Exhibit 99.3

Supplemental Operating and Financial Data

Second Quarter and Six Months Ended June 30, 2020

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	17
Investment Spending and Disposition Summaries	18
Property Under Development - Investment Spending Estimates	19
Lease Expirations	20
Top Ten Customers by Total Revenue	21
Definitions-Non-GAAP Financial Measures	22
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	25

	Q2 2020 Supplemental	Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this document reflect preliminary, unaudited results, which are not final until the Company's Quarterly Report on Form 10-Q is filed. 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 the uncertain financial impact of COVID-19, our capital resources and liquidity, expected dividend payments, expected liquidity and performance of our customers, including AMC, future expenditures for development projects and our results of operations and financial condition. The estimates presented herein are based on the Company's current expectations and, given the current economic uncertainty, there can be no assurances that the Company will be able to continue paying dividends at expected levels, or at all, or continue to comply with applicable covenants under its debt agreements, which could materially impact actual performance. 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. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the Securities and Exchange Commission ("SEC") on May 11, 2020.

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 22 through 24 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures on pages 9 and 10 and in the Appendix on pages 25 through 29.

	Q2 2020 Supplemental	Page 3

COMPANY PROFILE

THE COMPANY	COMPANY STRATEGY
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.	EPR's primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.	Our strategic growth is focused on acquiring or developing experiential real estate venues which create value by facilitating out of home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. These are properties which make up the social infrastructure of society.
	This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.
	As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO

	Q2 2020 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
Executive Vice President, General Counsel and Secretary	Executive Vice President and Chief Investment Officer
Tonya Mater	Mike Hirons
Senior Vice President and Chief Accounting Officer	Senior Vice President - 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 2020 Supplemental	Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
Operating Information:	2020			2019			2020			2019
Revenue (1)	$	106,360		$	161,740		$	257,372		$	312,267
Net (loss) income available to common shareholders of EPR Properties	(68,999		)	60,560			(37,915		)	119,875
EBITDAre (2)	58,537			133,683			173,667			265,179
Adjusted EBITDA (2)	77,801			140,606			207,730			276,745
Interest expense, net (1)	38,340			36,458			73,093			70,421
Capitalized interest	242			1,530			504			4,667
Straight-lined rental revenue	2,229			3,223			(7,479		)	5,637
Dividends declared on preferred shares	6,034			6,034			12,068			12,068
Dividends declared on common shares	30,081			86,097			119,077			170,440
General and administrative expense	10,432			12,230			21,420			24,360
	JUNE 30,
Balance Sheet Information:	2020			2019
Total assets	$	7,002,978		$	6,746,655
Accumulated depreciation	1,034,771			954,806
Cash and cash equivalents	1,006,981			6,927
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,030,768			7,694,534
Debt	3,854,088			3,216,623
Deferred financing costs, net	35,907			31,957
Net debt (2)	2,883,014			3,241,653
Equity	2,736,257			3,044,898
Common shares outstanding	74,613			77,556
Total market capitalization (using EOP closing price)	5,725,973			9,397,591
Net debt/gross assets	41		%	42		%
Net debt/Adjusted EBITDA ratio (3)	Footnote 6			5.8
Adjusted net debt/Annualized adjusted EBITDA ratio (2)(4)(5)	Footnote 6			5.5
(1) Excludes discontinued operations.
(2) See pages 22 through 24 for definitions. See calculation as applicable on page 28.
(3) Adjusted EBITDA in this calculation is for the quarter multiplied times four. See pages 22 through 24 for definitions. See calculation on page 28.
(4) Adjusted net debt is net debt less 40% times property under development. See pages 22 through 24 for definitions.
(5) Annualized adjusted EBITDA is adjusted EBITDA for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 28 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 22 through 24 for definitions.
(6) Not presented as this ratio is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.

	Q2 2020 Supplemental	Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3ND QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Real estate investments	$	6,144,830		$	6,208,685		$	6,186,562		$	6,558,790		$	6,553,052		$	5,992,707
Less: accumulated depreciation	(1,034,771		)	(1,023,993		)	(989,254		)	(989,480		)	(954,806		)	(920,409		)
Land held for development	26,244			28,080			28,080			28,080			28,080			28,080
Property under development	39,039			30,063			36,756			31,825			80,695			315,237
Operating lease right-of-use assets	189,058			207,605			211,187			219,459			220,758			211,299
Mortgage notes and related accrued interest receivable	357,668			356,666			357,391			413,695			550,131			527,627
Investment in direct financing leases, net	—			—			—			20,727			20,675			20,616
Investment in joint ventures	28,925			33,897			34,317			35,222			35,658			35,188
Cash and cash equivalents	1,006,981			1,225,122			528,763			115,839			6,927			11,116
Restricted cash	2,615			4,583			2,677			5,929			5,010			11,166
Accounts receivable	134,774			72,537			86,858			99,190			108,433			111,146
Other assets	107,615			112,095			94,174			94,014			92,042			87,458
Total assets	$	7,002,978		$	7,255,340		$	6,577,511		$	6,633,290		$	6,746,655		$	6,431,231
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	96,454		$	112,167		$	122,939		$	121,351		$	126,015		$	117,746
Operating lease liabilities	229,030			232,343			235,650			244,358			245,372			235,612
Common dividends payable	19			30,063			29,424			29,340			29,084			28,306
Preferred dividends payable	6,034			6,034			6,034			6,034			6,034			6,034
Unearned rents and interest	81,096			84,190			74,829			89,797			78,629			85,012
Line of credit	750,000			750,000			—			—			240,000			70,000
Deferred financing costs, net	(35,907		)	(35,933		)	(37,165		)	(38,384		)	(31,957		)	(32,838		)
Other debt	3,139,995			3,139,995			3,139,995			3,139,995			3,008,580			3,008,580
Total liabilities	4,266,721			4,318,859			3,571,706			3,592,491			3,701,757			3,518,452
Equity:
Common stock and additional paid-in-capital	3,849,803			3,845,911			3,835,674			3,815,278			3,759,032			3,597,916
Preferred stock at par value	148			148			148			148			148			148
Treasury stock	(260,351		)	(154,357		)	(147,435		)	(147,435		)	(147,143		)	(146,906		)
Accumulated other comprehensive income	(4,331		)	(5,289		)	7,275			4,659			5,174			8,397
Distributions in excess of net income	(849,012		)	(749,932		)	(689,857		)	(631,851		)	(572,313		)	(546,776		)
Total equity	2,736,257			2,936,481			3,005,805			3,040,799			3,044,898			2,912,779
Total liabilities and equity	$	7,002,978		$	7,255,340		$	6,577,511		$	6,633,290		$	6,746,655		$	6,431,231

	Q2 2020 Supplemental	Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Rental revenue	$	97,531		$	135,043		$	154,765		$	150,962		$	147,003		$	140,292
Other income	416			7,573			8,386			11,464			5,726			344
Mortgage and other financing income	8,413			8,396			7,195			6,930			9,011			9,891
Total revenue	106,360			151,012			170,346			169,356			161,740			150,527
Property operating expense	15,329			13,093			16,097			14,494			14,597			15,551
Other expense	2,798			9,534			10,173			11,403			8,091			—
General and administrative expense	10,432			10,988			10,831			11,600			12,230			11,710
Severance expense	—			—			423			1,521			—			420
Costs associated with loan refinancing or payoff	820			—			—			38,269			—			—
Interest expense, net	38,340			34,753			34,914			36,667			36,458			33,963
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Credit loss expense	3,484			1,192			—			—			—			—
Impairment charges	51,264			—			2,206			—			—			—
Depreciation and amortization	42,450			43,810			42,398			41,644			38,790			36,002
(Loss) income before equity in (loss) income from joint ventures, other items and discontinued operations	(59,328		)	36,567			47,520			7,799			44,651			47,758
Equity in (loss) income from joint ventures	(1,724		)	(420		)	(905		)	(435		)	470			489
Impairment charges on joint ventures	(3,247		)	—			—			—			—			—
Gain (loss) on sale of real estate	22			220			3,717			845			—			(388		)
Income tax benefit	1,312			751			530			600			1,300			605
(Loss) income from continuing operations	(62,965		)	37,118			50,862			8,809			46,421			48,464
Discontinued operations:
Income from discontinued operations before other items	—			—			4,937			11,736			10,399			10,169
Impairment on public charter school portfolio sale	—			—			(21,433		)	—			—			—
Gain on sale of real estate from discontinued operations	—			—			1,931			13,458			9,774			6,716
(Loss) income from discontinued operations	—			—			(14,565		)	25,194			20,173			16,885
Net (loss) income	(62,965		)	37,118			36,297			34,003			66,594			65,349
Preferred dividend requirements	(6,034		)	(6,034		)	(6,034		)	(6,034		)	(6,034		)	(6,034		)
Net (loss) income available to common shareholders of EPR Properties	$	(68,999	)	$	31,084		$	30,263		$	27,969		$	60,560		$	59,315

	Q2 2020 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 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net (loss) income available to common shareholders of EPR Properties	$	(68,999	)	$	31,084		$	30,263		$	27,969		$	60,560		$	59,315
Gain on sale of real estate	(22		)	(220		)	(5,648		)	(14,303		)	(9,774		)	(6,328		)
Impairment of real estate investments, net (2)	36,255			—			23,639			—			—			—
Real estate depreciation and amortization	42,151			43,525			44,242			44,863			42,098			39,514
Allocated share of joint venture depreciation	378			383			551			553			554			555
Impairment charges on joint ventures	3,247			—			—			—			—			—
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
Add: Preferred dividends for Series C preferred shares	—			1,939			1,937			—			1,939			1,939
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	$	13,010		$	78,650		$	96,923		$	59,082		$	97,316		$	96,934
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Severance expense	—			—			423			1,521			—			420
Termination fee included in gain on sale	—			—			1,217			11,324			6,533			5,001
Impairment of operating lease right-of-use assets (2)	15,009			—			—			—			—			—
Credit loss expense	3,484			1,192			—			—			—			—
Deferred income tax benefit	(1,676		)	(1,113		)	(847		)	(984		)	(1,675		)	(609		)
FFO as adjusted available to common shareholders of EPR Properties	$	31,418		$	75,926		$	99,667		$	115,309		$	105,219		$	102,991
FFO as adjusted available to common shareholders of EPR Properties	$	31,418		$	75,926		$	99,667		$	115,309		$	105,219		$	102,991
Add: Preferred dividends for Series C preferred shares	—			1,939			1,937			1,939			1,939			1,939
Add: Preferred dividends for Series E preferred shares	—			1,939			1,939			1,939			1,939			1,939
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	31,418		$	79,804		$	103,543		$	119,187		$	109,097		$	106,869
FFO per common share:
Basic	$	0.17		$	0.95		$	1.19		$	0.76		$	1.23		$	1.25
Diluted	0.17			0.95			1.18			0.76			1.22			1.23
FFO as adjusted per common share:
Basic	$	0.41		$	0.97		$	1.27		$	1.49		$	1.38		$	1.38
Diluted	0.41			0.97			1.26			1.46			1.36			1.36
Shares used for computation (in thousands):
Basic	76,310			78,467			78,456			77,632			76,164			74,679
Diluted	76,310			78,476			78,485			77,664			76,199			74,725
Effect of dilutive Series C preferred shares	—			2,232			2,184			2,170			2,158			2,145
Effect of dilutive Series E preferred shares	—			1,664			1,640			1,634			1,628			1,622
Adjusted weighted-average shares outstanding-diluted Series C and Series E	76,310			82,372			82,309			81,468			79,985			78,492
(1) See pages 22 through 24 for definitions.
(2) Impairment charges recognized during the three months ended June 30, 2020 totaled $51.3 million, which was comprised of $36.3 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
Adjustments:
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Impairment of operating lease right-of-use assets (2)	15,009			—			—			—			—			—
Credit loss expense	3,484			1,192			—			—			—			—
Severance expense	—			—			423			1,521			—			420
Termination fees included in gain on sale	—			—			1,217			11,324			6,533			5,001
Deferred income tax benefit	(1,676		)	(1,113		)	(847		)	(984		)	(1,675		)	(609		)
Non-real estate depreciation and amortization	299			285			288			271			257			229
Deferred financing fees amortization	1,651			1,634			1,621			1,552			1,517			1,502
Share-based compensation expense to management and trustees	3,463			3,509			3,349			3,372			3,283			3,177
Amortization of above/below market leases, net and tenant allowances	(108		)	(152		)	(119		)	(107		)	(58		)	(59		)
Maintenance capital expenditures (3)	(1,291		)	(928		)	(2,276		)	(2,370		)	(510		)	(297		)
Straight-lined rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)	(3,223		)	(2,414		)
Straight-lined ground sublease expense	207			176			237			256			205			184
Non-cash portion of mortgage and other financing income	(97		)	(91		)	(91		)	(237		)	(1,069		)	(1,014		)
AFFO available to common shareholders of EPR Properties	$	33,313		$	90,067		$	99,160		$	113,647		$	105,621		$	104,299
AFFO available to common shareholders of EPR Properties	$	33,313		$	90,067		$	99,160		$	113,647		$	105,621		$	104,299
Add: Preferred dividends for Series C preferred shares	—			1,939			1,937			1,939			1,939			1,939
Add: Preferred dividends for Series E preferred shares	—			1,939			1,939			1,939			1,939			1,939
Diluted AFFO available to common shareholders of EPR Properties	$	33,313		$	93,945		$	103,036		$	117,525		$	109,499		$	108,177
Weighted average diluted shares outstanding (in thousands)	76,310			78,476			78,485			77,664			76,199			74,725
Effect of dilutive Series C preferred shares	—			2,232			2,184			2,170			2,158			2,145
Effect of dilutive Series E preferred shares	—			1,664			1,640			1,634			1,628			1,622
Adjusted weighted-average shares outstanding-diluted	76,310			82,372			82,309			81,468			79,985			78,492
AFFO per diluted common share	$	0.44		$	1.14		$	1.25		$	1.44		$	1.37		$	1.38
Dividends declared per common share	$	0.3825		$	1.1325		$	1.1250		$	1.1250		$	1.1250		$	1.1250
AFFO payout ratio (4)	87		%	99		%	90		%	78		%	82		%	82		%
(1) See pages 22 through 24 for definitions.
(2) Impairment charges recognized during the three months ended June 30, 2020 totaled $51.3 million, which was comprised of $36.3 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets.
(3) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(4) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 10

CAPITAL STRUCTURE AS OF JUNE 30, 2020
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1) (2)		UNSECURED CREDIT FACILITY (3)			UNSECURED SENIOR NOTES			TOTAL			WEIGHTED AVG INTEREST RATE
YEAR
2020	$	—	$	—		$	—		$	—		—%
2021	—		—			—			—			—%
2022	—		750,000			—			750,000			2.25%
2023	400,000		—			275,000			675,000			4.41%
2024	—		—			148,000			148,000			5.00%
2025	—		—			300,000			300,000			4.50%
2026	—		—			642,000			642,000			4.89%
2027	—		—			450,000			450,000			4.50%
2028	—		—			400,000			400,000			4.95%
2029	—		—			500,000			500,000			3.75%
2030	—		—			—			—			—%
Thereafter	24,995		—			—			24,995			1.39%
Less: deferred financing costs, net	—		—			—			(35,907		)	—%
	$	424,995	$	750,000		$	2,715,000		$	3,854,088		4.06%
			BALANCE			WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt (1)			$	3,115,000		4.52		%	6.04
Fixed rate secured debt (2)			24,995			1.39		%	27.09
Variable rate unsecured debt			750,000			2.25		%	1.66
Less: deferred financing costs, net			(35,907		)	—		%	—
Total			$	3,854,088		4.06		%	5.33
(1) Includes $400 million of term loan that has been fixed through interest rate swaps through February 7, 2022.
(2) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.
(3) Unsecured Revolving Credit Facility Summary:
			BALANCE						RATE
	COMMITMENT		AT 6/30/2020			MATURITY			AT 6/30/2020
	$1,000,000		$	750,000		February 27, 2022			2.25%
	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 2020 Supplemental	Page 11

CAPITAL STRUCTURE AS OF JUNE 30, 2020 AND DECEMBER 31, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:	June 30, 2020			December 31, 2019
Unsecured revolving variable rate credit facility, LIBOR + 1.375% during covenant relief period, LIBOR + 1.00% thereafter, due February 27, 2022 (1)(2)(3)	$	750,000		$	—
Unsecured term loan payable, LIBOR + 1.75% during covenant relief period, LIBOR + 1.10% thereafter, $350,000 fixed at 3.80% and $50,000 fixed at 4.00% during the covenant relief period and 3.15% and 3.35%, respectively, thereafter, through February 7, 2022, due February 27, 2023 (1)(2)	400,000			400,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000			275,000
Senior unsecured notes payable, 5.00% during covenant relief period, 4.35% thereafter, due August 22, 2024 (1)	148,000			148,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000			300,000
Senior unsecured notes payable, 5.21% during covenant relief period, 4.56% thereafter, due August 22, 2026 (1)	192,000			192,000
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000			450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000			450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000			400,000
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000			500,000
Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047	24,995			24,995
Less: deferred financing costs, net	(35,907		)	(37,165		)
Total debt	$	3,854,088		$	3,102,830

(1) On June 29, 2020, the Company amended its Consolidated Credit Agreement and its Note Purchase Agreement governing its private placement notes. The amendments modified certain provisions and waived certain covenants of the revolving credit and term loan facilities and the private placement notes in light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The changes are generally effective during the covenant relief period, which began at the execution of the amendments and end on the earlier of April 1, 2021 or when the Company provides notice that it elects to terminate the covenant relief period.

(2) The unsecured revolving credit facility and unsecured term loan have a LIBOR floor of 0.50% during the covenant relief period and a LIBOR floor of zero thereafter.

(3) The unsecured revolving credit facility is subject to a facility fee of 0.375% during the covenant relief period and 0.20% thereafter.

	Q2 2020 Supplemental	Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF JUNE 30, 2020
Moody's	Baa2 (negative)
Fitch	BBB- (negative)
Standard and Poor's	BBB- (negative)
SUMMARY OF COVENANTS
The Company has outstanding public senior unsecured notes with fixed interest rates of 3.75%, 4.50%, 4.75%, 4.95% and 5.25%. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.
The following is a summary of the key financial covenants for the Company's 3.75%, 4.50%, 4.75%, 4.95% and 5.25% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of June 30, 2020 and March 31, 2020 are:
		Actual	Actual
NOTE COVENANTS	Required	2nd Quarter 2020 (1)	1st Quarter 2020 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	49%	47%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	—%	—%
Limitation on incurrence of debt: Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months	≥ 1.5 x	3.4x	3.8x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	192%	200%
(1) See page 14 for details of calculations.

	Q2 2020 Supplemental	Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:	June 30, 2020						TOTAL DEBT:							June 30, 2020
Total Assets per balance sheet	$	7,002,978					Secured debt obligations							$	24,995
Add: accumulated depreciation	1,034,771						Unsecured debt obligations:
Less: intangible assets, net	(44,160		)				Unsecured debt							3,865,000
Total Assets	$	7,993,589					Outstanding letters of credit							—
							Guarantees							—
							Derivatives at fair market value, net, if liability							5,837
							Total unsecured debt obligations:							3,870,837
TOTAL UNENCUMBERED ASSETS:	June 30, 2020						Total Debt							$	3,895,832
Unencumbered real estate assets, gross	$	6,369,118
Cash and cash equivalents	1,006,981
Land held for development	26,244
Property under development	39,039
Total Unencumbered Assets	$	7,441,382
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019				TRAILING TWELVE MONTHS
Adjusted EBITDA per bond documents (1)	$	77,801		$	117,397		$	140,350		$	147,196		(2)	$	482,744
Less: straight-line rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)		(436		)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	75,572		$	127,105		$	136,834		$	142,797			$	482,308
ANNUAL DEBT SERVICE:
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575			$	150,092
Less: deferred financing fees amortization	(1,651		)	(1,634		)	(1,621		)	(1,552		)		(6,458		)
ANNUAL DEBT SERVICE	$	37,630		$	35,160		$	34,821		$	36,023			$	143,634
DEBT SERVICE COVERAGE	2.0			3.6			3.9			4.0				3.4
(1) Includes straight-line rental revenue write-offs.
(2) Includes prepayment fees.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 14

CAPITAL STRUCTURE AS OF JUNE 30, 2020
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT JUNE 30, 2020	LIQUIDIATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT JUNE 30, 2020	CONVERSION PRICE AT JUNE 30, 2020
Common shares	74,612,838	$33.13	N/A	(1)	N/A	N/A	N/A
Series C	5,394,050	$18.21	$134,851	5.750%	Y	0.4137	$60.43
Series E	3,447,381	$25.77	$86,185	9.000%	Y	0.4826	$51.80
Series G	6,000,000	$17.09	$150,000	5.750%	N	N/A	N/A
(1) Total monthly dividends declared in the second quarter of 2020 were $0.3825 per share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.

	Q2 2020 Supplemental	Page 15

SUMMARY OF RATIOS
(UNAUDITED)
	2ND QUARTER 2020	1ST QUARTER 2020	4TH QUARTER 2019	3RD QUARTER 2019	2ND QUARTER 2019	1ST QUARTER 2019
Net debt to gross assets	41%	38%	35%	40%	42%	42%
Net debt/Adjusted EBITDA ratio (1)(2)	Footnote 9	5.1	4.7	5.2	5.8	5.6
Adjusted net debt/Annualized adjusted EBITDA ratio (3)(4)	Footnote 9	4.9	4.8	5.2	5.5	5.4
Interest coverage ratio (5)	Footnote 9	3.6	3.8	3.8	3.7	3.7
Fixed charge coverage ratio (5)	Footnote 9	3.1	3.3	3.3	3.2	3.2
Debt service coverage ratio (5)	Footnote 9	3.6	3.8	3.8	3.7	3.7
FFO payout ratio (6)	225%	119%	95%	148%	92%	91%
FFO as adjusted payout ratio (7)	93%	117%	89%	77%	83%	83%
AFFO payout ratio (8)	87%	99%	90%	78%	82%	82%
(1) See pages 22 through 24 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied times four. See calculation on page 28.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 22 through 24 for definitions.
(4) Annualized adjusted EBITDA is Adjusted EBITDA for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 28 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 22 through 24 for definitions.
(5) See page 26 for detailed calculation.
(6) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(7) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(8) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(9) Not presented as ratio is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.

	Q2 2020 Supplemental	Page 16

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
					CARRYING AMOUNT AS OF (2)
DESCRIPTION	INTEREST RATE	PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		JUNE 30, 2020		DECEMBER 31, 2019 (1)
Attraction property Powells Point, North Carolina	7.75%	6/30/2025	$	27,423	$	26,480	$	27,423
Fitness & wellness property Omaha, Nebraska	7.85%	1/3/2027	10,905		11,002		10,977
Fitness & wellness property Merriam, Kansas	7.55%	7/31/2029	8,384		8,515		5,985
Ski property Girdwood, Alaska	8.25%	12/31/2029	37,000		36,975		37,000
Fitness & wellness property Omaha, Nebraska	7.85%	6/30/2030	5,773		5,889		5,803
Experiential lodging property Nashville, Tennessee	6.99%	9/30/2031	71,223		68,311		70,396
Eat & play property Austin, Texas	11.31%	6/1/2033	11,488		11,814		11,582
Ski property West Dover and Wilmington, Vermont	11.78%	12/1/2034	51,050		51,023		51,050
Four ski properties Ohio and Pennsylvania	10.75%	12/1/2034	37,562		37,392		37,562
Ski property Chesterland, Ohio	11.21%	12/1/2034	4,550		4,367		4,550
Ski property Hunter, New York	8.57%	1/5/2036	21,000		20,999		21,000
Eat & play property Midvale, Utah	10.25%	5/31/2036	17,505		17,952		17,505
Eat & play property West Chester, Ohio	9.75%	8/1/2036	18,068		18,498		18,068
Private school property Mableton, Georgia	9.02%	4/30/2037	4,674		5,055		5,048
Fitness & wellness property Fort Collins, Colorado	7.85%	1/31/2038	10,292		10,235		10,360
Early childhood education center Lake Mary, Florida	7.87%	5/9/2039	4,200		4,304		4,258
Eat & play property Eugene, Oregon	8.13%	6/17/2039	14,700		14,799		14,800
Early childhood education center Lithia, Florida	8.25%	10/31/2039	3,959		4,058		4,024
Total			$	359,756	$	357,668	$	357,391

(1) Balances as of December 31, 2019 are prior to the adoption of ASC Topic 326.

(2) Amounts include accrued interest.

	Q2 2020 Supplemental	Page 17

INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED JUNE 30, 2020
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	2,010	$	50	$	1,960	$	—	$	—	$	—
Eat & Play	7,718		7,028		690		—		—		—
Attractions	11		—		11		—		—		—
Experiential Lodging	1,309		1,128		181		—		—		—
Cultural	146		—		146		—		—		—
Fitness & Wellness	442		—		—		—		442		—
Total Experiential	11,636		8,206		2,988		—		442		—
Early Childhood Education Centers	—		—		—		—		—		—
Total Education	—		—		—		—		—		—
Total Investment Spending	$	11,636	$	8,206	$	2,988	$	—	$	442	$	—
INVESTMENT SPENDING SIX MONTHS ENDED JUNE 30, 2020
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	26,118	$	700	$	3,310	$	22,108	$	—	$	—
Eat & Play	12,791		12,013		778		—		—		—
Attractions	970		—		970		—		—		—
Experiential Lodging	11,106		10,708		398		—		—		—
Cultural	152		—		152		—		—		—
Fitness & Wellness	2,441		—		—		—		2,441		—
Total Experiential	53,578		23,421		5,608		22,108		2,441		—
Early Childhood Education Centers	3		—		—		—		3		—
Total Education	3		—		—		—		3		—
Total Investment Spending	$	53,581	$	23,421	$	5,608	$	22,108	$	2,444	$	—
2020 DISPOSITIONS
	THREE MONTHS ENDED JUNE 30, 2020						SIX MONTHS ENDED JUNE 30, 2020
INVESTMENT TYPE	TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES		TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Early Childhood Education Centers	932		932		—		3,839		3,839		—
Total Dispositions	$	932	$	932	$	—	$	3,839	$	3,839	$	—

	Q2 2020 Supplemental	Page 18

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT JUNE 30, 2020 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
	JUNE 30, 2020			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	3RD QUARTER 2020		4TH QUARTER 2020		1ST QUARTER 2021		2ND QUARTER 2021		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	22,632	6	$	14,226	$	11,965	$	9,700	$	8,900	$	4,000	$	71,423	100		%
Non Build-to-Suit Development	16,407
Total Property Under Development	$	39,039
			JUNE 30, 2020	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	3RD QUARTER 2020		4TH QUARTER 2020		1ST QUARTER 2021		2ND QUARTER 2021		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 2ND QUARTER 2020
Total Build-to-Suit			6	$	—	$	21,165	$	21,624	$	28,634	$	—	$	71,423	$	—
	JUNE 30, 2020			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	3RD QUARTER 2020		4TH QUARTER 2020		1ST QUARTER 2021		2ND QUARTER 2021		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	51,379	3	$	3,044	$	4,133	$	4,133	$	2,500	$	11,243	$	76,432
Non Build-to-Suit Mortgage Notes	306,289
Total Mortgage Notes Receivable	$	357,668
(1) This schedule includes only those properties for which the Company has commenced construction as of June 30, 2020
(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) Total Build-to-Suit excludes property under development related to the Company's two unconsolidated real estate joint ventures that own recreation anchored lodging properties in St. Petersburg, Florida. The Company's spending estimates for this are estimated at $14.6 million for 2020.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.

	Q2 2020 Supplemental	Page 19

LEASE EXPIRATIONS
AS OF JUNE 30, 2020
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2020 (1)(2)		% OF TOTAL REVENUE (2)
2020	—	$	—	—	%
2021	—	—		—	%
2022	2	2,465		—	%
2023	3	1,737		—	%
2024	6	8,955		2	%
2025	2	2,680		—	%
2026	10	17,621		3	%
2027	13	26,875		5	%
2028	11	19,322		3	%
2029	13	19,603		3	%
2030	22	27,886		5	%
2031	17	13,957		2	%
2032	22	27,102		5	%
2033	10	12,513		2	%
2034	47	80,503		13	%
2035	28	67,944		11	%
2036	21	39,256		7	%
2037	34	62,877		11	%
2038	14	24,851		4	%
2039	24	16,278		3	%
Thereafter	37	28,455		5	%
	336	$	500,880	84	%
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable. This schedule reflects lease extensions related to Regal and AMC that occurred subsequent to June 30, 2020.
(1) Rental revenue for the trailing twelve months ended June 30, 2020 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 trailing twelve months ended June 30, 2020 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
(2) Excludes revenue from discontinued operations and includes the write-offs of straight line rent receivables of $13.0 million against rental revenue during the six months ended June 30, 2020.

	Q2 2020 Supplemental	Page 20

TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)
		PERCENTAGE OF TOTAL REVENUE	PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED	FOR THE SIX MONTHS ENDED
	CUSTOMERS	JUNE 30, 2020	JUNE 30, 2020
1.	Topgolf	18.9%	15.6%
2.	Regal Entertainment Group	16.7%	15.2%
3.	Cinemark	9.9%	8.1%
4.	Vail Resorts	6.5%	5.3%
5.	Basis Independent Schools	5.2%	4.3%
6.	Camelback Resort	4.9%	4.0%
7.	Six Flags	3.8%	3.1%
8.	Endeavor Schools	3.5%	2.9%
9.	Empire Resorts	2.1%	2.2%
10.	AMC Theatres (1)	1.9%	8.6%
	Total	73.4%	69.3%

(1) During the six months ended June 30, 2020, the Company wrote-off $9.2 million of straight-line receivables to straight-line rental revenue classified in rental revenue in the consolidated statements of (loss) income. The Company began recognizing revenue on a cash basis for AMC in the first quarter of 2020 and cash payments have been reduced due to the impact of COVID-19.

	Q2 2020 Supplemental	Page 21

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses from disposition of real estate, impairment losses on real estate, costs 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. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

ADJUSTED EBITDA AND ANNUALIZED ADJUSTED EBITDA

Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDA as EBITDAre (defined above) for the quarter excluding severance expense, credit loss expense, transaction costs, impairment losses on operating lease right-of-use assets and prepayment fees. This number for the quarter is then multiplied by four to get an annual amount. Annualized Adjusted EBITDA is Adjusted EBITDA for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other non-recurring items including removing any impact from operating properties, which is then multiplied by four to get an annual amount. For the three months ended March 31, 2020, Adjusted EBITDA was further adjusted to reflect the write-offs of straight line rent receivables against rental revenue of $12.5 million related to the impact of the COVID-19 disruption.

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 are not measures of performance under GAAP, 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 or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

NET DEBT AND ADJUSTED NET DEBT

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net and 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 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 EBITDA RATIO AND ADJUSTED NET DEBT TO ANNUALIZED ADJUSTED EBITDA RATIO

Net Debt to Adjusted EBITDA ratio and Adjusted Net Debt to Annualized Adjusted EBITDA ratio 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

	Q2 2020 Supplemental	Page 22

use versions of these ratios in a similar manner. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating both ratios may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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

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

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

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

	Q2 2020 Supplemental	Page 23

INTEREST COVERAGE RATIO

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

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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

	Q2 2020 Supplemental	Page 24

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Second Quarter and Six Months Ended June 30, 2020

	Q2 2020 Supplemental	Page 25

CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net (loss) income	$	(62,965	)	$	37,118		$	36,297		$	34,003		$	66,594		$	65,349
Impairment charges	51,264			—			23,639			—			—			—
Impairment charges on joint ventures	3,247			—			—			—			—			—
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Credit loss expense	3,484			1,192			—			—			—			—
Interest expense, gross	39,281			36,794			36,442			37,575			37,999			37,138
Severance expense	—			—			423			1,521			—			420
Depreciation and amortization	42,450			43,810			44,530			45,134			42,355			39,743
Share-based compensation expense
to management and trustees	3,463			3,509			3,348			3,372			3,283			3,177
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Interest cost capitalized	(242		)	(262		)	(273		)	(386		)	(1,530		)	(3,137		)
Straight-line rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)	(3,223		)	(2,414		)
Gain on sale of real estate	(22		)	(220		)	(5,648		)	(14,303		)	(9,774		)	(6,328		)
Prepayment fees	—			—			—			(1,760		)	—			(900		)
Deferred income tax benefit	(1,676		)	(1,113		)	(847		)	(984		)	(1,675		)	(609		)
Interest coverage amount	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Interest expense, net	$	38,340		$	34,753		$	34,907		$	36,640		$	36,278		$	33,826
Interest income	699			1,779			1,262			549			191			175
Interest cost capitalized	242			262			273			386			1,530			3,137
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Interest coverage ratio	Footnote 2			3.6			3.8			3.8			3.7			3.7
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Preferred share dividends	6,034			6,034			6,034			6,034			6,034			6,034
Fixed charges	$	45,315		$	42,828		$	42,476		$	43,609		$	44,033		$	43,172
Fixed charge coverage ratio	Footnote 2			3.1			3.3			3.3			3.2			3.2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Recurring principal payments	—			—			—			—			—			—
Debt service	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Debt service coverage ratio	Footnote 2			3.6			3.8			3.8			3.7			3.7
(1) See pages 22 through 24 for definitions.
(2) Not presented as this ratio is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 26

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 26 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 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net cash (used) provided by operating activities	$	(31,631	)	$	89,044		$	102,268		$	127,506		$	87,372		$	122,384
Equity in (loss) income from joint ventures	(1,724		)	(420		)	(905		)	(435		)	470			489
Distributions from joint ventures	—			—			—			—			—			(112		)
Amortization of deferred financing costs	(1,651		)	(1,634		)	(1,621		)	(1,552		)	(1,517		)	(1,502		)
Amortization of above and below market leases, net and tenant allowances	108			152			119			107			58			59
Changes in assets and liabilities, net:
Amortization of operating lease assets and liabilities	(287		)	(273		)	(161		)	(1,323		)	735			(445		)
Mortgage notes and related accrued interest receivable	2,613			512			(8		)	(1,155		)	1,409			135
Accounts receivable	62,163			(14,149		)	14,320			(500		)	2,234			(14,669		)
Direct financing lease receivable	—			—			17			52			59			58
Other assets	819			4,454			(1,888		)	(2,245		)	(239		)	5,673
Accounts payable and accrued liabilities	6,555			13,517			(21,851		)	(5,639		)	4,634			(4,684		)
Unearned rents and interest	3,100			(6,907		)	11,132			(8,769		)	5,568			(5,951		)
Straight-line rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)	(3,223		)	(2,414		)
Interest expense, gross	39,281			36,794			36,442			37,575			37,999			37,138
Interest cost capitalized	(242		)	(262		)	(273		)	(386		)	(1,530		)	(3,137		)
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Severance expense (cash portion)	—			—			363			1,103			—			317
Prepayment fees	—			—			—			(1,760		)	—			(900		)
Interest coverage amount (1)	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Net cash (used) provided by investing activities	$	(13,219	)	$	(39,759	)	$	381,255		$	176,446		$	(333,363	)	$	(127,833	)
Net cash (used) provided by financing activities	$	(175,358	)	$	649,237		$	(73,886	)	$	(194,098	)	$	235,607		$	9,154
(1) See pages 22 through 24 for definitions.

	Q2 2020 Supplemental	Page 27

RECONCILIATION OF EBITDAre, ADJUSTED EBITDA, ANNUALIZED ADJUSTED EBITDA AND ANNUALIZED ADJUSTED REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDA (3):	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net (loss) income	$	(62,965	)	$	37,118		$	36,297		$	34,003		$	66,594		$	65,349
Interest expense, net	38,340			34,753			34,907			36,640			36,278			33,826
Income tax benefit	(1,312		)	(751		)	(530		)	(600		)	(1,300		)	(605		)
Depreciation and amortization	42,450			43,810			44,530			45,134			42,355			39,743
Gain on sale of real estate	(22		)	(220		)	(5,648		)	(14,303		)	(9,774		)	(6,328		)
Impairment of real estate investments, net (2)	36,255			—			23,639			—			—			—
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Equity in loss (income) from joint ventures	1,724			420			905			435			(470		)	(489		)
Impairment charges on joint ventures	3,247			—			—			—			—			—
EBITDAre	$	58,537		$	115,130		$	134,143		$	139,716		$	133,683		$	131,496
Severance expense	—			—			423			1,521			—			420
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Credit loss expense	3,484			1,192			—			—			—			—
Straight-line rental revenue write-offs (1)	—			12,532			—			—			—			—
Impairment of operating lease right-of-use assets (2)	15,009			—			—			—			—			—
Prepayment fees	—			—			—			(1,760		)	—			(900		)
Adjusted EBITDA (for the quarter)	$	77,801		$	129,929		$	140,350		$	145,436		$	140,606		$	136,139
Adjusted EBITDA (4)	Footnote 9			$	519,716		$	561,400		$	581,744		$	562,424		$	544,556
ANNUALIZED ADJUSTED EBITDA (3):
Adjusted EBITDA (for the quarter)	Footnote 9			$	129,929		$	140,350		$	145,436		$	140,606		$	136,139
Corporate/unallocated and other NOI				(145		)	403			(2,173		)	(1,855		)	(1,925		)
In-service and disposition adjustments (5)				1,351			(4,580		)	528			5,591			252
Percentage rent/participation adjustments (6)				979			(2,947		)	206			(856		)	1,335
Non-recurring adjustments (7)				3,999			1,170			213			2,668			(72		)
Annualized Adjusted EBITDA (for the quarter)				$	136,113		$	134,396		$	144,210		$	146,154		$	135,729
Annualized Adjusted EBITDA (8)				$	544,452		$	537,584		$	576,840		$	584,616		$	542,916
See footnotes on following page.

	Q2 2020 Supplemental	Page 28

(1) Included in rental revenue from continuing operations in the consolidated statements of (loss) income in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
	2ND QUARTER 2020		1ST QUARTER 2020			4TH QUARTER 2019		3RD QUARTER 2019		2ND QUARTER 2019		1ST QUARTER 2019
Minimum rent	$	89,589	$	138,219		$	139,529	$	139,844	$	134,409	$	130,497
Tenant reimbursements	4,169		3,698			5,790		5,129		5,843		6,102
Percentage rent	1,454		2,757			6,428		3,032		4,147		1,355
Straight-line rental revenue	2,229		2,824			2,926		2,866		2,520		2,245
Straight-line rental revenue write-offs	—		(12,532		)	—		—		—		—
Other rental revenue	90		77			92		91		84		93
Rental revenue	$	97,531	$	135,043		$	154,765	$	150,962	$	147,003	$	140,292
(2) Impairment charges recognized during the three months ended June 30, 2020 totaled $51.3 million, which was comprised of $36.3 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets.
(3) See pages 22 through 24 for definitions.
(4) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(5) Adjustments for properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance, for continuing properties only.
(6) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing twelve month amount divided by four.
(7) Non-recurring adjustments relate to properties under operating agreements with third parties, as applicable, and COVID-19 related adjustments.
(8) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(9) Not presented as this metric is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 29