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 24, 2014

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))

Item 2.02 Results of Operations and Financial Condition.

On July 24, 2014, EPR Properties (the “Company”) announced its results of operations and financial condition for the second quarter and six months ended June 30, 2014. 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 24, 2014, the Company made available on its website supplemental operating and financial data for the second quarter and six months ended June 30, 2014, the text of which is set forth in Exhibit 99.2 hereto and is 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 and 99.2, 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 24, 2014 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2014.
99.2	Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2014, made available by EPR Properties on July 24, 2014.

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
	Senior Vice President, Treasurer and Chief Financial Officer

Date: July 24, 2014

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated July 24, 2014 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2014.
99.2	Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2014, made available by EPR Properties on July 24, 2014.

EX-99.1

Exhibit 99.1

EPR PROPERTIES REPORTS SECOND QUARTER RESULTS

2014 Investment Spending Guidance Increased by Approximately 10%

Kansas City, MO, July 24, 2014 -- EPR Properties (NYSE:EPR) today announced operating results for the second quarter and six months ended June 30, 2014.

Three Months Ended June 30, 2014

• Total revenue was $91.8 million for the second quarter of 2014, representing an 11% increase from $83.0 million for the same quarter in 2013.

• Net income available to common shareholders was $34.8 million, or $0.65 per diluted common share, for the second quarter of 2014 compared to $26.5 million, or $0.56 per diluted common share, for the same quarter in 2013.

• Funds From Operations (FFO) for the second quarter of 2014 was $50.4 million, or $0.94 per diluted common share, compared to $40.2 million, or $0.85 per diluted common share, for the same quarter in 2013.

• FFO as adjusted for the second quarter of 2014 was $52.0 million, or $0.97 per diluted common share, compared to $46.4 million, or $0.98 per diluted common share, for the same quarter in 2013.

Six Months Ended June 30, 2014

• Total revenue was $181.6 million for the six months ended June 30, 2014, representing a 9% increase from $165.9 million for the same period in 2013.

• Net income available to common shareholders was $72.4 million, or $1.36 per diluted common share, for the six months ended June 30, 2014 compared to $61.8 million, or $1.31 per diluted common share, for the same period in 2013.

• FFO for the six months ended June 30, 2014 was $103.1 million, or $1.94 per diluted common share, compared to $88.5 million, or $1.88 per diluted common share, for the same period in 2013.

• FFO as adjusted for the six months ended June 30, 2014 was $101.5 million, or $1.91 per diluted common share, compared to $90.4 million, or $1.92 per diluted common share, for the same period in 2013.

David Brain, President and CEO, commented, “We continue to deliver consistent performance across our portfolio. I am particularly pleased with our team’s ability to source attractive investment opportunities, allowing us to increase our investment spending guidance for the year. These investments are supported by an increasingly strong balance sheet, which was recognized by a recent credit rating upgrade from S&P, whereby our unsecured debt is now rated investment grade across all three major rating agencies.”

A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars in thousands, except per share amounts):

		Three Months Ended June 30,
		2014					2013
		Amount		FFO/share			Amount		FFO/share
FFO		$	50,366	$	0.94		$	40,184	$	0.85
	Costs associated with loan refinancing or payoff	—		—			5,943		0.13
	Transaction costs	756		0.01			224		—
	Deferred income tax expense	842		0.02			—		—
FFO as adjusted		$	51,964	$	0.97		$	46,351	$	0.98
Dividends declared per common share				$	0.86				$	0.79
FFO as adjusted payout ratio				88		%			81		%

		Six Months Ended June 30,
		2014						2013
		Amount			FFO/share			Amount			FFO/share
FFO		$	103,050		$	1.94		$	88,499		$	1.88
	Costs associated with loan refinancing or payoff	—			—			5,943			0.13
	Transaction costs (benefit)	(2,424		)	(0.05		)	542			0.01
	Gain on early extinguishment of debt	—			—			(4,539		)	(0.10		)
	Gain on sale of land	(330		)	—			—			—
	Deferred income tax expense	1,249			0.02			—			—
FFO as adjusted		$	101,545		$	1.91		$	90,445		$	1.92
Dividends declared per common share					$	1.71					$	1.58
FFO as adjusted payout ratio					90		%				82		%

Portfolio Update

The Company's investment portfolio consisted of the following at June 30, 2014:

• The Entertainment segment included investments in 125 megaplex theatre properties, nine entertainment retail centers (which include eight additional megaplex theatre properties and one live performance venue) and five family entertainment centers. The Company’s portfolio of owned entertainment properties consisted of 11.6 million square feet and was 99% leased, including megaplex theatres that were 100% leased.

• The Education segment included investments in 53 public charter school properties and two early education centers. The Company’s portfolio of owned education properties consisted of 2.6 million square feet and was 100% leased.

• The Recreation segment included investments in 14 metropolitan ski areas, four waterparks and eight golf entertainment complexes. The Company’s portfolio of owned recreation properties was 100% leased.

• The Other segment consisted primarily of the land held for development related to the Adelaar casino and resort project in Sullivan County, New York.

The combined owned portfolio consisted of 15.1 million square feet and was 99% leased. As of June 30, 2014, the Company also had invested approximately $182.9 million in property under development.

Investment Update

The Company's investment spending during the three months ended June 30, 2014 totaled $251.3 million(bringing the year-to-date investment spending to $319.7 million), and included investments in each of its four operating segments:

• Entertainment investment spending totaled $133.4 million, and was related primarily to the Company's acquisition of 11 theatre properties for a total purchase price of $117.7 million as well as investments in build-to-suit construction of six megaplex theatres and redevelopment of one existing megaplex theatre, each of which is subject to a long-term triple net lease or a long-term mortgage agreement.

• Education investment spending totaled $65.7 million, and was related to investments in build-to-suit construction of 18 public charter schools, three private schools and six early childhood education centers, each of which is subject to a long-term triple net lease or long-term mortgage agreement.

• Recreation investment spending totaled $51.3 million, and was related to build-to-suit construction of 11 TopGolf golf entertainment facilities and additional improvements at two Top Golf golf entertainment facilities, and Camelback Mountain Resort, each of which is subject to a long-term triple net lease or long-term mortgage agreement.

• Other investment spending totaled $0.9 million, and was related to the Adelaar casino and resort project in Sullivan County, New York.

Sale of Four Public Charter Schools

As previously announced, on April 2, 2014, the Company completed the sale of four public charter school properties located in Florida and previously leased to affiliates of Imagine Schools, Inc. for net proceeds of $46.1 million. Accordingly, the Company reduced its investment in a direct financing lease, net, by $45.9 million which included $41.5 million in original acquisition cost. A gain of $0.2 million was recognized during the three months ended June 30, 2014.

Balance Sheet Update

The Company's balance sheet remains strong with a debt to gross assets ratio (defined as total debt to total assets plus accumulated depreciation) of 42% at June 30, 2014. Additionally, at June 30, 2014 the Company had $79.0 million outstanding under its $535.0 million unsecured revolving credit facility leaving $456.0 million of availability.

On April 21, 2014, the Company assumed a mortgage note payable of $90.3 million and a note payable of $1.9 million in conjunction with the acquisition of the 11 theatre properties discussed above. The mortgage note was recorded at fair value upon acquisition which was estimated to be $99.6 million. The carrying value of the note payable approximated fair value on the date of acquisition.

Standard & Poor's Ratings Upgrade

Subsequent to quarter end, on July 8, 2014, Standard & Poor’s Ratings Services (“S&P”) raised the Company’s corporate credit rating to BB+ from BB and also gave the Company a stable outlook. Additionally, the Company received an issue-level upgrade on the Company’s unsecured debt to investment grade of BBB- from BB+. The Company also has investment grade credit ratings from Moody’s (Baa2) and Fitch (BBB-) for both corporate and unsecured debt.

Dividend Information

The Company declared regular monthly cash dividends during the second quarter of 2014 totaling $0.855 per common share. This dividend represents an annualized dividend of $3.42, an 8.2% increase over the prior year.

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 $0.4140625 per share on its 6.625% Series F cumulative redeemable preferred shares.

Guidance

Based on the strength of investment spending to date as well as the current pipeline of build-to-suit projects, the Company is increasing its 2014 investment spending guidance to a range of $550 million to $600 million

from its prior range of $500 million to $550 million and is confirming its 2014 guidance for FFO as adjusted per diluted share of a range of $4.00 to $4.10.

Quarterly Supplemental

The Company's supplemental information package for the second quarter and six months ended June 30, 2014 is available on the Company's website at http://eprkc.com/earnings-releases-supplemental.

EPR Properties

Consolidated Statements of Income

(Unaudited, dollars in thousands except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Rental revenue	$	69,918		$	60,160		$	136,349		$	120,548
Tenant reimbursements	4,281			4,452			8,869			9,196
Other income	187			104			361			128
Mortgage and other financing income	17,401			18,236			36,064			36,031
Total revenue	91,787			82,952			181,643			165,903
Property operating expense	5,539			5,990			11,988			13,025
Other expense	219			187			318			336
General and administrative expense	7,079			6,051			14,541			12,703
Costs associated with loan refinancing or payoff	—			5,943			—			5,943
Gain on early extinguishment of debt	—			—			—			(4,539		)
Interest expense, net	20,555			20,000			40,453			39,989
Transaction costs	756			224			952			542
Depreciation and amortization	16,002			13,176			31,329			25,998
Income before equity in income from joint ventures and other items	41,637			31,381			82,062			71,906
Equity in income from joint ventures	267			466			578			817
Gain on sale of land	—			—			330			—
Gain on sale of investment in a direct financing lease	220			—			220			—
Income before income taxes	42,124			31,847			83,190			72,723
Income tax expense	1,360			—			2,285			—
Income from continuing operations	$	40,764		$	31,847		$	80,905		$	72,723
Discontinued operations:
Income (loss) from discontinued operations	(4		)	629			11			394
Transaction (costs) benefit	—			—			3,376			—
Gain on sale of real estate	—			—			—			565
Net income attributable to EPR Properties	40,760			32,476			84,292			73,682
Preferred dividend requirements	(5,952		)	(5,952		)	(11,904		)	(11,904		)
Net income available to common shareholders of EPR Properties	$	34,808		$	26,524		$	72,388		$	61,778
Per share data attributable to EPR Properties common shareholders:
Basic earnings per share data:
Income from continuing operations	$	0.65		$	0.55		$	1.31		$	1.30
Income from discontinued operations	—			0.01			0.06			0.02
Net income available to common shareholders	$	0.65		$	0.56		$	1.37		$	1.32
Diluted earnings per share data:
Income from continuing operations	$	0.65		$	0.55		$	1.30		$	1.29
Income from discontinued operations	—			0.01			0.06			0.02
Net income available to common shareholders	$	0.65		$	0.56		$	1.36		$	1.31
Shares used for computation (in thousands):
Basic	53,458			47,081			53,002			46,969
Diluted	53,654			47,294			53,189			47,172

EPR Properties

Reconciliation of Net Income Available to Common Shareholders

to Funds From Operations (FFO) (A)

(Unaudited, dollars in thousands except per share data)

	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
FFO:
Net income available to common shareholders of EPR Properties	$	34,808		$	26,524	$	72,388		$	61,778
Gain on sale of real estate	—			—		—			(565		)
Gain on sale of investment in a direct financing lease	(220		)	—		(220		)	—
Real estate depreciation and amortization	15,725			13,498		30,774			26,967
Allocated share of joint venture depreciation	53			162		108			319
FFO available to common shareholders of EPR Properties	$	50,366		$	40,184	$	103,050		$	88,499
FFO per common share attributable to EPR Properties:
Basic	$	0.94		$	0.85	$	1.94		$	1.88
Diluted	0.94			0.85		1.94			1.88
Shares used for computation (in thousands):
Basic	53,458			47,081		53,002			46,969
Diluted	53,654			47,294		53,189			47,172
Other financial information:
Straight-lined rental revenue	$	1,107		$	707	$	2,218		$	1,921
Dividends per common share	$	0.86		$	0.79	$	1.71		$	1.58

(A) The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales or acquisitions of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. FFO is a non-GAAP financial measure. FFO 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 FFO the same way so comparisons with other REITs may not be meaningful. In addition to FFO, we present FFO as adjusted. Management believes it is useful to provide it here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus provision for loan losses, costs

(gain) associated with loan refinancing or payoff, net, preferred share redemption costs and transaction costs (benefit), less gain on early extinguishment of debt, gain (loss) on sale of land and deferred tax benefit (expense). FFO as adjusted is a non-GAAP financial measure. FFO as adjusted 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, cash flows or liquidity as defined by GAAP.

The additional 1.9 million common shares that would result from the conversion of the Company's 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company's 9.00% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share and FFO per share for the three and six months ended June 30, 2014 and 2013 because the effect is not-dilutive.

EPR Properties

Condensed Consolidated Balance Sheets

(Dollars in thousands)

	June 30, 2014		December 31, 2013
Assets	(unaudited)
Rental properties, net of accumulated depreciation of $439,242 and $409,643 at June 30, 2014 and December 31, 2013, respectively	$	2,273,469	$	2,104,151
Land held for development	203,443		201,342
Property under development	182,897		89,473
Mortgage notes and related accrued interest receivable	508,689		486,337
Investment in a direct financing lease, net	198,020		242,212
Investment in joint ventures	5,853		5,275
Cash and cash equivalents	13,589		7,958
Restricted cash	17,566		9,714
Deferred financing costs, net	21,902		23,344
Accounts receivable, net	42,830		42,538
Other assets	64,594		59,932
Total assets	$	3,532,852	$	3,272,276
Liabilities and Equity
Accounts payable and accrued liabilities	$	70,383	$	72,327
Dividends payable	21,191		19,553
Unearned rents and interest	29,507		17,046
Debt	1,659,801		1,475,336
Total liabilities	1,780,882		1,584,262
EPR Properties shareholders’ equity	1,751,593		1,687,637
Noncontrolling interests	377		377
Total equity	1,751,970		1,688,014
Total liabilities and equity	$	3,532,852	$	3,272,276

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 $3.8 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. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. 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. 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

Exhibit 99.2

Supplemental Operating and Financial Data

Second Quarter and Six Months Ended June 30, 2014

EPR Properties
Supplemental Operating and Financial Data
Second Quarter and Six Months Ended June 30, 2014
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
Capital Spending and Disposition Summaries	19
Property Under Development - Investment Spending Estimates	20
Financial and Investment Information by Segment	21
Lease Expirations	27
Top Ten Customers by Revenue from Continuing Operations	28
Summary of Mortgage Notes Receivable	29
Summary of Notes Receivable	30
Definitions-Non-GAAP Financial Measures	31

2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. 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 32 for definitions of certain non-GAAP financial measures used in this document.

3

EPR Properties

Company Profile

The Company

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

Since that time, the Company has grown into a leading specialty real estate investment trust with an investment portfolio that includes entertainment, education, recreation and other specialty investments.

Company Strategy

EPR’s primary business objective is to enhance shareholder value by achieving predictable and increasing Funds from Operations (“FFO”) and dividends per share. Our prevailing strategy is to focus on long-term investments in a limited number of categories in which we maintain a depth of knowledge and relationships, and which we believe offer sustained performance throughout all economic cycles. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

We also adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow criteria. As part of our growth strategy we will consider acquiring, developing or financing additional properties which are consistent with our overall strategy and meet our underwriting and investing criteria. In executing our growth strategy, we will employ moderate leverage. We have historically paid out approximately 80% of our FFO as adjusted in the form of dividends. This allows investors to realize a portion of their returns on a current basis.

Following are the key criteria against which our investments are evaluated:

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

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

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

Attractive Economics - Accretive initial returns along with growth in yield

Advantageous Position - Sustainable competitive advantages

4

EPR Properties

Investor Information

Senior Management
David Brain	Greg Silvers
President and Chief Executive Officer	Executive Vice President and Chief Operating Officer
Mark Peterson	Jerry Earnest
Senior Vice President and Chief Financial Officer	Senior Vice President and Chief Investment Officer
Neil Sprague	Mike Hirons
Senior Vice President and General Counsel	Vice President - Strategic Planning

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

Equity Research Coverage
BMO Capital Markets	Paul Adornato	212-885-4170
Citi Global Markets	Michael Bilerman/Nick Joseph	212-816-4471
FBR Capital Markets & Co.	Daniel Altscher	703-312-1651
Goldman Sachs	Andrew Rosavich	212-902-2796
J.P. Morgan	Anthony Paolone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Craig Mailman	917-368-2280
Ladenburg Thalmann	Daniel Donlan	214-409-2056
RBC Capital Markets	Richard Moore	440-715-2646
Stifel	Simon Yarmak	443-224-1345

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

5

EPR Properties
Selected Financial Information
(Unaudited, dollars and shares in thousands)
	Three Months Ended June 30,				Six months ended June 30,
Operating Information:	2014		2013		2014	2013
Revenue (1)	91,787		82,952		181,643	165,903
Net income available to common shareholders of
EPR Properties	34,808		26,524		72,388	61,778
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - continuing operations (2)	78,194		70,500		153,844	139,297
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - discontinued operations (2)	(4	)	1,201		3,387	1,889
Adjusted EBITDA - continuing operations (2)	78,950		70,724		154,796	139,839
Adjusted EBITDA - discontinued operations (2)	(4	)	1,201		11	1,889
Interest expense, net (1)	20,555		20,000		40,453	39,989
Recurring principal payments	3,249		4,141		5,977	8,444
Capitalized interest	1,610		626		2,897	970
Straight-lined rental revenue	1,107		707		2,218	1,921
Dividends declared on preferred shares	5,952		5,952		11,904	11,904
Dividends declared on common shares	45,710		37,201		91,070	74,362
General and administrative expense	7,079		6,051		14,541	12,703
Balance Sheet Information:	June 30,
	2014		2013
Total assets	3,532,852		3,016,285
Accumulated depreciation	439,242		395,191
Total assets before accumulated depreciation (gross assets)	3,972,094		3,411,476
Unencumbered real estate assets (3)
Number	188		170
Gross book value	2,793,324		2,483,490
Annualized stabilized NOI	277,285		253,052
Total debt	1,659,801		1,474,735
Equity	1,751,970		1,454,637
Common shares outstanding	53,471		47,165
Total market capitalization (using EOP closing price)	4,993,468		4,191,959
Debt/total assets	47	%	49	%
Debt/total market capitalization	33	%	35	%
Debt/gross assets	42	%	43	%
Debt/Adjusted EBITDA - continuing operations (1)(4)	5.26		5.21
Debt/Adjusted EBITDA - continuing and discontinued operations (4)	5.26		5.13
(1) Excludes discontinued operations.
(2) See pages 31 through 32 for definitions.
(3) Includes unencumbered rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and undeveloped land.
(4) Adjusted EBITDA is for the quarter annualized. See pages 31 through 32 for definitions.

6

EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)
	2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013			1st Quarter 2013
Assets
Rental properties: (1)
Entertainment	$	2,284,385		$	2,143,392		$	2,152,138		$	2,065,181		$	2,023,640		$	2,017,909
Education	199,580			199,580			193,372			184,728			120,468			112,193
Recreation	218,656			159,334			158,194			70,955			70,961			70,961
Other	10,090			10,090			10,090			14,062			43,580			43,580
Less: accumulated depreciation	(439,242		)	(422,463		)	(409,643		)	(398,356		)	(395,191		)	(383,651		)
Land held for development	203,443			202,552			201,342			200,325			199,001			197,740
Property under development	182,897			138,586			89,473			86,048			77,492			38,369
Mortgage notes receivable: (2)
Entertainment	58,220			58,220			58,220			91,309			77,464			77,464
Education	66,013			61,027			56,505			55,412			42,647			35,904
Recreation	379,435			366,561			366,580			364,829			359,630			352,668
Other	5,021			5,032			5,032			2,521			2,521			2,521
Investment in a direct financing lease, net	198,020			242,905			242,212			240,990			239,803			235,302
Investment in joint ventures	5,853			5,586			5,275			13,683			12,962			12,287
Cash and cash equivalents	13,589			20,406			7,958			24,141			20,030			11,763
Restricted cash	17,566			19,568			9,714			18,110			17,030			32,614
Accounts receivable, net	42,830			41,616			42,538			40,326			39,354			38,246
Other assets	86,496			87,121			83,276			61,009			64,893			55,922
Total assets	$	3,532,852		$	3,339,113		$	3,272,276		$	3,135,273		$	3,016,285		$	2,951,792
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	70,383		$	47,526		$	72,327		$	58,273		$	51,722		$	47,798
Common dividends payable	15,239			15,232			13,601			12,636			12,418			37,161
Preferred dividends payable	5,952			5,952			5,952			5,951			5,952			5,952
Unearned rents and interest	29,507			27,281			17,046			18,979			16,821			19,984
Line of credit	79,000			—			—			68,000			24,000			59,000
Debt	1,580,801			1,482,608			1,475,336			1,477,973			1,450,735			1,324,392
Total liabilities	1,780,882			1,578,599			1,584,262			1,641,812			1,561,648			1,494,287
Equity:
Common stock and additional paid-in- capital	2,093,922			2,090,420			2,004,397			1,825,790			1,784,123			1,775,653
Preferred stock at par value	139			139			139			139			139			139
Treasury stock	(66,096		)	(65,857		)	(62,177		)	(62,177		)	(62,169		)	(61,227		)
Accumulated other comprehensive income	14,225			15,129			17,193			17,536			20,392			20,114
Distributions in excess of net income	(290,597		)	(279,694		)	(271,915		)	(288,204		)	(288,225		)	(277,551		)
EPR Properties shareholders' equity	1,751,593			1,760,137			1,687,637			1,493,084			1,454,260			1,457,128
Noncontrolling interests	377			377			377			377			377			377
Total equity	1,751,970			1,760,514			1,688,014			1,493,461			1,454,637			1,457,505
Total liabilities and equity	$	3,532,852		$	3,339,113		$	3,272,276		$	3,135,273		$	3,016,285		$	2,951,792
(1) Includes rental properties held for sale.
(2) Includes related accrued interest receivable.

7

EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)
	2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013			1st Quarter 2013
Rental revenue and tenant reimbursements:
Entertainment	$	63,783		$	61,410		$	61,373		$	59,352		$	58,974		$	59,727
Education	5,519			5,478			5,198			4,422			3,152			3,157
Recreation	4,612			3,846			3,751			2,682			1,782			1,909
Other	285			285			283			305			704			339
Mortgage and other financing income:
Entertainment	1,768			1,723			1,761			2,258			2,223			2,204
Education (1)	7,440			8,778			8,666			8,507			8,145			7,957
Recreation	8,096			8,066			8,081			8,807			7,789			7,555
Other	97			97			94			67			79			79
Corporate/Unallocated	—			—			—			—			—			—
Other income (loss)	187			174			145			1,441			125			(29		)
Total revenue	$	91,787		$	89,857		$	89,352		$	87,841		$	82,973		$	82,898
Property operating expense	5,539			6,449			6,413			6,579			5,990			7,034
Other expense	219			98			150			204			208			96
General and administrative expense	7,079			7,462			6,146			6,764			6,051			6,652
Costs associated with loan refinancing or payoff	—			—			—			223			5,943			—
Gain on early extinguishment of debt	—			—			—			—			—			(4,539		)
Interest expense, net	20,555			19,899			20,632			20,435			20,000			19,989
Transaction costs	756			196			1,096			317			224			318
Depreciation and amortization	16,002			15,327			14,807			13,141			13,176			12,822
Income before equity in income in joint ventures and other items	41,637			40,426			40,108			40,178			31,381			40,526
Equity in income from joint ventures	267			311			230			351			466			351
Gain on sale or acquisiton, net	—			330			3,017			—			—			—
Gain on previously held equity interest	—			—			4,853			—			—			—
Gain on sale of investment in a direct financing lease	220			—			—			—			—			—
Income tax benefit (expense)	(1,360		)	(925		)	14,176			—			—			—
Income from continuing operations	40,764			40,142			62,384			40,529			31,847			40,877
Discontinued operations:
Income (loss) from discontinued operations	(4		)	15			135			(195		)	629			(236		)
Transaction (costs) benefit	—			3,376			—			—			—			—
Gain on sale of real estate	—			—			523			3,168			—			565
Net income attributable to EPR Properties	40,760			43,533			63,042			43,502			32,476			41,206
Preferred dividend requirements	(5,952		)	(5,952		)	(5,951		)	(5,951		)	(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties	$	34,808		$	37,581		$	57,091		$	37,551		$	26,524		$	35,254
(1) Represents income from owned assets under a direct financing lease, nine mortgage notes receivable and one note receivable.

8

EPR Properties
Funds From Operations and Funds From Operations as Adjusted
(Unaudited, dollars in thousands except per share information)
	2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013		1st Quarter 2013
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	34,808		$	37,581		$	57,091		$	37,551		$	26,524	$	35,254
Gain on sale of real estate	—			—			(3,540		)	(3,168		)	—		(565		)
Gain on previously held equity interest	—			—			(4,853		)	—			—		—
Gain on sale of investment in a direct financing lease	(220		)	—			—			—			—		—
Real estate depreciation and amortization	15,725			15,049			14,528			13,069			13,498		13,468
Allocated share of joint venture depreciation	53			54			64			164			162		157
FFO available to common shareholders of EPR Properties	$	50,366		$	52,684		$	63,290		$	47,616		$	40,184	$	48,314
FFO available to common shareholders of EPR Properties	$	50,366		$	52,684		$	63,290		$	47,616		$	40,184	$	48,314
Add: Preferred dividends for Series C preferred shares	—			—			1,941			—			—		—
Diluted FFO available to common shareholders	$	50,366		$	52,684		$	65,231		$	47,616		$	40,184	$	48,314
Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	50,366		$	52,684		$	63,290		$	47,616		$	40,184	$	48,314
Costs associated with loan refinancing or payoff	—			—			—			223			5,943		—
Transaction costs (benefit)	756			(3,180		)	1,096			317			224		318
Gain on early extinguishment of debt	—			—			—			—			—		(4,539		)
Gain on sale of land	—			(330		)	—			—			—		—
Deferred income tax expense (benefit)	842			407			(14,787		)	—			—		—
FFO as adjusted available to common shareholders of EPR Properties	$	51,964		$	49,581		$	49,599		$	48,156		$	46,351	$	44,093
FFO per common share attributable to EPR Properties:
Basic	$	0.94		$	1.00		$	1.25		$	1.01		$	0.85	$	1.03
Diluted	0.94			1.00			1.23			1.00			0.85		1.03
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	0.97		$	0.94		$	0.98		$	1.02		$	0.98	$	0.94
Diluted	0.97			0.94			0.97			1.01			0.98		0.94
Shares used for computation (in thousands):
Basic	53,458			52,541			50,792			47,349			47,081		46,854
Diluted	53,654			52,719			52,933			47,524			47,294		47,047
Weighted average shares outstanding-diluted EPS	53,654			52,719			50,959			47,524			47,294		47,047
Effect of dilutive Series C preferred shares	—			—			1,974			—			—		—
Adjusted weighted-average shares outstanding-diluted	53,654			52,719			52,933			47,524			47,294		47,047
(1) See pages 31 through 32 for definitions.

9

EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)
	2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013			1st Quarter 2013
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	50,366		$	52,684		$	63,290		$	47,616		$	40,184		$	48,314
Adjustments:
Amortization of above market leases, net	48			48			48			—			—			—
Transaction costs (benefit)	756			(3,180		)	1,096			317			224			318
Non-real estate depreciation and amortization	276			278			278			277			277			277
Deferred financing fees amortization	1,061			1,015			1,044			1,010			988			999
Costs associated with loan refinancing or payoff	—			—			—			223			5,943			—
Share-based compensation expense to management and trustees	2,343			2,328			1,690			1,659			1,618			1,548
Maintenance capital expenditures (2)	(3,026		)	(1,154		)	(2,627		)	(619		)	(279		)	(525		)
Straight-lined rental revenue	(1,107		)	(1,111		)	(1,575		)	(1,350		)	(707		)	(1,214		)
Non-cash portion of mortgage and other financing income	(1,239		)	(1,286		)	(1,288		)	(1,329		)	(1,393		)	(1,265		)
Gain on early extinguishment of debt	—			—			—			—			—			(4,539		)
Gain on sale of land	—			(330		)	—			—			—			—
Deferred income tax expense (benefit)	842			407			(14,787		)	—			—			—
AFFO available to common shareholders of EPR Properties	$	50,320		$	49,699		$	47,169		$	47,804		$	46,855		$	43,913
Weighted average diluted shares outstanding (in thousands)	53,654			52,719			50,959			47,524			47,294			47,047
AFFO per diluted common share	$	0.94		$	0.94		$	0.93		$	1.01		$	0.99		$	0.93
Dividends declared per common share	$	0.86		$	0.86		$	0.79		$	0.79		$	0.79		$	0.79
AFFO payout ratio (3)	91		%	91		%	85		%	78		%	80		%	85		%
(1) See pages 31 through 32 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

10

EPR Properties
Capital Structure at June 30, 2014
(Unaudited, dollars in thousands)
Consolidated Debt
Principal Payments Due on Debt:
	Mortgages							Unsecured Credit Facility (2)		Unsecured Senior Notes
Year	Amortization		Maturities		Bonds/Term Loan/Other (1)							Total		Weighted Avg Interest Rate
2014	$	7,277	$	—	$	—		$	—	$	—	$	7,277	4.60%
2015	14,584		95,497		—			—		—		110,081		5.54%
2016	11,754		96,144		1,850			—		—		109,748		5.70%
2017	7,118		158,201		—			79,000		—		244,319		2.36%
2018	919		12,462		275,000			—		—		288,381		2.60%
2019	—		—		—			—		—		—		—%
2020	—		—		—			—		250,000		250,000		7.75%
2021	—		—		—			—		—		—		—%
2022	—		—		—			—		350,000		350,000		5.75%
2023	—		—		—			—		275,000		275,000		5.25%
2024	—		—		—			—		—		—		—%
Thereafter	—		—		24,995			—		—		24,995		0.07%
	$	41,652	$	362,304	$	301,845		$	79,000	$	875,000	$	1,659,801	5.05%
			Balance		Weighted Avg Interest Rate			Weighted Avg Maturity
Fixed rate secured debt			$	403,956	5.45		%	2.32
Fixed rate unsecured debt (1)			1,116,850		5.37		%	7.00
Variable rate secured debt			24,995		0.07		%	23.25
Variable rate unsecured debt			114,000		1.61		%	2.25
Total			$	1,659,801	5.05		%	5.86
(1) Includes $240 million of term loan that has been fixed through interest rate swaps through July 5, 2017.
(2) Unsecured Credit Facility Summary:
			Balance					Rate
	Commitment		at 6/30/2014		Maturity			at 6/30/2014
	$	535,000	$	79,000	July 23, 2017			1.55%
	Note: This facility has a one year extension available at the Company's option and includes an accordion feature in which the facility can be increased to up to $600 million, in each case, subject to certain terms and conditions.

11

EPR Properties
Capital Structure at June 30, 2014 and December 31, 2013
(Unaudited, dollars in thousands)
Consolidated Debt (continued)
Summary of Debt:
	June 30, 2014		December 31, 2013
Mortgage note payable, 5.56%, due June 5, 2015	$	30,875	$	31,235
Mortgage note payable, 5.39%, due November 1, 2015	5,119		5,274
Mortgage notes payable, 5.77%, due November 6, 2015	63,967		65,070
Mortgage notes payable, 5.84%, due March 6, 2016	36,125		36,724
Note payable, 2.50%, due April 21, 2016	1,850		—
Mortgage notes payable, 6.37%, due June 30, 2016	26,010		26,406
Mortgage notes payable, 6.10%, due October 1, 2016	23,363		23,719
Mortgage notes payable, 6.02%, due October 6, 2016	17,596		17,866
Mortgage note payable, 6.06%, due March 1, 2017	9,841		9,986
Mortgage note payable, 6.07%, due April 6, 2017	10,136		10,284
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	33,166		33,660
Mortgage note payable, 4.00%, due July 6, 2017	99,012		—
Mortgage note payable, 5.29%, due July 8, 2017	3,675		3,746
Unsecured revolving variable rate credit facility, LIBOR + 1.40%, due July 23, 2017	79,000		—
Mortgage notes payable, 5.86% due August 1, 2017	24,037		24,387
Mortgage note payable, 6.19%, due February 1, 2018	14,171		14,486
Mortgage note payable, 7.37%, due July 15, 2018	6,863		7,498
Unsecured term loan payable, LIBOR + 1.60%, fixed through interest rate swaps at 2.51% through January 5, 2016 and 2.38% from January 5, 2016 to July 5, 2017, due July 23, 2018	275,000		265,000
Senior unsecured notes payable, 7.75%, due July 15, 2020	250,000		250,000
Senior unsecured notes payable, 5.75%, due August 15, 2022	350,000		350,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000		275,000
Bonds payable, variable rate, due October 1, 2037	24,995		24,995
Total	$	1,659,801	$	1,475,336

12

EPR Properties
Capital Structure
Senior Notes
Senior Debt Ratings as of June 30, 2014
Moody's	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor's	BB+ (positive)	(1)
(1) Subsequent to quarter end, on July 8, 2014, Standard and Poor's raised the Company's senior debt rating to BBB- (stable).
Summary of Covenants
The Company's outstanding senior unsecured notes have fixed interest rates of 5.25%, 5.75% and 7.75%. Interest on the senior unsecured notes is paid semiannually. The senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.
The following is a summary of the key financial covenants for the Company's 5.25%, 5.75% and 7.75% senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance.  The actual amounts as of June 30, 2014 and March 31, 2014 are:
		Actual	Actual
Note Covenants	Required	2nd Quarter 2014 (1)	1st Quarter 2014
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	43%	40%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	11%	9%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	3.7x	3.7x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	254%	265%
(1) See page 14 for detailed calculations.

13

EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)
Covenant Calculations
Total Assets:	June 30, 2014						Total Debt:						June 30, 2014
Total Assets	$	3,532,852					Secured debt obligations						$	428,951
Add: accumulated depreciation	439,242						Unsecured debt obligations:
Less: intangible assets	(9,345		)				Unsecured debt						1,230,850
Total Assets	$	3,962,749					Outsanding letters of credit						—
							Guarantees						20,430
							Derivatives at fair market value, net, if liability						6,450
Total Unencumbered Assets:	June 30, 2014						Total unsecured debt obligations:						1,257,730
Unencumbered real estate assets, gross	$	2,793,324					Total Debt						$	1,686,681
Cash and cash equivalents	13,589
Land held for development	203,443
Property under development	182,897
Total Unencumbered Assets	$	3,193,253
Consolidated Income Available for Debt Service:	2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			Trailing Twelve Months
Adjusted EBITDA	$	78,950		$	75,848		$	76,643		$	74,294		$	305,735
Add: Adjusted EBITDA of discontinued operations	(4		)	15			135			10			156
Less: straight-line rental revenue	(1,107		)	(1,111		)	(1,575		)	(1,350		)	(5,143		)
Consolidated Income Available for Debt Service	$	77,839		$	74,752		$	75,203		$	72,954		$	300,748
Annual Debt Service:
Interest expense, gross	$	22,174		$	21,190		$	21,416		$	21,460		$	86,240
Less: deferred financing fees amortization	(1,061		)	(1,015		)	(1,044		)	(1,010		)	(4,130		)
Annual Debt Service	$	21,113		$	20,175		$	20,372		$	20,450		$	82,110
Debt Service Coverage	3.7			3.7			3.7			3.6			3.7

14

EPR Properties
Capital Structure at June 30, 2014
(Unaudited, dollars in thousands except share information)
Equity
Security	Shares Issued and Outstanding	Price per share at June 30, 2014		Liquidation Preference		Dividend Rate		Convertible
Common shares	53,470,853	$	55.87	N/A		(1)		N/A
Series C	5,400,000	$	22.98	$	135,000	5.750%		Y
Series E	3,450,000	$	31.52	$	86,250	9.000%		Y
Series F	5,000,000	$	24.46	$	125,000	6.625%		N
Calculation of Total Market Capitalization:
Common shares outstanding at June 30, 2014 multiplied by closing price at June 30, 2014						$	2,987,417
Aggregate liquidation value of Series C preferred shares (2)						135,000
Aggregate liquidation value of Series E preferred shares (2)						86,250
Aggregate liquidation value of Series F preferred shares (2)						125,000
Total debt at June 30, 2014						1,659,801
Total consolidated market capitalization						$	4,993,468
(1) Total monthly dividends declared in the second quarter of 2014 were $0.855 per share.
(2) Excludes accrued unpaid dividends at June 30, 2014

15

EPR Properties
Summary of Ratios
(Unaudited)
	2nd Quarter 2014	1st Quarter 2014	4th Quarter 2013	3rd Quarter 2013	2nd Quarter 2013	1st Quarter 2013
Debt to total assets (book value)	47%	44%	45%	49%	49%	47%
Debt to total market capitalization	33%	32%	34%	37%	35%	33%
Debt to gross assets	42%	39%	40%	44%	43%	41%
Debt/Adjusted EBITDA - continuing operations (1)	5.26	4.89	4.81	5.20	5.21	5.00
Debt/Adjusted EBITDA - continuing and discontinued operations (1)	5.26	4.89	4.80	5.20	5.13	4.95
Secured debt to secured assets	69%	66%	67%	63%	65%	55%
Unencumbered real estate assets to total real estate assets (2)	82%	84%	84%	83%	83%	71%
Interest coverage ratio (3)	3.6	3.6	3.6	3.5	3.6	3.5
Fixed charge coverage ratio (3)	2.8	2.8	2.8	2.7	2.8	2.7
Debt service coverage ratio (3)	3.1	3.2	3.2	3.1	3.0	2.9
FFO payout ratio (4)	91%	86%	64%	79%	93%	77%
FFO as adjusted payout ratio (5)	88%	91%	81%	78%	81%	84%
AFFO payout ratio (6)	91%	91%	85%	78%	80%	85%
(1) Adjusted EBITDA is for the quarter annualized. See pages 31 through 32 for definitions.
(2) Total real estate assets includes rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.
(3) See page 17 for detailed calculation.
(4) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(5) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

16

EPR Properties
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)
	2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013			1st Quarter 2013
Interest Coverage Ratio (1):
Net income	$	40,760		$	43,533		$	63,042		$	43,502		$	32,476		$	41,206
Transaction costs (benefit)	756			(3,180		)	1,096			317			224			318
Interest expense, gross	22,174			21,190			21,416			21,460			20,632			20,335
Depreciation and amortization	16,002			15,327			14,807			13,346			13,776			13,745
Share-based compensation expense
to management and trustees	2,343			2,328			1,690			1,659			1,618			1,548
Costs associated with loan refinancing
or payoff	—			—			—			223			5,943			—
Interest cost capitalized	(1,610		)	(1,287		)	(779		)	(1,014		)	(626		)	(344		)
Straight-line rental revenue	(1,107		)	(1,111		)	(1,575		)	(1,350		)	(707		)	(1,214		)
Gain on early extinguishment of debt	—			—			—			—			—			(4,539		)
Gain on sale of real estate	—			(330		)	(3,540		)	(3,168		)	—			(565		)
Gain on sale of investment in a direct financing lease	(220		)	—			—			—			—			—
Gain on previously held equity interest	—			—			(4,853		)	—			—			—
Deferred income tax expense (benefit)	842			407			(14,787		)	—			—			—
Interest coverage amount	$	79,940		$	76,877		$	76,517		$	74,975		$	73,336		$	70,490
Interest expense, net	$	20,555		$	19,899		$	20,632		$	20,435		$	19,972		$	19,989
Interest income	9			4			5			11			34			2
Interest cost capitalized	1,610			1,287			779			1,014			626			344
Interest expense, gross	$	22,174		$	21,190		$	21,416		$	21,460		$	20,632		$	20,335
Interest coverage ratio	3.6			3.6			3.6			3.5			3.6			3.5
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	79,940		$	76,877		$	76,517		$	74,975		$	73,336		$	70,490
Interest expense, gross	$	22,174		$	21,190		$	21,416		$	21,460		$	20,632		$	20,335
Preferred share dividends	5,952			5,952			5,951			5,951			5,952			5,952
Fixed charges	$	28,126		$	27,142		$	27,367		$	27,411		$	26,584		$	26,287
Fixed charge coverage ratio	2.8			2.8			2.8			2.7			2.8			2.7
Debt Service Coverage Ratio (1):
Interest coverage amount	$	79,940		$	76,877		$	76,517		$	74,975		$	73,336		$	70,490
Interest expense, gross	$	22,174		$	21,190		$	21,416		$	21,460		$	20,632		$	20,335
Recurring principal payments	3,249			2,728			2,637			2,472			4,141			4,303
Debt service	$	25,423		$	23,918		$	24,053		$	23,932		$	24,773		$	24,638
Debt service coverage ratio	3.1			3.2			3.2			3.1			3.0			2.9
(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

17

EPR Properties
Reconciliation of Interest Coverage Amount to Net Cash Provided by Operating Activities
(Unaudited, dollars in thousands)
The interest coverage amount per the table on the previous page is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used in investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013			1st Quarter 2013
Net cash provided by operating activities	$	72,824		$	41,530		$	75,745		$	45,649		$	72,554		$	40,172
Equity in income from joint ventures	267			311			230			351			466			351
Distributions from joint ventures	—			—			(355		)	(216		)	(191		)	(223		)
Amortization of deferred financing costs	(1,061		)	(1,015		)	(1,044		)	(1,010		)	(988		)	(999		)
Amortization of above market leases, net	(48		)	(48		)	(48		)	—			—			—
Increase (decrease) in mortgage notes and related accrued interest receivable	129			107			(783		)	2,868			(1,664		)	36
Increase (decrease) in restricted cash	(754		)	3,425			135			(565		)	(10,234		)	(2,946		)
Increase (decrease) in accounts receivable, net	883			(543		)	2,540			1,539			1,480			339
Increase in direct financing lease receivable	988			694			1,222			1,186			1,240			1,212
Increase (decrease) in other assets	1,353			2,039			(1,172		)	(2,842		)	1,810			(139		)
Decrease (increase) in accounts payable and accrued liabilities	(14,688		)	18,151			(17,159		)	9,066			(8,493		)	10,520
Decrease (increase) in unearned rents	(1,008		)	(3,793		)	(2,952		)	(464		)	(2,167		)	3,072
Straight-line rental revenue	(1,107		)	(1,111		)	(1,575		)	(1,350		)	(707		)	(1,214		)
Interest expense, gross	22,174			21,190			21,416			21,460			20,632			20,335
Interest cost capitalized	(1,610		)	(1,287		)	(779		)	(1,014		)	(626		)	(344		)
Transaction costs (benefit)	756			(3,180		)	1,096			317			224			318
Deferred income tax expense	842			407			—			—			—			—
Interest coverage amount (1)	$	79,940		$	76,877		$	76,517		$	74,975		$	73,336		$	70,490
(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

18

EPR Properties
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)
2014 Capital Spending:
Description	Location	Operating Segment	Capital Spending Three Months Ended June 30, 2014		Capital Spending Six Months Ended June 30, 2014
Development of megaplex theatres	various	Entertainment	$	4,491	$	12,941
Acquisition of megaplex theatres	various	Entertainment	126,960		126,960
Development of other entertainment and retail projects	various	Entertainment	228		585
Investment in note receivable secured by partnership interest in theatre operations	China	Entertainment	—		1,486
Investment in note receivable	Kenner, LA	Entertainment	1,750		1,750
Investment in mortgage notes receivable for public charter schools	various	Education	4,975		9,470
Acquisition and development of early childhood education centers	various	Education	8,423		23,620
Development of public charter school properties	various	Education	30,969		37,204
Acquisition and development of private schools	various	Education	21,321		31,653
Improvements at ski resorts	various	Recreation	40		839
Development of TopGolf golf entertainment facilities	various	Recreation	38,563		58,459
Acquisition and development of Camelback Mountain Resort	Tannersville, PA	Recreation	12,662		12,662
Investment in casino and resort project	Sullivan County, NY	Other	891		2,100
Total investment spending			$	251,273	$	319,729
Other capital acquisitions, net	various		2,537		3,645
Total capital spending			$	253,810	$	323,374
2014 Dispositions:
Description	Location	Date of Disposition	Net Sales Proceeds
Sale of land adjacent to a public charter school investment	Queen Creek, AZ	January 2014	$	915
Sale of four public charter school properties	various	April 2014	46,092
Sale of land held for development	Savannah, GA	May 2014	2,378

19

EPR Properties
Property Under Development - Investment Spending Estimates at June 30, 2014 (1)
(Unaudited, dollars in thousands)
	June 30, 2014			Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects	3rd Quarter 2014		4th Quarter 2014		1st Quarter 2015		2nd Quarter 2015		Remainder 2015		Total Expected Cost (2)		% Leased
Entertainment	$	13,927	5	$	5,700	$	3,700	$	7,887	$	5,120	$	16,445	$	52,779	100%
Education	125,119		22	47,016		45,429		33,943		15,104		28,198		294,809		100%
Recreation	28,662		7	20,515		27,490		5,230		36,573		—		118,470		100%
Total Build-to-Suit	167,708		34	$	73,231	$	76,619	$	47,060	$	56,797	$	44,643	$	466,058
Non Build-to-Suit Development	15,189
Total Property Under Development	$	182,897
			June 30, 2014	Owned Build-to-Suit In-Service Estimates
			# of Projects	3rd Quarter 2014		4th Quarter 2014		1st Quarter 2015		2nd Quarter 2015		Remainder 2015		Total In-Service (2)
Entertainment			5	$	—	$	19,279	$	7,500	$	—	$	26,000	$	52,779
Education			22	77,354		131,875		10,270		12,300		63,010		294,809
Recreation			7	—		—		33,870		84,600		—		118,470
Total Build-to-Suit			34	$	77,354	$	151,154	$	51,640	$	96,900	$	89,010	$	466,058
	June 30, 2014			Mortgage Build-to-Suit Spending Estimates
	Mortgage Notes Receivable		# of Projects	3rd Quarter 2014		4th Quarter 2014		1st Quarter 2015		2nd Quarter 2015		Remainder 2015		Total Expected Cost (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Education	11,849		2	5,331		2,539		—		—		—		19,719
Recreation (3)	13,904		1	19,000		33,500		20,838		15,000		8,508		110,750
Total Build-to-Suit Mortgage Notes	25,753		3	$	24,331	$	36,039	$	20,838	$	15,000	$	8,508	$	130,469
Non Build-to-Suit Mortgage Notes	482,936
Total Mortgage Notes Receivable	$	508,689
(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of June 30, 2014.
(2) "Total Expected Cost" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Certain of these mortgage agreements contain provisions that allow for a conversion to a lease structure.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.

20

EPR Properties
Financial Information by Asset Type
For the Three Months Ended June 30, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	59,502		$	5,519		$	4,612		$	285		$	69,918		$	—		$	69,918
Tenant reimbursements	4,281			—			—			—			4,281			—			4,281
Other income	(12		)	—			—			92			80			107			187
Mortgage and other financing income	1,768			7,440			8,096			97			17,401			—			17,401
Total revenue	65,539			12,959			12,708			474			91,680			107			91,787
Property operating expense	5,381			—			—			158			5,539			—			5,539
Other expense	—			—			—			219			219			—			219
Total investment expenses	5,381			—			—			377			5,758			—			5,758
General and administrative expense	—			—			—			—			—			7,079			7,079
Transaction costs	—			—			—			—			—			756			756
EBITDA - continuing operations	$	60,158		$	12,959		$	12,708		$	97		$	85,922		$	(7,728	)	$	78,194
	70		%	15		%	15		%	—		%	100		%
Add: transaction costs																756			756
Adjusted EBITDA - continuing operations																			78,950
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(20,555		)	(20,555		)
Transaction costs																(756		)	(756		)
Depreciation and amortization																(16,002		)	(16,002		)
Equity in income from joint ventures																267			267
Gain on sale of investment in a direct financing lease																220			220
Income tax expense																(1,360		)	(1,360		)
Discontinued operations:
Loss from discontinued operations																(4		)	(4		)
Net income attributable to EPR Properties																			40,760
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	34,808

21

EPR Properties
Financial Information by Asset Type
For the Six Months Ended June 30, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	116,324		$	10,996		$	8,459		$	570		$	136,349		$	—		$	136,349
Tenant reimbursements	8,869			—			—			—			8,869			—			8,869
Other income (loss)	(12		)	—			—			93			81			280			361
Mortgage and other financing income	3,490			16,218			16,162			194			36,064			—			36,064
Total revenue	128,671			27,214			24,621			857			181,363			280			181,643
Property operating expense	11,654			—			—			334			11,988			—			11,988
Other expense	—			—			—			318			318			—			318
Total investment expenses	11,654			—			—			652			12,306			—			12,306
General and administrative expense	—			—			—			—			—			14,541			14,541
Transaction costs	—			—			—			—			—			952			952
EBITDA - continuing operations	$	117,017		$	27,214		$	24,621		$	205		$	169,057		$	(15,213	)	$	153,844
	69		%	16		%	15		%	—		%	100		%
Add: transaction costs																952			952
Adjusted EBITDA - continuing operations																			154,796
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(40,453		)	(40,453		)
Transaction costs																(952		)	(952		)
Depreciation and amortization																(31,329		)	(31,329		)
Equity in income from joint ventures																578			578
Gain on sale of land																330			330
Gain on sale of investment in a direct financing lease																220			220
Income tax expense																(2,285		)	(2,285		)
Discontinued operations:
Income from discontinued operations																11			11
Transaction (costs) benefit																3,376			3,376
Net income attributable to EPR Properties																			84,292
Preferred dividend requirements																(11,904		)	(11,904		)
Net income available to common shareholders of EPR Properties																			$	72,388

22

EPR Properties
Financial Information by Asset Type
For the Three Months Ended June 30, 2013
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	54,522		$	3,152		$	1,782		$	704		$	60,160		$	—		$	60,160
Tenant reimbursements	4,452			—			—			—			4,452			—			4,452
Other income	24			—			—			77			101			3			104
Mortgage and other financing income	2,223			8,145			7,789			79			18,236			—			18,236
Total revenue	61,221			11,297			9,571			860			82,949			3			82,952
Property operating expense	5,840			—			—			150			5,990			—			5,990
Other expense	—			—			—			208			208			(21		)	187
Total investment expenses	5,840			—			—			358			6,198			(21		)	6,177
General and administrative expense	—			—			—			—			—			6,051			6,051
Transaction costs	—			—			—			—			—			224			224
EBITDA - continuing operations	$	55,381		$	11,297		$	9,571		$	502		$	76,751		$	(6,251	)	$	70,500
	72		%	15		%	12		%	1		%	100		%
Add: transaction costs																224			224
Adjusted EBITDA - continuing operations																			70,724
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(5,943		)	(5,943		)
Interest expense, net																(20,000		)	(20,000		)
Transaction costs																(224		)	(224		)
Depreciation and amortization																(13,176		)	(13,176		)
Equity in income from joint ventures																466			466
Discontinued operations:
Income from discontinued operations																629			629
Net income attributable to EPR Properties																			32,476
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	26,524

23

EPR Properties
Financial Information by Asset Type
For the Six Months Ended June 30, 2013
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	109,504		$	6,310		$	3,691		$	1,043		$	120,548		$	—		$	120,548
Tenant reimbursements	9,196			—			—			—			9,196			—			9,196
Other income	47			—			—			78			125			3			128
Mortgage and other financing income	4,427			16,102			15,344			158			36,031			—			36,031
Total revenue	123,174			22,412			19,035			1,279			165,900			3			165,903
Property operating expense	12,976			—			—			49			13,025			—			13,025
Other expense	—			—			—			305			305			31			336
Total investment expenses	12,976			—			—			354			13,330			31			13,361
General and administrative expense	—			—			—			—			—			12,703			12,703
Transaction costs	—			—			—			—			—			542			542
EBITDA - continuing operations	$	110,198		$	22,412		$	19,035		$	925		$	152,570		$	(13,273	)	$	139,297
	72		%	15		%	12		%	1		%	100		%
Add: transaction costs																542			542
Adjusted EBITDA - continuing operations																			139,839
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(5,943		)	(5,943		)
Gain on early extinguishment of debt																4,539			4,539
Interest expense, net																(39,989		)	(39,989		)
Transaction costs																(542		)	(542		)
Depreciation and amortization																(25,998		)	(25,998		)
Equity in income from joint ventures																817			817
Discontinued operations:
Income from discontinued operations																394			394
Gain on sale of real estate																565			565
Net income attributable to EPR Properties																			73,682
Preferred dividend requirements																(11,904		)	(11,904		)
Net income available to common shareholders of EPR Properties																			$	61,778

24

EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)
	For the Three Months Ended June 30, 2014								For the Six Months Ended June 30, 2014
	Entertainment (1)			Other (2)		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	—	$	—		$	3		$	—		$	3
Total revenue	—			—		—			3			—			3
Property operating expense	4			—		4			10			—			10
Other expense (benefit)	—			—		—			—			(18		)	(18		)
Total investment expenses	4			—		4			10			(18		)	(8		)
Transaction costs (benefit)	—			—		—			(3,376		)	—			(3,376		)
EBITDA - discontinued operations	$	(4	)	$	—	$	(4	)	$	3,369		$	18		$	3,387
Add: transaction costs (benefit)						—									(3,376		)
Adjusted EBITDA - discontinued operations						$	(4	)							$	11
Reconciliation to Consolidated Statements of Income:
Transaction costs (benefit)						—									3,376
Income (loss) from discontinued operations						$	(4	)							$	3,387
	For the Three Months Ended June 30, 2013								For the Six Months Ended June 30, 2013
	Entertainment (1)			Other (2)		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	109		$	605	$	714		$	109		$	1,350		$	1,459
Tenant reimbursements	554			—		554			554			—			554
Total revenue	663			605		1,268			663			1,350			2,013
Property operating expense (benefit)	(20		)	—		(20		)	—			(30		)	(30		)
Other expense	—			87		87			—			154			154
Total investment expenses	(20		)	87		67			—			124			124
EBITDA and Adjusted EBITDA- discontinued operations	$	683		$	518	$	1,201		$	663		$	1,226		$	1,889
Reconciliation to Consolidated Statements of Income:
Interest income, net						28									28
Depreciation and amortization						(600		)							(1,523		)
Gain on sale of real estate, net						—									565
Income from discontinued operations						$	629								$	959

(1) For each of the three and six months ended June 30, 2014 and 2013, consists of certain operations that primarily related to the settlement of escrow reserves and post closing adjustments associated with the sale of Toronto Dundas Square. Additionally, for the six months ended June 30, 2014, transaction costs (benefit) consists of a reversal of a liability that was established with the March 4, 2010 acquisition of Toronto Dundas Square. This liability was reversed as the related payment is not expected to occur.

(2) For the six months ended June 30, 2014, consists of a tax refund received on a vineyard and winery property sold in 2013. For the three and six months ended June 30, 2013, consists of the operations of five vineyard and winery properties that were sold during 2013.

25

EPR Properties
Investment Information by Asset Type
As of June 30, 2014 and December 31, 2013
(Unaudited, dollars in thousands)
		As of June 30, 2014
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,863,770		$	191,975		$	210,344		$	7,380		$	2,273,469
Add back accumulated depreciation on rental properties		420,615			7,605			8,312			2,710			439,242
Land held for development		4,457			—			—			198,986			203,443
Property under development		29,114			125,121			28,662			—			182,897
Mortgage notes and related accrued interest receivable, net		58,220			66,013			379,435			5,021			508,689
Investment in a direct financing lease, net		—			198,020			—			—			198,020
Investment in joint ventures		5,853			—			—			—			5,853
Intangible assets, gross (1)		21,651			—			—			—			21,651
Notes receivable and related accrued interest receivable, net (1)		3,321			3,776			—			—			7,097
	Total investments (2)	$	2,407,001		$	592,510		$	626,753		$	214,097		$	3,840,361
	% of total investments	63		%	15		%	16		%	6		%	100		%
		As of December 31, 2013
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,755,433		$	188,387		$	152,694		$	7,637		$	2,104,151
Add back accumulated depreciation on rental properties		396,705			4,985			5,500			2,453			409,643
Land held for development		4,457			—			—			196,885			201,342
Property under development		23,686			40,821			24,966			—			89,473
Mortgage notes and related accrued interest receivable, net		58,220			56,505			366,580			5,032			486,337
Investment in a direct financing lease, net		—			242,212			—			—			242,212
Investment in joint ventures		5,275			—			—			—			5,275
Intangible assets, gross (1)		18,444			—			—			—			18,444
Notes receivable and related accrued interest receivable, net (1)		—			4,992			—			—			4,992
	Total investments (2)	$	2,262,220		$	537,902		$	549,740		$	212,007		$	3,561,869
	% of total investments	64		%	15		%	15		%	6		%	100		%
(1) Included in other assets in the consolidated balance sheets as of June 30, 2014 and December 31, 2013 in the Company's Quarterly Report on Form 10-Q. Reconciliation is as follows:
		6/30/2014			12/31/2013
Intangible assets, gross		$	21,651		$	18,444
Less: accumulated amortization on intangible assets		(12,306		)	(11,633		)
Notes receivable and related accrued interest receivable, net		7,097			4,992
Prepaid expenses and other current assets		48,152			48,129
Total other assets		$	64,594		$	59,932
(2) See pages 31 and 32 for definitions.

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EPR Properties
Lease Expirations
As of June 30, 2014
(Unaudited, dollars in thousands)
	Megaplex Theatres						Public Charter Schools and Early Education Centers
Year	Total Number of Properties		Rental Revenue for the Trailing Twelve Months Ended June 30, 2014 (1)		% of Total Revenue		Total Number of Properties		Financing Income/Rental Revenue for the Trailing Twelve Months Ended June 30, 2014		% of Total Revenue
2014	—		$	—	—		—		$	—	—
2015	3		9,686		3	%	—		—		—
2016	4		9,412		3	%	—		—		—
2017	4		7,353		2	%	1		976		1	%
2018	19		31,692		9	%	—		—		—
2019	8		23,739		7	%	—		—		—
2020	7		9,126		2	%	—		—		—
2021	6		10,679		3	%	—		—		—
2022	12		22,237		6	%	—		—		—
2023	5		10,312		3	%	—		—		—
2024	10		17,297		5	%	—		—		—
2025	6		12,540		3	%	—		—		—
2026	4		5,670		2	%	—		—		—
2027	13	(2)	5,619		2	%	—		—		—
2028	2		1,771		—	%	—		—		—
2029	15	(3)	14,125		4	%	—		—		—
2030	—		—		—		—		—		—
2031	4		3,772		1	%	10	(5)	8,560		2	%
2032	3	(4)	2,039		—	%	13	(6)	14,882		4	%
2033	6		3,742		1	%	17	(7)	15,311		4	%
Thereafter	2		389		—		5		4,286		1	%
	133		$	201,200	56	%	46		$	44,015	12	%
Note: This schedule relates to consolidated megaplex theatres, public charter schools and early education centers only, which together represent approximately 68% of total revenue for the trailing twelve months ended June 30, 2014. This schedule excludes properties under construction.
(1) Consists of rental revenue and tenant reimbursements.
(2) Eleven of these theatre properties are leased under a master lease.
(3) All of these theatre properties are leased under a master lease.
(4) All of these threatre properties are leased under a master lease.
(5) Four of these public charter school properties are leased under a master lease to Imagine.
(6) Six of these public charter school properties are leased under a master lease to Imagine.
(7) Thirteen of these public charter school properties are leased under a master lease to Imagine.

27

EPR Properties
Top Ten Customers by Revenue from Continuing Operations
(Unaudited, dollars in thousands)
			Total Revenue For The			Total Revenue For The
			Three Months Ended		Percentage of	Six Months Ended		Percentage of
	Customers	Asset Type	June 30, 2014		Total Revenue	June 30, 2014		Total Revenue
1.	American Multi-Cinema, Inc.	Entertainment	$	21,811	24%	$	43,555	24%
2.	Regal Cinemas, Inc.	Entertainment	9,042		10%	15,954		9%
3.	Cinemark USA, Inc.	Entertainment	8,113		9%	16,394		9%
4.	Imagine Schools, Inc.	Education	5,939		6%	13,241		7%
5.	Peak Resorts, Inc.	Recreation	4,679		5%	9,370		5%
6.	Carmike Cinemas, Inc.	Entertainment	4,449		5%	8,690		5%
7.	SVVI, LLC	Recreation	3,302		4%	6,610		4%
8.	Southern Theatres, LLC	Entertainment	3,038		3%	6,052		3%
9.	Top Golf USA	Recreation	2,305		2%	3,857		2%
10.	Landmark Cinemas	Entertainment	1,922		2%	3,820		2%
	Total		$	64,600	70%	$	127,543	70%

28

EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)
Summary of Mortgage Notes Receivable
	June 30, 2014		December 31, 2013
Mortgage note, 9.00%, due March 16, 2015	$	1,087	$	—
Mortgage note, 10.00%, due April 1, 2016	42,907		42,907
Mortgage note receivable and related accrued interest receivable, 5.50%, due November 1, 2016	2,500		2,511
Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2017	2,521		2,521
Mortgage notes, 7.00% and 10.00%, due May 1, 2019	183,465		183,465
Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2020	13,904		1,112
Mortgage note, 10.27%, due March 10, 2027	10,972		10,972
Mortgage notes, 10.93%, due April 3, 2027	63,500		63,500
Mortgage note, 9.98%, due October 30, 2027	47,029		47,029
Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032	36,032		36,032
Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032	19,726		19,659
Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032	22,188		22,188
Mortgage note, 10.20%, due December 19, 2032	4,550		4,509
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	5,659		5,717
Mortgage note and related accrued interest receivable, 9.50%, due January 31, 2033	9,931		6,872
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	24,230		20,802
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033	3,463		3,455
Mortgage note, 11.31%, due July 1, 2033	13,108		13,086
Mortgage note, 7.00% during construction, 8.50% upon completion, due June 30, 2034	1,917		—
Total mortgage notes and related accrued interest receivable	$	508,689	$	486,337
Payments Due on Mortgage Notes Receivable
	As of June 30, 2014
Year:
2014	$	2,214
2015	1,365
2016	46,836
2017	1,751
2018	832
Thereafter	455,691
Total	$	508,689

29

EPR Properties
Summary of Notes Receivable
(Unaudited, dollars in thousands)
Summary of Notes Receivable (1)
	June 30, 2014		December 31, 2013
Note and related accrued interest receivable, 10.00%,
paid in full June 13, 2014	$	—	$	1,300
Note and related accrued interest receivable, 9.00%,
due July 31, 2014	1,773		—
Note and related accrued interest receivable, 9.23%,
due August 31, 2015 (2)	3,776		3,692
Note and related accrued interest receivable, 12.50%,
due March 1, 2024	1,548		—
Total notes and related accrued interest receivable	$	7,097	$	4,992
(1) Included in other assets in the consolidated balance sheets as of June 30, 2014 and December 31, 2013 in the Company's Quarterly Report on Form 10-Q.
(2) Note receivable is impaired as of June 30, 2014. In accordance with the Company's accounting policy, interest income is being recognized on a cash basis.
Payments due on Notes Receivable
	As of June 30, 2014
Year:
2014	$	1,968
2015	3,581
2016	—
2017	—
2018	—
Thereafter	1,548
Total	$	7,097

30

EPR Properties

Definitions-Non-GAAP Financial Measures

EBITDA AND ADJUSTED EBITDA

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

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

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

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

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, we present AFFO by adding to FFO provision for loan losses, transaction costs (benefit), non-real estate depreciation and amortization, deferred financing fees amortization, costs (gain) associated with loan refinancing or payoff, net, share-based compensation expense to management and trustees, amortization of above market leases, net and preferred share redemption costs; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue, the non-cash portion of mortgage and other financing income and gain on early extinguishment of debt, gain (loss) on sale of land and

31

deferred income tax benefit (expense). AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

INTEREST COVERAGE RATIO

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

FIXED CHARGE COVERAGE RATIO

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

TOTAL INVESTMENTS

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

32