or payoff	—			—			—			—			15			31,943
Transaction costs	6,923			5,123			1,583			1,101			405			609
Severance expense	—			—			5,938			—			—			—
Litigation settlement expense	—			—			—			—			2,090			—
Termination fees included in gain on sale	6,533			5,001			—			1,864			—			—
Deferred income tax (benefit) expense	(1,675		)	(609		)	(182		)	92			235			428
Non-real estate depreciation and amortization	257			229			244			235			223			220
Deferred financing fees amortization	1,517			1,502			1,490			1,470			1,439			1,398
Share-based compensation expense to management and trustees	3,283			3,280			3,816			3,687			3,817			3,791
Amortization of above/below market leases, net and tenant allowances	(58		)	(59		)	(54		)	(55		)	(55		)	(417		)
Maintenance capital expenditures (2)	(510		)	(297		)	(336		)	(540		)	(527		)	(698		)
Straight-lined rental revenue	(3,223		)	(2,414		)	(3,216		)	(3,079		)	(2,060		)	(1,874		)
Non-cash portion of mortgage and other financing income	(1,069		)	(1,014		)	(784		)	(819		)	(784		)	(656		)
AFFO available to common shareholders of EPR Properties	$	105,416		$	103,798		$	106,235		$	120,466		$	143,835		$	95,768
AFFO available to common shareholders of EPR Properties	$	105,416		$	103,798		$	106,235		$	120,466		$	143,835		$	95,768
Add: Preferred dividends for Series C preferred shares	1,939			1,939			1,939			1,940			1,940			1,940
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939			1,939			1,939			1,939
Diluted AFFO available to common shareholders of EPR Properties	$	109,294		$	107,676		$	110,113		$	124,345		$	147,714		$	99,647
Weighted average diluted shares outstanding (in thousands)	76,199			74,725			74,402			74,404			74,365			74,180
Effect of dilutive Series C preferred shares	2,158			2,145			2,133			2,122			2,110			2,098
Effect of dilutive Series E preferred shares	1,628			1,622			1,615			1,610			1,604			1,598
Adjusted weighted-average shares outstanding-diluted	79,985			78,492			78,150			78,136			78,079			77,876
AFFO per diluted common share	$	1.37		$	1.37		$	1.41		$	1.59		$	1.89		$	1.28
Dividends declared per common share	$	1.125		$	1.125		$	1.080		$	1.080		$	1.080		$	1.080
AFFO payout ratio (3)	82		%	82		%	77		%	68		%	57		%	84		%
(1) See pages 31 through 33 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

	Q2 2019 Supplemental	Page 10

CAPITAL STRUCTURE AS OF JUNE 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)			UNSECURED SENIOR NOTES			TOTAL			WEIGHTED AVG INTEREST RATE
YEAR
2019	$	—	$	—		$	—		$	—		—%
2020	—		—			—			—			—%
2021	—		—			—			—			—%
2022	—		240,000			350,000			590,000			4.80%
2023	400,000		—			275,000			675,000			4.02%
2024	—		—			148,000			148,000			4.35%
2025	—		—			300,000			300,000			4.50%
2026	—		—			642,000			642,000			4.69%
2027	—		—			450,000			450,000			4.50%
2028	—		—			400,000			400,000			4.95%
2029	—		—			—			—			—%
Thereafter	43,580		—			—			43,580			3.07%
Less: deferred financing costs, net	—		—			—			(31,957		)	—%
	$	443,580	$	240,000		$	2,565,000		$	3,216,623		4.52%
			BALANCE			WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate secured debt			$	—		—		%	—
Fixed rate unsecured debt (1)			2,965,000			4.63		%	6.06
Variable rate secured debt			43,580			3.07		%	28.25
Variable rate unsecured debt			240,000			3.41		%	2.66
Less: deferred financing costs, net			(31,957		)	—		%	—
Total			$	3,216,623		4.52		%	6.11
(1) Includes $400 million of term loan that has been fixed through interest rate swaps through February 7, 2022.
(2) Unsecured Revolving Credit Facility Summary:
			BALANCE						RATE
	COMMITMENT		AT 6/30/2019			MATURITY			AT 6/30/2019
	$1,000,000		$	240,000		February 27, 2022			3.41%
	Note: This facility has a seven-month extension available at the Company's option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature pursuant to which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from $1.4 billion to $2.4 billion, in each case, subject to certain terms and conditions.

	Q2 2019 Supplemental	Page 11

CAPITAL STRUCTURE AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:	June 30, 2019			December 31, 2018
Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022	$	240,000		$	30,000
Senior unsecured notes payable, 5.75%, due August 15, 2022	350,000			350,000
Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 3.15% and $50,000 fixed at 3.35% through February 7, 2022, due February 27, 2023	400,000			400,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000			275,000
Senior unsecured notes payable, 4.35%, due August 22, 2024	148,000			148,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000			300,000
Senior unsecured notes payable, 4.56%, due August 22, 2026	192,000			192,000
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000			450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000			450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000			400,000
Bonds payable, variable rate, due August 1, 2047	24,995			24,995
Bond payable, variable rate, due December 22, 2047	18,585			—
Less: deferred financing costs, net	(31,957		)	(33,941		)
Total debt	$	3,216,623		$	2,986,054

	Q2 2019 Supplemental	Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF JUNE 30, 2019
Moody's	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor's	BBB- (stable)
SUMMARY OF COVENANTS
The Company has outstanding public senior unsecured notes with fixed interest rates of 4.50%, 4.75%, 4.95%, 5.25% and 5.75%. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.
The following is a summary of the key financial covenants for the Company's 4.50%, 4.75%, 4.95%, 5.25% and 5.75% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of June 30, 2019 and March 31, 2019 are:
		Actual	Actual
NOTE COVENANTS	Required	2nd Quarter 2019 (1)	1st Quarter 2019 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	42%	42%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	1%	—%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months	≥ 1.5 x	4.0x	4.4x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	222%	224%
(1) See page 14 for detailed calculations.

	Q2 2019 Supplemental	Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:	June 30, 2019							TOTAL DEBT:								June 30, 2019
Total Assets per balance sheet	$	6,746,655						Secured debt obligations								$	43,580
Add: accumulated depreciation	954,806							Unsecured debt obligations:
Less: intangible assets, net	(42,000		)					Unsecured debt								3,205,000
Total Assets	$	7,659,461						Outstanding letters of credit								—
								Guarantees								—
								Derivatives at fair market value, net, if liability								4,072
								Total unsecured debt obligations:								3,209,072
TOTAL UNENCUMBERED ASSETS:	June 30, 2019							Total Debt								$	3,252,652
Unencumbered real estate assets, gross	$	7,007,131
Cash and cash equivalents	6,927
Land held for development	28,080
Property under development	80,695
Total Unencumbered Assets	$	7,122,833
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	2ND QUARTER 2019			1ST QUARTER 2019				4TH QUARTER 2018				3RD QUARTER 2018				TRAILING TWELVE MONTHS
Adjusted EBITDA per bond documents	$	140,606		$	136,619		(1)	$	145,107		(1)	$	157,899		(1)	$	580,231
Less: straight-line rental revenue	(3,223		)	(2,414		)		(3,216		)		(3,079		)		(11,932		)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	137,383		$	134,205			$	141,891			$	154,820			$	568,299
ANNUAL DEBT SERVICE:
Interest expense, gross	$	37,999		$	37,138			$	36,304			$	36,360			$	147,801
Less: deferred financing fees amortization	(1,517		)	(1,502		)		(1,490		)		(1,470		)		(5,979		)
ANNUAL DEBT SERVICE	$	36,482		$	35,636			$	34,814			$	34,890			$	141,822
DEBT SERVICE COVERAGE	3.8			3.8				4.1				4.4				4.0
(1) Includes prepayment fees.

	Q2 2019 Supplemental	Page 14

CAPITAL STRUCTURE AS OF JUNE 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT JUNE 30, 2019	LIQUIDIATION PREFERENCE	DIVIDEND RATE		CONVERTIBLE	CONVERSION RATIO AT JUNE 30, 2019	CONVERSION PRICE AT JUNE 30, 2019
Common shares	77,556,003	$74.59	N/A	(1)		N/A	N/A	N/A
Series C	5,394,050	$32.06	$134,851	5.750%		Y	0.4000	$62.50
Series E	3,447,381	$37.95	$86,185	9.000%		Y	0.4721	$52.95
Series G	6,000,000	$24.99	$150,000	5.750%		N	N/A	N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at June 30, 2019 multiplied by closing price at June 30, 2019				$	5,784,902
Aggregate liquidation value of Series C preferred shares (2)				134,851
Aggregate liquidation value of Series E preferred shares (2)				86,185
Aggregate liquidation value of Series G preferred shares (2)				150,000
Net debt at June 30, 2019 (3)				3,241,653
Total consolidated market capitalization				$	9,397,591
(1) Total monthly dividends declared in the second quarter of 2019 were $1.125 per share.
(2) Excludes accrued unpaid dividends at June 30, 2019.
(3) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 15

SUMMARY OF RATIOS
(UNAUDITED)
	2ND QUARTER 2019	1ST QUARTER 2019	4TH QUARTER 2018	3RD QUARTER 2018	2ND QUARTER 2018	1ST QUARTER 2018
Net debt to total market capitalization	34%	33%	37%	35%	37%	41%
Net debt to gross assets	42%	42%	43%	42%	44%	45%
Net debt/Adjusted EBITDA (1)(2)	5.8	5.7	5.5	5.3	5.6	5.8
Adjusted net debt/Annualized adjusted EBITDA (3)(4)	5.5	5.4	5.4	5.3	5.5	5.6
Interest coverage ratio (5)	3.7	3.7	3.8	3.8	3.7	3.7
Fixed charge coverage ratio (5)	3.2	3.2	3.3	3.3	3.2	3.2
Debt service coverage ratio (5)	3.7	3.7	3.8	3.8	3.7	3.7
FFO payout ratio (6)	92%	91%	83%	70%	59%	132%
FFO as adjusted payout ratio (7)	83%	83%	78%	68%	58%	86%
AFFO payout ratio (8)	82%	82%	77%	68%	57%	84%
(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied times four. See calculation on page 40.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 31 through 33 for definitions.
(4) Annualized adjusted EBITDA is Adjusted EBITDA for the quarter further adjusted for in-service projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 40 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 31 through 33 for definitions.
(5) See page 17 for detailed calculation.
(6) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(7) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(8) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

	Q2 2019 Supplemental	Page 16

CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018
Net income	$	66,594		$	65,349		$	54,031		$	91,833		$	91,581		$	29,538
Impairment charges	—			—			10,735			—			16,548			—
Transaction costs	6,923			5,123			1,583			1,101			405			609
Interest expense, gross	37,999			37,138			36,304			36,360			36,468			36,646
Severance expense	—			—			5,938			—			—			—
Litigation settlement expense	—			—			—			—			2,090			—
Depreciation and amortization	42,355			39,743			39,541			38,623			37,582			37,684
Share-based compensation expense
to management and trustees	3,283			3,280			3,816			3,687			3,817			3,791
Costs associated with loan refinancing or payoff	—			—			—			—			15			31,943
Interest cost capitalized	(1,530		)	(3,137		)	(2,669		)	(2,697		)	(2,294		)	(2,244		)
Straight-line rental revenue	(3,223		)	(2,414		)	(3,216		)	(3,079		)	(2,060		)	(1,874		)
Gain on sale of real estate	(9,774		)	(6,328		)	(349		)	(2,215		)	(473		)	—
Gain on sale of investment in direct financing leases	—			—			—			(5,514		)	—			—
Prepayment fees	—			(900		)	(7,391		)	(20,026		)	(47,293		)	—
Deferred income tax (benefit) expense	(1,675		)	(609		)	(182		)	92			235			428
Interest coverage amount	$	140,952		$	137,245		$	138,141		$	138,165		$	136,621		$	136,521
Interest expense, net	$	36,278		$	33,826		$	33,515		$	33,576		$	34,079		$	34,337
Interest income	191			175			120			87			95			65
Interest cost capitalized	1,530			3,137			2,669			2,697			2,294			2,244
Interest expense, gross	$	37,999		$	37,138		$	36,304		$	36,360		$	36,468		$	36,646
Interest coverage ratio	3.7			3.7			3.8			3.8			3.7			3.7
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	140,952		$	137,245		$	138,141		$	138,165		$	136,621		$	136,521
Interest expense, gross	$	37,999		$	37,138		$	36,304		$	36,360		$	36,468		$	36,646
Preferred share dividends	6,034			6,034			6,034			6,036			6,036			6,036
Fixed charges	$	44,033		$	43,172		$	42,338		$	42,396		$	42,504		$	42,682
Fixed charge coverage ratio	3.2			3.2			3.3			3.3			3.2			3.2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	140,952		$	137,245		$	138,141		$	138,165		$	136,621		$	136,521
Interest expense, gross	$	37,999		$	37,138		$	36,304		$	36,360		$	36,468		$	36,646
Recurring principal payments	—			—			—			—			—			—
Debt service	$	37,999		$	37,138		$	36,304		$	36,360		$	36,468		$	36,646
Debt service coverage ratio	3.7			3.7			3.8			3.8			3.7			3.7
(1) See pages 31 through 33 for definitions. See Appendix on pages 34 through 40 for reconciliations of certain non-GAAP financial measures.

	Q2 2019 Supplemental	Page 17

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
SUMMARY OF MORTGAGE NOTES RECEIVABLE	OPERATING SEGMENT	JUNE 30, 2019		DECEMBER 31, 2018
Mortgage notes, 7.00% and 10.00%, paid in full July 1, 2019	Recreation	$	189,654	$	179,846
Mortgage note and related accrued interest receivable, 10.0%, paid in full July 10, 2019	Education	16,174		15,652
Mortgage note, 7.00%, due December 20, 2021	Education	52,753		54,535
Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026	Recreation	5,803		5,803
Mortgage note and related accrued interest receivable, 7.85%, due January 3, 2027	Recreation	10,977		10,977
Mortgage note, 11.31%, due June 1, 2033	Recreation	11,763		11,934
Mortgage note and related accrued interest receivable, 8.71% to 9.38%, due June 30, 2034	Education	8,896		8,835
Mortgage note, 11.61%, due December 1, 2034	Recreation	51,050		51,050
Mortgage notes, 10.59%, due December 1, 2034	Recreation	37,562		37,562
Mortgage note, 11.04%, due December 1, 2034	Recreation	4,550		4,550
Mortgage note, 8.43%, due January 5, 2036	Recreation	21,000		21,000
Mortgage note, 10.25%, due May 31, 2036	Recreation	17,505		17,505
Mortgage note and related accrued interest receivable, 10.14%, due July 31, 2036	Education	6,422		6,383
Mortgage note, 9.75%, due August 1, 2036	Recreation	18,068		18,068
Mortgage note and related accrued interest receivable, 9.95%, due December 31, 2036	Education	9,839		9,839
Mortgage note, 8.84%, due April 30, 2037	Education	5,044		4,952
Mortgage note, 8.93%, due June 30, 2037	Education	4,191		4,165
Mortgage note, 8.67%, due July 31, 2037	Education	4,206		4,236
Mortgage note, 8.75%, due August 31, 2037	Education	27,357		23,718
Mortgage note and related accrued interest receivable, 9.02%, due September 30, 2037	Education	14,423		14,325
Mortgage note and related accrued interest receivable, 7.85%, due January 31, 2038	Recreation	10,360		10,360
Mortgage note and related accrued interest receivable, 7.50%, due August 30, 2038	Education	3,604		2,172
Mortgage note, 7.75%, due May 9, 2039	Education	4,260		—
Mortgage note, 8.125%, due June 17, 2039	Entertainment	14,670		—
Total mortgage notes and related accrued interest receivable		$	550,131	$	517,467

	Q2 2019 Supplemental	Page 18

CAPITAL SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
2019 CAPITAL SPENDING	OPERATING SEGMENT	CAPITAL SPENDING THREE MONTHS ENDED JUNE 30, 2019		CAPITAL SPENDING SIX MONTHS ENDED JUNE 30, 2019
Development and redevelopment of megaplex theatres	Entertainment	$	4,882	$	26,658
Acquisition of megaplex theatres	Entertainment	284,518		377,828
Acquisition and development of other entertainment and retail properties	Entertainment	5,963		8,772
Investment in mortgage note and note receivable for other entertainment	Entertainment	16,200		16,200
Development of Topgolf golf entertainment complexes	Recreation	11,595		22,295
Additions to mortgage note and notes receivable for attractions	Recreation	6,541		6,602
Investment in unconsolidated real estate joint venture owning two recreation anchored lodging properties	Recreation	—		1,105
Redevelopment of recreation properties	Recreation	522		932
Acquisition of attractions	Recreation	23,963		23,963
Investment in the Kartrite Resort and Indoor Waterpark	Recreation	14,210		46,121
Investment in mortgage notes and notes receivable for early childhood education centers	Education	5,404		6,598
Development of public charter school properties	Education	9,510		16,873
Acquisition and development of early childhood education centers	Education	3,478		3,933
Investment in mortgage notes receivable for public charter schools	Education	863		4,143
Development of private school properties	Education	4,270		4,297
Investment in the Resorts World Catskills project	Other	18		211
Total investment spending		$	391,937	$	566,531
Maintenance and other capital spending, net	n/a	4,128		10,931
Total capital spending		$	396,065	$	577,462
2019 DISPOSITIONS	OPERATING SEGMENT	NET PROCEEDS THREE MONTHS ENDED JUNE 30, 2019		NET PROCEEDS SIX MONTHS ENDED JUNE 30, 2019
Sale of attraction property	Recreation	$	—	$	3,992
Sale of public charter schools	Education	56,156		83,408
Sale of excess land	Education	1,994		2,746
Sale of undeveloped land	Education	—		5,668
Total dispositions		$	58,150	$	95,814

	Q2 2019 Supplemental	Page 19

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT JUNE 30, 2019 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
	JUNE 30, 2019			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	3RD QUARTER 2019		4TH QUARTER 2019		1ST QUARTER 2020		2ND QUARTER 2020		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Entertainment	$	23,787	7	$	9,893	$	7,508	$	6,500	$	8,509	$	—	$	56,197	100%
Recreation (3)	20,643		2	5,000		4,500		1,000		—		—		31,143		100%
Education	23,646		4	7,700		3,550		—		—		—		34,896		100%
Total Build-to-Suit	68,076		13	$	22,593	$	15,558	$	7,500	$	8,509	$	—	$	122,236
Non Build-to-Suit Development	12,619
Total Property Under Development	$	80,695
			JUNE 30, 2019	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	3RD QUARTER 2019		4TH QUARTER 2019		1ST QUARTER 2020		2ND QUARTER 2020		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 2ND QUARTER 2019
Entertainment			7	$	6,197	$	13,473	$	15,827	$	20,700	$	—	$	56,197	$	—
Recreation			2	—		29,294		1,849		—		—		31,143		290,715
Education			4	26,566		8,330		—		—		—		34,896		10,109
Total Build-to-Suit			13	$	32,763	$	51,097	$	17,676	$	20,700	$	—	$	122,236	$	300,824
	JUNE 30, 2019			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	3RD QUARTER 2019		4TH QUARTER 2019		1ST QUARTER 2020		2ND QUARTER 2020		THEREAFTER		TOTAL EXPECTED COSTS (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Recreation	5,803		1	—		1,367		1,367		1,367		2,420		12,324
Education	30,961		2	1,800		800		1,900		1,900		—		37,361
Total Build-to-Suit Mortgage Notes	36,764		3	$	1,800	$	2,167	$	3,267	$	3,267	$	2,420	$	49,685
Non Build-to-Suit Mortgage Notes	513,367
Total Mortgage Notes Receivable	$	550,131
(1) This schedule includes only those properties for which the Company has commenced construction as of June 30, 2019.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Recreation excludes property under development related to the Company's two unconsolidated real estate joint ventures that own recreation anchored lodging properties in St. Petersburg, Florida. The Company's spending estimates for this are estimated at $5.0 million for the remainder of 2019 and $9.6 million for 2020.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.

	Q2 2019 Supplemental	Page 20

FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	83,718		$	42,886		$	28,059		$	2,667		$	157,330		$	—		$	157,330
Other income	1,575			3,848			—			—			5,423			303			5,726
Mortgage and other financing income	107			8,654			3,881			—			12,642			—			12,642
Total revenue	85,400			55,388			31,940			2,667			175,395			303			175,698
Property operating expense	(9,871		)	(2,729		)	(1,056		)	(888		)	(14,544		)	(227		)	(14,771		)
Other expense	(1,029		)	(7,062		)	—			—			(8,091		)	—			(8,091		)
Total investment expenses	(10,900		)	(9,791		)	(1,056		)	(888		)	(22,635		)	(227		)	(22,862		)
General and administrative expense	—			—			—			—			—			(12,230		)	(12,230		)
Adjusted EBITDA (1)	$	74,500		$	45,597		$	30,884		$	1,779		$	152,760		$	(12,154	)	$	140,606
	49		%	30		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(36,278		)	(36,278		)
Transaction costs																(6,923		)	(6,923		)
Depreciation and amortization																(42,355		)	(42,355		)
Equity in income from joint ventures																470			470
Gain on sale of real estate																9,774			9,774
Income tax benefit																1,300			1,300
Net income																			66,594
Preferred dividend requirements																(6,034		)	(6,034		)
Net income available to common shareholders of EPR Properties																			$	60,560
(1) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 21

FINANCIAL INFORMATION BY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	164,231		$	83,415		$	54,766		$	5,641		$	308,053		$	—		$	308,053
Other income	1,585			3,909			—			—			5,494			576			6,070
Mortgage and other financing income	163			17,966			7,988			—			26,117			—			26,117
Total revenue	165,979			105,290			62,754			5,641			339,664			576			340,240
Property operating expense	(20,496		)	(5,463		)	(2,168		)	(1,977		)	(30,104		)	(460		)	(30,564		)
Other expense	(1,029		)	(7,062		)	—			—			(8,091		)	—			(8,091		)
Total investment expenses	(21,525		)	(12,525		)	(2,168		)	(1,977		)	(38,195		)	(460		)	(38,655		)
General and administrative expense	—			—			—			—			—			(24,360		)	(24,360		)
Prepayment fees	—			(900		)	—			—			(900		)	—			(900		)
Adjusted EBITDA (1)	$	144,454		$	91,865		$	60,586		$	3,664		$	300,569		$	(24,244	)	$	276,325
	48		%	31		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(70,104		)	(70,104		)
Transaction costs																(12,046		)	(12,046		)
Depreciation and amortization																(82,098		)	(82,098		)
Equity in income from joint ventures																959			959
Gain on sale of real estate																16,102			16,102
Income tax benefit																1,905			1,905
Prepayment fees																900			900
Net income																			131,943
Preferred dividend requirements																(12,068		)	(12,068		)
Net income available to common shareholders of EPR Properties																			$	119,875
(1) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 22

FINANCIAL INFORMATION BY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	74,640		$	34,443		$	25,649		$	2,287		$	137,019		$	—		$	137,019
Other income	4			—			—			—			4			642			646
Mortgage and other financing income	2,100			57,540			5,562			—			65,202			—			65,202
Total revenue	76,744			91,983			31,211			2,287			202,225			642			202,867
Property operating expense	(5,816		)	(24		)	(644		)	(689		)	(7,173		)	(161		)	(7,334		)
Total investment expenses	(5,816		)	(24		)	(644		)	(689		)	(7,173		)	(161		)	(7,334		)
General and administrative expense	—			—			—			—			—			(12,976		)	(12,976		)
Prepayment fees	(1,359		)	(45,934		)	—			—			(47,293		)	—			(47,293		)
Adjusted EBITDA (1)	$	69,569		$	46,025		$	30,567		$	1,598		$	147,759		$	(12,495	)	$	135,264
	47		%	31		%	21		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Litigation settlement expense																(2,090		)	(2,090		)
Costs associated with loan refinancing or payoff																(15		)	(15		)
Interest expense, net																(34,079		)	(34,079		)
Transaction costs																(405		)	(405		)
Impairment charges																(16,548		)	(16,548		)
Depreciation and amortization																(37,582		)	(37,582		)
Equity in loss from joint ventures																(88		)	(88		)
Gain on sale of real estate																473			473
Income tax expense																(642		)	(642		)
Prepayment fees																47,293			47,293
Net income																			91,581
Preferred dividend requirements																(6,036		)	(6,036		)
Net income available to common shareholders of EPR Properties																			$	85,545
(1) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 23

FINANCIAL INFORMATION BY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
	ENTERTAINMENT			RECREATION			EDUCATION			OTHER			SUBTOTAL			CORPORATE/UNALLOCATED			CONSOLIDATED
Rental revenue	$	149,488		$	67,875		$	48,034		$	4,546		$	269,943		$	—		$	269,943
Other income	4			62			—			—			66			1,210			1,276
Mortgage and other financing income	2,902			71,245			12,469			—			86,616			—			86,616
Total revenue	152,394			139,182			60,503			4,546			356,625			1,210			357,835
Property operating expense	12,045			57			1,473			1,003			(14,578		)	320			(14,898		)
Total investment expenses	(12,045		)	(57		)	(1,473		)	(1,003		)	(14,578		)	(320		)	(14,898		)
General and administrative expense	—			—			—			—			—			(25,300		)	(25,300		)
Prepayment fees	(1,359		)	(45,934		)	—			—			(47,293		)	—			(47,293		)
Adjusted EBITDA (1)	$	138,990		$	93,191		$	59,030		$	3,543		$	294,754		$	(24,410	)	$	270,344
	47		%	32		%	20		%	1		%	100		%
Reconciliation to Consolidated Statements of Income:
Litigation settlement expense																(2,090		)	(2,090		)
Costs associated with loan refinancing or payoff																(31,958		)	(31,958		)
Interest expense, net																(68,416		)	(68,416		)
Transaction costs																(1,014		)	(1,014		)
Impairment charges																(16,548		)	(16,548		)
Depreciation and amortization																(75,266		)	(75,266		)
Equity in loss from joint ventures																(37		)	(37		)
Gain on sale of real estate																473			473
Income tax expense																(1,662		)	(1,662		)
Prepayment fees																47,293			47,293
Net income																			121,119
Preferred dividend requirements																(12,072		)	(12,072		)
Net income available to common shareholders of EPR Properties																			$	109,047
(1) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 24

TOTAL INVESTMENT BY SEGMENT
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(UNAUDITED, DOLLARS IN THOUSANDS)
		As of June 30, 2019
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Real estate investments, net of accumulated depreciation		$	2,598,029		$	1,781,314		$	1,042,875		$	176,028		$	5,598,246
Add back accumulated depreciation on real estate investments		709,641			140,554			104,345			266			954,806
Land held for development		4,457			—			3,455			20,168			28,080
Property under development		35,212			20,642			24,841			—			80,695
Mortgage notes and related accrued interest receivable, net		14,670			378,292			157,169			—			550,131
Investment in direct financing leases, net		—			—			20,675			—			20,675
Investment in joint ventures		4,743			30,915			—			—			35,658
Intangible assets, gross (1)		30,392			21,310			1,230			—			52,932
Notes receivable and related accrued interest receivable, net (1)		3,550			6,543			968			—			11,061
	Total investments (2)	$	3,400,694		$	2,379,570		$	1,355,558		$	196,462		$	7,332,284
	% of total investments	46		%	33		%	18		%	3		%	100		%
		As of December 31, 2018
		ENTERTAINMENT			RECREATION			EDUCATION			OTHER			CONSOLIDATED
Real estate investments, net of accumulated depreciation		$	2,238,831		$	1,497,759		$	1,112,790		$	174,677		$	5,024,057
Add back accumulated depreciation on real estate investments		670,193			116,341			96,603			37			883,174
Land held for development		4,457			—			9,552			20,168			34,177
Property under development		20,031			249,911			17,604			—			287,546
Mortgage notes and related accrued interest receivable, net		—			368,655			148,812			—			517,467
Investment in direct financing leases, net		—			—			20,558			—			20,558
Investment in joint ventures		4,962			29,524			—			—			34,486
Intangible assets, gross (1)		28,874			21,310			1,230			—			51,414
Notes receivable and related accrued interest receivable, net (1)		1,976			3,469			—			—			5,445
	Total investments (2)	$	2,969,324		$	2,286,969		$	1,407,149		$	194,882		$	6,858,324
	% of total investments	43		%	33		%	21		%	3		%	100		%
(1) Included in other assets in the consolidated balance sheets as of June 30, 2019 in the Company's Quarterly Report on Form 10-Q and December 31, 2018 in the Company's Annual Report on Form 10-K. Reconciliation is as follows:
		6/30/2019			12/31/2018
Intangible assets, gross		$	52,932		$	51,414
Less: accumulated amortization on intangible assets		(10,932		)	(8,923		)
Notes receivable and related accrued interest receivable, net		11,061			5,445
Prepaid expenses and other current assets		38,981			48,287
Total other assets		$	92,042		$	96,223
(2) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 25

LEASE EXPIRATIONS
AS OF JUNE 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
	MEGAPLEX THEATRES					RECREATION PORTFOLIO					EDUCATION PORTFOLIO
YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2019 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2019 (1)		% OF TOTAL REVENUE		TOTAL NUMBER OF PROPERTIES	FINANCING INCOME/RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2019 (1)		% OF TOTAL REVENUE
2019	3	$	6,511	1	%	—	$	—	—	%	17	$	12,415	2	%
2020	2	3,665		1	%	—	—		—	%	—	—		—	%
2021	9	12,600		2	%	—	—		—	%	—	—		—	%
2022	10	21,290		3	%	—	—		—	%	—	—		—	%
2023	8	19,501		3	%	—	—		—	%	—	—		—	%
2024	14	28,471		4	%	—	—		—	%	1	654		—	%
2025	4	9,064		1	%	1	1,925		—	%	—	—		—	%
2026	8	16,428		3	%	1	5,196		1	%	—	—		—	%
2027	17	22,620		3	%	2	18,859		3	%	6	4,499		1	%
2028	14	30,119		4	%	—	—		—	%	1	79		—	%
2029	11	13,244		2	%	2	4,781		1	%	—	—		—	%
2030	18	24,236		4	%	—	—		—	%	—	—		—	%
2031	13	21,106		3	%	—	—		—	%	10	4,006		1	%
2032	8	8,548		1	%	5	6,800		1	%	5	4,817		1	%
2033	9	9,042		1	%	2	3,910		—	%	4	3,675		—	%
2034	25	7,009		1	%	7	12,283		2	%	10	22,450		3	%
2035	2	2,297		—	%	13	42,019		6	%	8	8,449		1	%
2036	2	2,523		—	%	5	11,127		2	%	10	15,739		2	%
2037	3	7,726		1	%	14	35,588		5	%	9	5,485		1	%
2038	2	3,522		1	%	7	13,500		2	%	7	6,137		1	%
Thereafter	—	—		—	%	5	2,218		—	%	37	17,456		2	%
	182	$	269,522	39	%	64	$	158,206	23	%	125	$	105,861	15	%
Note: This schedule relates to owned and leased megaplex theatres, ski areas, attractions, golf entertainment complexes, public charter schools, early education centers and private schools only, which together represent approximately 77% of total revenue for the trailing twelve months ended June 30, 2019. This schedule excludes entertainment properties that are not megaplex theatres, properties under construction, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the trailing twelve months ended June 30, 2019 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the three and six months ended June 30, 2019 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).

	Q2 2019 Supplemental	Page 26

TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)
			PERCENTAGE OF TOTAL REVENUE (1) (2)	PERCENTAGE OF TOTAL REVENUE (1) (2)
			FOR THE THREE MONTHS ENDED	FOR THE SIX MONTHS ENDED
	CUSTOMERS	ASSET TYPE	JUNE 30, 2019	JUNE 30, 2019
1.	AMC Theatres	Entertainment	18.1%	18.3%
2.	Topgolf	Recreation	11.2%	11.3%
3.	Regal Entertainment Group	Entertainment	10.0%	9.7%
4.	Cinemark	Entertainment	5.7%	5.7%
5.	Camelback Resort	Recreation	3.5%	3.5%
6.	Basis Independent Schools	Education	3.2%	3.3%
7.	Vail Resorts	Recreation	3.1%	2.6%
8.	Children's Learning Adventure	Education	2.7%	2.4%
9.	Premier Parks	Recreation	2.5%	2.5%
10.	VSS Southern	Entertainment	2.4%	2.5%
	Total		62.4%	61.8%
(1) Total revenue for the three and six months ended June 30, 2019 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized in accordance with Topic 842.
(2) Excludes prepayment fees and other income for the three and six months ended June 30, 2019.

	Q2 2019 Supplemental	Page 27

NET ASSET VALUE (NAV) COMPONENTS
AS OF JUNE 30, 2019
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
ANNUALIZED CASH NET OPERATING INCOME (NOI) RUN RATE (FOR NAV CALCULATIONS) (1)
	OWNED		FINANCED		TOTAL
Megaplex	$	260,352	$	240	$	260,592
ERC's/Retail	39,284		—		39,284
Other Entertainment	12,008		1,296		13,304
ENTERTAINMENT	311,644		1,536		313,180
Ski Areas	25,860		12,172		38,032
Attractions (2)	57,332		15,020		72,352
Golf Entertainment Complexes	66,152		4,900		71,052
Other Recreation	8,792		2,116		10,908
RECREATION	158,136		34,208		192,344
Public Charter Schools	35,208		11,664		46,872
Early Childhood Education (3)	18,040		392		18,432
Private Schools	29,632		464		30,096
EDUCATION	82,880		12,520		95,400
ANNUALIZED CASH NOI RUN RATE	$	552,660	$	48,264	$	600,924
OTHER NAV COMPONENTS
ASSETS			LIABILITIES
Property under development	$	80,695	Long-term debt (6)				$	3,248,580
Land held for development	28,080		Series G liquidation value				150,000
Real estate investments, net related to Resorts World Catskills (1)	176,028		Accounts payable and accrued liabilities (7)				118,103
Real estate investments, net related to Kartrite Resort and Indoor Waterpark (2)	261,362		Preferred dividends payable				6,034
Investment in joint ventures	35,658		Unearned rents and interest (8)				20,164
Cash and cash equivalents	6,927
Restricted cash	5,010
Accounts receivable (4)	12,983
Other assets (5)	21,227
Real estate investments, net, related to CLA (3)	197,920
SHARES
Common shares outstanding	77,556
Effect of dilutive securities - share options	35
Effect of dilutive Series C preferred shares	2,158
Effect of dilutive Series E preferred shares	1,628
Diluted shares outstanding	81,377

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

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

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

(4) Excludes straight-line receivable of $95.4 million.

(5) Excludes deferred tax assets of $13.5 million, net deferred financing costs of $4.3 million, net intangible assets of $42.0 million and notes and related accrued interest of $11.1 million.

(6) Excludes deferred financing costs, net of $32.0 million.

(7) Excludes below market leases, net of $7.9 million.

(8) Excludes deferred rent liabilities related to portions of real estate investments funded by tenants of $33.7 million and cash paid by tenants during construction of $24.8 million.

	Q2 2019 Supplemental	Page 28

ANNUALIZED GAAP NET OPERATING INCOME
AS OF JUNE 30, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED GAAP NET OPERATING INCOME (NOI) RUN RATE (1)
	OWNED		FINANCED		TOTAL
Megaplex	$	262,664	$	224	$	262,888
ERC's/Retail	38,708		—		38,708
Other Entertainment	12,448		1,296		13,744
ENTERTAINMENT	313,820		1,520		315,340
Ski Areas	26,168		12,176		38,344
Attractions (2)	57,896		14,828		72,724
Golf Entertainment Complexes	68,020		4,892		72,912
Other Recreation	8,936		2,116		11,052
RECREATION	161,020		34,012		195,032
Public Charter Schools	40,188		14,596		54,784
Early Childhood Education (3)	21,276		684		21,960
Private Schools	33,136		484		33,620
EDUCATION	94,600		15,764		110,364
ANNUALIZED GAAP NOI RUN RATE	$	569,440	$	51,296	$	620,736

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

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

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

	Q2 2019 Supplemental	Page 29

GUIDANCE

(DOLLARS IN MILLIONS EXCEPT FOR PER SHARE INFORMATION)

MEASURE		2019 GUIDANCE
	YTD ACTUALS	CURRENT			PRIOR
Investment spending	$566.5	$700.0	to	$850.0	$600.0	to	$800.0
Disposition proceeds and mortgage note payoff	$95.8	$300.0	to	$400.0	$300.0	to	$400.0
Prepayment fees - entertainment and recreation properties (1)	$0.9	$0.9			$0.9
Prepayment fees - education properties (1)	$—	$1.0	to	$2.0	$2.0	to	$3.0
Termination fees - education properties (2)	$11.5	$14.0	to	$16.0	$12.0	to	$16.0
Percentage rent and participating interest income	$5.5	$13.0	to	$15.0	$10.5	to	$12.5
General and administrative expense	$24.4	$46.5	to	$48.5	$45.0	to	$47.0
FFO per diluted share	$2.45	$4.92	to	$5.05	$4.91	to	$5.06
FFO as adjusted per diluted share	$2.72	$5.32	to	$5.48	$5.30	to	$5.50
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	YTD ACTUALS	2019 CURRENT GUIDANCE
Net income available to common shareholders of EPR Properties	$1.59	$2.99	to	$3.15
Gain on sale of real estate (2)	(0.21)	(0.30)	to	(0.33)
Real estate depreciation and amortization	1.08	2.24
Allocated share of joint venture depreciation	0.01	0.03
Impact of Series C and Series E Dilution, if applicable	(0.02)	(0.04)
FFO available to common shareholders of EPR Properties	$2.45	$4.92	to	$5.05
Transaction costs	0.16	0.30
Termination fees - education properties (2)	0.15	0.18	to	0.21
Deferred income tax benefit	(0.03)	(0.06)
Impact of Series C and Series E Dilution, if applicable	(0.01)	(0.02)
FFO as adjusted available to common shareholders of EPR Properties	$2.72	$5.32	to	$5.48

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

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

(2) Termination fees received related to leases where an operator exercises its option to purchase the property and terminates the lease prior to the lease maturity are included in gain on sale of real estate per GAAP and are excluded from FFO (in accordance with the NAREIT definition) but then included in FFO as adjusted. Including in FFO as adjusted is consistent with how other lease termination fees and fees received for early prepayment of mortgage notes receivable are reflected.

	Q2 2019 Supplemental	Page 30

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

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

ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA

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

The Company’s method of calculating Adjusted EBITDA 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 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

	Q2 2019 Supplemental	Page 31

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

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

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

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

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

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

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

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

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, we present AFFO by adding to FFO costs (gain) associated with loan refinancing or payoff, net, transaction costs, severance expense, litigation settlement expense, preferred share redemption costs, termination fees associated with tenants' exercises of education properties buy-out options, impairment of direct financing lease (allowance for lease loss portion) and provision for loan losses, and by subtracting gain on early extinguishment of debt, gain on insurance

	Q2 2019 Supplemental	Page 32

recovery, and deferred income tax benefit (expense); adding non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense to management and trustees and amortization of above and below market leases, net and tenant allowances; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue, and the non-cash portion of mortgage and other financing income. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of 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, interest expense, gross (including interest expense in discontinued operations), severance expense, litigation settlement expense, depreciation and amortization, share-based compensation expense to management and trustees and costs (gain) associated with loan refinancing or payoff, net; subtracting interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt, gain (loss) on sale of real estate from continuing and discontinued operations, gain on insurance recovery, gain on previously held equity interest, gain on early extinguishment of debt, prepayment fees and deferred income tax benefit (expense). 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 real estate investments (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment in direct financing leases, net, investment in joint ventures, intangible assets, gross (included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested.

	Q2 2019 Supplemental	Page 33

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Second Quarter and Six Months Ended June 30, 2019

	Q2 2019 Supplemental	Page 34

RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 17 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018
Net cash provided by operating activities	$	87,372		$	122,384		$	83,446		$	151,134		$	140,784		$	108,964
Equity in income (loss) from joint ventures	470			489			(5		)	20			(88		)	51
Distributions from joint ventures	—			(112		)	—			—			(451		)	(116		)
Amortization of deferred financing costs	(1,517		)	(1,502		)	(1,490		)	(1,470		)	(1,439		)	(1,398		)
Amortization of above and below market leases, net and tenant allowances	58			59			54			55			55			417
Amortization of operating lease assets and liabilities	735			(445		)	—			—			—			—
Changes in assets and liabilities, net:
Mortgage notes and related accrued interest receivable	1,409			135			(453		)	596			1,219			(845		)
Accounts receivable	2,234			(14,669		)	8,680			7,995			9,222			(3,597		)
Direct financing lease receivable	59			58			63			99			203			198
Other assets	(239		)	5,673			(1,662		)	(1,272		)	163			3,826
Accounts payable and accrued liabilities	4,634			(4,684		)	6,265			(18,002		)	(2,360		)	9,118
Unearned rents and interest	5,568			(5,951		)	15,912			(12,649		)	1,997			(13,234		)
Straight-line rental revenue	(3,223		)	(2,414		)	(3,216		)	(3,079		)	(2,060		)	(1,874		)
Interest expense, gross	37,999			37,138			36,304			36,360			36,468			36,646
Interest cost capitalized	(1,530		)	(3,137		)	(2,669		)	(2,697		)	(2,294		)	(2,244		)
Transaction costs	6,923			5,123			1,583			1,101			405			609
Severance expense (cash portion)	—			—			2,720			—			—			—
Prepayment fees	—			(900		)	(7,391		)	(20,026		)	(47,293		)	—
Litigation settlement expense	—			—			—			—			2,090			—
Interest coverage amount (1)	$	140,952		$	137,245		$	138,141		$	138,165		$	136,621		$	136,521
Net cash (used) provided by investing activities	$	(333,363	)	$	(127,833	)	$	(104,684	)	$	46,868		$	67,920		$	(106,916	)
Net cash provided (used) by financing activities	$	235,607		$	9,154		$	(56,075	)	$	(116,130	)	$	(234,550	)	$	(20,798	)
(1) See pages 31 through 33 for definitions.

	Q2 2019 Supplemental	Page 35

RECONCILIATION OF QUARTERLY CASH NOI RUN RATE AND QUARTERLY GAAP NOI RUN RATE

Net Operating Income ("NOI"), Quarterly Cash NOI Run Rate and Quarterly GAAP NOI Run Rate as used on pages 28 and 29 are non-GAAP financial measures and should not be considered as alternatives to net income (loss) in accordance with GAAP as indications of our performance or to cash flows as a measure of our liquidity. The tables on pages 37 through 40 provide reconciliations of these non-GAAP measures with respect to each segment and property type and should be read in conjunction with the reconciliations on page 21 of our segment Adjusted EBITDA - continuing operations to our net income.

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

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

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

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

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

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

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

	Q2 2019 Supplemental	Page 36

RECONCILIATION OF NET ASSET VALUE (NAV) COMPONENTS
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED NET OPERATING INCOME (NOI) RUN RATES - OWNED PROPERTIES (FOR NAV CALCULATIONS)
FOR THE THREE MONTHS ENDED JUNE 30, 2019
	ENTERTAINMENT												RECREATION															EDUCATION
	MEGA-PLEX			ERC's/RETAIL			OTHER ENTERTAIN-MENT			TOTAL			SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES			OTHER RECREA-TION			TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER			TOTAL
Total revenue	$	66,614		$	14,986		$	3,693		$	85,293		$	7,845		$	18,775		$	17,842		$	2,272		$	46,734		$	10,327		$	9,359		$	8,373		$	28,059		$	2,970		$	163,056
Property operating expense	3,859			5,411			601			9,871			45			1,222			1,424			38			2,729			173			541			342			1,056			1,115			14,771
Other expense	1,029			—			—			1,029			—			7,062			—			—			7,062			—			—			—			—			—			8,091
Total investment expense	4,888			5,411			601			10,900			45			8,284			1,424			38			9,791			173			541			342			1,056			1,115			22,862
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			(12,230		)	(12,230		)
Adjusted EBITDA	$	61,726		$	9,575		$	3,092		$	74,393		$	7,800		$	10,491		$	16,418		$	2,234		$	36,943		$	10,154		$	8,818		$	8,031		$	27,003		$	(10,375	)	$	127,964
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			12,230			12,230
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—			—			—			—			(1,855		)	(1,855		)
NOI	$	61,726		$	9,575		$	3,092		$	74,393		$	7,800		$	10,491		$	16,418		$	2,234		$	36,943		$	10,154		$	8,818		$	8,031		$	27,003		$	—		$	138,339
Quarterly GAAP NOI run rate
NOI	$	61,726		$	9,575		$	3,092		$	74,393		$	7,800		$	10,491		$	16,418		$	2,234		$	36,943		$	10,154		$	8,818		$	8,031		$	27,003		$	—		$	138,339
In-service adjustments (2)	4,324			—			24			4,348			—			305			187			—			492			(107		)	400			276			569			—			5,409
Percentage rent/participation adjustments (3)	158			105			(3		)	260			(1,258		)	464			400			—			(394		)	—			(699		)	(23		)	(722		)	—			(856		)
Non-recurring adjustments (6)	(542		)	(3		)	(1		)	(546		)	—			3,214			—			—			3,214			—			(3,200		)	—			(3,200		)	—			(532		)
Quarterly GAAP NOI run rate	$	65,666		$	9,677		$	3,112		$	78,455		$	6,542		$	14,474		$	17,005		$	2,234		$	40,255		$	10,047		$	5,319		$	8,284		$	23,650		$	—		$	142,360
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	262,664		$	38,708		$	12,448		$	313,820		$	26,168		$	57,896		$	68,020		$	8,936		$	161,020		$	40,188		$	21,276		$	33,136		$	94,600		$	—		$	569,440
Quarterly cash NOI run rate
NOI	$	61,726		$	9,575		$	3,092		$	74,393		$	7,800		$	10,491		$	16,418		$	2,234		$	36,943		$	10,154		$	8,818		$	8,031		$	27,003		$	—		$	138,339
In-service adjustments (4)	4,245			—			24			4,269			—			305			187			—			492			(609		)	393			189			(27		)	—			4,734
Percentage rent/participation adjustments (3)	158			105			(3		)	260			(1,258		)	464			400			—			(394		)	—			(699		)	(23		)	(722		)	—			(856		)
Non-recurring adjustments (6)	(542		)	(3		)	(1		)	(546		)	—			3,214			—			—			3,214			—			(3,200		)	—			(3,200		)	—			(532		)
Non-cash revenue	(499		)	144			(110		)	(465		)	(77		)	(141		)	(467		)	(36		)	(721		)	(743		)	(802		)	(789		)	(2,334		)	—			(3,520		)
Quarterly cash NOI run rate	65,088			9,821			3,002			77,911			6,465			14,333			16,538			2,198			39,534			8,802			4,510			7,408			20,720			—			138,165
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	260,352		$	39,284		$	12,008		$	311,644		$	25,860		$	57,332		$	66,152		$	8,792		$	158,136		$	35,208		$	18,040		$	29,632		$	82,880		$	—		$	552,660

	Q2 2019 Supplemental	Page 37

RECONCILIATION OF NET ASSET VALUE (NAV) COMPONENTS
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED NET OPERATING INCOME (NOI) RUN RATES - FINANCED PROPERTIES (FOR NAV CALCULATIONS)
FOR THE THREE MONTHS ENDED JUNE 30, 2019
	ENTERTAINMENT								RECREATION													EDUCATION
	MEGA-PLEX		ERC's/RETAIL		OTHER ENTERTAIN-MENT		TOTAL		SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES		OTHER RECREA-TION		TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER		TOTAL
Total revenue	$	56	$	—	$	51	$	107	$	3,044		$	3,858		$	1,223	$	529	$	8,654		$	3,631		$	129		$	121		$	3,881		$	—	$	12,642
Property operating expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Other expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Total investment expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
General and administrative expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Adjusted EBITDA	$	56	$	—	$	51	$	107	$	3,044		$	3,858		$	1,223	$	529	$	8,654		$	3,631		$	129		$	121		$	3,881		$	—	$	12,642
General and administrative expense	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Corporate/unallocated and other (1)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
NOI	$	56	$	—	$	51	$	107	$	3,044		$	3,858		$	1,223	$	529	$	8,654		$	3,631		$	129		$	121		$	3,881		$	—	$	12,642
Quarterly GAAP NOI run rate
NOI	$	56	$	—	$	51	$	107	$	3,044		$	3,858		$	1,223	$	529	$	8,654		$	3,631		$	129		$	121		$	3,881		$	—	$	12,642
In-service adjustments (5)	—		—		273		273		—			(151		)	—		—		(151		)	18			42			—			60			—		182
Percentage rent/participation adjustments (3)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Non-recurring adjustments (6)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Quarterly GAAP NOI run rate	$	56	$	—	$	324	$	380	$	3,044		$	3,707		$	1,223	$	529	$	8,503		$	3,649		$	171		$	121		$	3,941		$	—	$	12,824
	x4		x4		x4		x4		x4			x4			x4		x4		x4			x4			x4			x4			x4					x4
Annualized GAAP NOI run rate	$	224	$	—	$	1,296	$	1,520	$	12,176		$	14,828		$	4,892	$	2,116	$	34,012		$	14,596		$	684		$	484		$	15,764		$	—	$	51,296
Quarterly cash NOI run rate
NOI	$	56	$	—	$	51	$	107	$	3,044		$	3,858		$	1,223	$	529	$	8,654		$	3,631		$	129		$	121		$	3,881		$	—	$	12,642
In-service adjustments (5)	—		—		273		273		—			(6		)	—		—		(6		)	—			45			—			45			—		312
Percentage rent/participation adjustments (3)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Non-recurring adjustments (6)	—		—		—		—		—			—			—		—		—			—			—			—			—			—		—
Non-cash revenue	4		—		—		4		(1		)	(97		)	2		—		(96		)	(715		)	(76		)	(5		)	(796		)	—		(888		)
Quarterly cash NOI run rate	60		—		324		384		3,043			3,755			1,225		529		8,552			2,916			98			116			3,130			—		12,066
	x4		x4		x4		x4		x4			x4			x4		x4		x4			x4			x4			x4			x4					x4
Annualized cash NOI run rate	$	240	$	—	$	1,296	$	1,536	$	12,172		$	15,020		$	4,900	$	2,116	$	34,208		$	11,664		$	392		$	464		$	12,520		$	—	$	48,264

	Q2 2019 Supplemental	Page 38

RECONCILIATION OF NET ASSET VALUE (NAV) COMPONENTS
(UNAUDITED, DOLLARS IN THOUSANDS)
ANNUALIZED NET OPERATING INCOME (NOI) RUN RATES - TOTAL - OWNED AND FINANCED PROPERTIES (FOR NAV CALCULATIONS) - SUM OF PAGES 37 AND 38
FOR THE THREE MONTHS ENDED JUNE 30, 2019
	ENTERTAINMENT												RECREATION															EDUCATION
	MEGA-PLEX			ERC's/RETAIL			OTHER ENTERTAIN-MENT			TOTAL			SKI AREAS			ATTRAC-TIONS			GOLF ENTERTAIN-MENT COMPLEXES			OTHER RECREA-TION			TOTAL			PUBLIC CHARTER SCHOOLS			EARLY CHILD-HOOD EDU.			PRIVATE SCHOOLS			TOTAL			CORP./UNALLO-CATED AND OTHER			TOTAL
Total revenue	$	66,670		$	14,986		$	3,744		$	85,400		$	10,889		$	22,633		$	19,065		$	2,801		$	55,388		$	13,958		$	9,488		$	8,494		$	31,940		$	2,970		$	175,698
Property operating expense	3,859			5,411			601			9,871			45			1,222			1,424			38			2,729			173			541			342			1,056			1,115			14,771
Other expense	1,029			—			—			1,029			—			7,062			—			—			7,062			—			—			—			—			—			8,091
Total investment expense	4,888			5,411			601			10,900			45			8,284			1,424			38			9,791			173			541			342			1,056			1,115			22,862
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			(12,230		)	(12,230		)
Adjusted EBITDA	$	61,782		$	9,575		$	3,143		$	74,500		$	10,844		$	14,349		$	17,641		$	2,763		$	45,597		$	13,785		$	8,947		$	8,152		$	30,884		$	(10,375	)	$	140,606
General and administrative expense	—			—			—			—			—			—			—			—			—			—			—			—			—			12,230			12,230
Corporate/unallocated and other (1)	—			—			—			—			—			—			—			—			—			—			—			—			—			(1,855		)	(1,855		)
NOI	$	61,782		$	9,575		$	3,143		$	74,500		$	10,844		$	14,349		$	17,641		$	2,763		$	45,597		$	13,785		$	8,947		$	8,152		$	30,884		$	—		$	150,981
Quarterly GAAP NOI run rate
NOI	$	61,782		$	9,575		$	3,143		$	74,500		$	10,844		$	14,349		$	17,641		$	2,763		$	45,597		$	13,785		$	8,947		$	8,152		$	30,884		$	—		$	150,981
In-service adjustments (2) (5)	4,324			—			297			4,621			—			154			187			—			341			(89		)	442			276			629			—			5,591
Percentage rent/participation adjustments (3)	158			105			(3		)	260			(1,258		)	464			400			—			(394		)	—			(699		)	(23		)	(722		)	—			(856		)
Non-recurring adjustments (6)	(542		)	(3		)	(1		)	(546		)	—			3,214			—			—			3,214			—			(3,200		)	—			(3,200		)	—			(532		)
Quarterly GAAP NOI run rate	$	65,722		$	9,677		$	3,436		$	78,835		$	9,586		$	18,181		$	18,228		$	2,763		$	48,758		$	13,696		$	5,490		$	8,405		$	27,591		$	—		$	155,184
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized GAAP NOI run rate	$	262,888		$	38,708		$	13,744		$	315,340		$	38,344		$	72,724		$	72,912		$	11,052		$	195,032		$	54,784		$	21,960		$	33,620		$	110,364		$	—		$	620,736
Quarterly cash NOI run rate
NOI	$	61,782		$	9,575		$	3,143		$	74,500		$	10,844		$	14,349		$	17,641		$	2,763		$	45,597		$	13,785		$	8,947		$	8,152		$	30,884		$	—		$	150,981
In-service adjustments (4) (5)	4,245			—			297			4,542			—			299			187			—			486			(609		)	438			189			18			—			5,046
Percentage rent/participation adjustments (3)	158			105			(3		)	260			(1,258		)	464			400			—			(394		)	—			(699		)	(23		)	(722		)	—			(856		)
Non-recurring adjustments (6)	(542		)	(3		)	(1		)	(546		)	—			3,214			—			—			3,214			—			(3,200		)	—			(3,200		)	—			(532		)
Non-cash revenue	(495		)	144			(110		)	(461		)	(78		)	(238		)	(465		)	(36		)	(817		)	(1,458		)	(878		)	(794		)	(3,130		)	—			(4,408		)
Quarterly cash NOI run rate	65,148			9,821			3,326			78,295			9,508			18,088			17,763			2,727			48,086			11,718			4,608			7,524			23,850			—			150,231
	x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4			x4						x4
Annualized cash NOI run rate	$	260,592		$	39,284		$	13,304		$	313,180		$	38,032		$	72,352		$	71,052		$	10,908		$	192,344		$	46,872		$	18,432		$	30,096		$	95,400		$	—		$	600,924

	Q2 2019 Supplemental	Page 39

RECONCILIATION OF EBITDAre, ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDA (1):	2ND QUARTER 2019			1ST QUARTER 2019			4TH QUARTER 2018			3RD QUARTER 2018			2ND QUARTER 2018			1ST QUARTER 2018
Net income	$	66,594		$	65,349		$	54,031		$	91,833		$	91,581		$	29,538
Interest expense, net	36,278			33,826			33,515			33,576			34,079			34,337
Income tax (benefit) expense	(1,300		)	(605		)	108			515			642			1,020
Depreciation and amortization	42,355			39,743			39,541			38,623			37,582			37,684
Gain on sale of real estate	(9,774		)	(6,328		)	(349		)	(2,215		)	(473		)	—
Gain on sale of investment in direct financing leases	—			—			—			(5,514		)	—			—
Impairment charges	—			—			10,735			—			16,548			—
Costs associated with loan refinancing or payoff	—			—			—			—			15			31,943
Equity in (income) loss from joint ventures	(470		)	(489		)	5			(20		)	88			(51		)
EBITDAre (2)	$	133,683		$	131,496		$	137,586		$	156,798		$	180,062		$	134,471
Severance expense	—			—			5,938			—			—			—
Litigation settlement expense	—			—			—			—			2,090			—
Transaction costs	6,923			5,123			1,583			1,101			405			609
Prepayment fees	—			(900		)	(7,391		)	(20,026		)	(47,293		)	—
Adjusted EBITDA (for the quarter)	$	140,606		$	135,719		$	137,716		$	137,873		$	135,264		$	135,080
Adjusted EBITDA (2)	$	562,424		$	542,876		$	550,864		$	551,492		$	541,056		$	540,320
ANNUALIZED ADJUSTED EBITDA (1):
Adjusted EBITDA (for the quarter)	$	140,606		$	135,719		$	137,716		$	137,873		$	135,264		$	135,080
Corporate/unallocated and other NOI (3)	(1,855		)	(1,925		)	(1,530		)	(1,899		)	(2,079		)	(2,354		)
In-service adjustments (4)	5,591			252			243			(3,645		)	(1,785		)	910
Percentage rent/participation adjustments (5)	(856		)	1,335			(2,339		)	(463		)	517			973
Non-recurring adjustments (6)	2,668			(72		)	(240		)	24			(4		)	(63		)
Annualized Adjusted EBITDA (for the quarter)	$	146,154		$	135,309		$	133,850		$	131,890		$	131,913		$	134,546
Annualized Adjusted EBITDA (7)	$	584,616		$	541,236		$	535,400		$	527,560		$	527,652		$	538,184
(1) See pages 31 through 33 for definitions.
(2) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(3) Adjustments for Corporate/Unallocated and Other is calculated by subtracting total investment expenses from total revenue for these categories on page 21.
(4) Adjustments for properties commencing or terminating GAAP net operating income during the quarter.
(5) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing 12 month amount divided by 4.
(6) Non-recurring adjustments relate primarily to properties under operating agreements with third parties.
(7) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.

	Q2 2019 Supplemental	Page 40