Exhibit 99.2-EPR-9.30.14 Supplemental



EPR Properties
Supplemental Operating and Financial Data
Third Quarter and Nine Months Ended September 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 Asset Type and 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

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.



EPR Properties
Selected Financial Information
(Unaudited, dollars and shares in thousands)

	Three Months Ended September 30,				Nine months ended September 30,
Operating Information:	2014		2013		2014	2013
Revenue (1)	98,738		87,841		280,381	253,714
Net income available to common shareholders of
EPR Properties	36,753		37,551		109,141	99,328
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - continuing operations (2)	81,677		73,977		235,521	213,275
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - discontinued operations (2)	(3	)	10		3,384	1,898
Adjusted EBITDA - continuing operations (2)	85,823		74,294		240,619	214,134
Adjusted EBITDA - discontinued operations (2)	(3	)	10		8	1,898
Interest expense, net (1)	20,801		20,435		61,254	60,424
Recurring principal payments	3,590		2,472		9,567	10,916
Capitalized interest	2,085		1,014		4,982	1,984
Straight-lined rental revenue	2,932		1,350		5,150	3,271
Dividends declared on preferred shares	5,952		5,951		17,856	17,855
Dividends declared on common shares	46,767		37,529		137,837	111,892
General and administrative expense	6,719		6,764		21,260	19,468

Balance Sheet Information:	September 30,
	2014		2013
Total assets	3,679,231		3,135,273
Accumulated depreciation	453,284		398,356
Total assets before accumulated depreciation (gross assets)	4,132,515		3,533,629
Unencumbered real estate assets (3)
Number	194		173
Gross book value	2,940,629		2,553,269
Annualized stabilized NOI	300,312		262,944
Total debt	1,621,211		1,545,973
Equity	1,927,718		1,493,461
Common shares outstanding	57,149		47,990
Total market capitalization (using EOP closing price)	4,863,798		4,231,265
Debt/total assets	44	%	49	%
Debt/total market capitalization	33	%	37	%
Debt/gross assets	39	%	44	%
Debt/Adjusted EBITDA - continuing operations (4)	4.72		5.20
Debt/Adjusted EBITDA - continuing and discontinued operations (4)	4.72		5.20

(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.



EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)

	3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013
Assets
Rental properties: (1)
Entertainment	$	2,287,516		$	2,284,385		$	2,143,392		$	2,152,138		$	2,065,181		$	2,023,640
Education	306,153			199,580			199,580			193,372			184,728			120,468
Recreation	219,723			218,656			159,334			158,194			70,955			70,961
Other	10,090			10,090			10,090			10,090			14,062			43,580
Less: accumulated depreciation	(453,284		)	(439,242		)	(422,463		)	(409,643		)	(398,356		)	(395,191		)
Land held for development	204,641			203,443			202,552			201,342			200,325			199,001
Property under development	189,051			182,897			138,586			89,473			86,048			77,492
Mortgage notes receivable: (2)
Entertainment	58,220			58,220			58,220			58,220			91,309			77,464
Education	73,709			66,013			61,027			56,505			55,412			42,647
Recreation	409,304			379,435			366,561			366,580			364,829			359,630
Other	5,032			5,021			5,032			5,032			2,521			2,521
Investment in a direct financing lease, net	198,551			198,020			242,905			242,212			240,990			239,803
Investment in joint ventures	5,343			5,853			5,586			5,275			13,683			12,962
Cash and cash equivalents	8,386			13,589			20,406			7,958			24,141			20,030
Restricted cash	26,811			17,566			19,568			9,714			18,110			17,030
Accounts receivable, net	44,469			42,830			41,616			42,538			40,326			39,354
Other assets	85,516			86,496			87,121			83,276			61,009			64,893
Total assets	$	3,679,231		$	3,532,852		$	3,339,113		$	3,272,276		$	3,135,273		$	3,016,285

Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	71,511		$	70,383		$	47,526		$	72,327		$	58,273		$	51,722
Common dividends payable	16,288			15,239			15,232			13,601			12,636			12,418
Preferred dividends payable	5,952			5,952			5,952			5,952			5,951			5,952
Unearned rents and interest	36,551			29,507			27,281			17,046			18,979			16,821
Line of credit	34,000			79,000			—			—			68,000			24,000
Debt	1,587,211			1,580,801			1,482,608			1,475,336			1,477,973			1,450,735
Total liabilities	1,751,513			1,780,882			1,578,599			1,584,262			1,641,812			1,561,648
Equity:
Common stock and additional paid-in- capital	2,280,693			2,093,922			2,090,420			2,004,397			1,825,790			1,784,123
Preferred stock at par value	139			139			139			139			139			139
Treasury stock	(66,437		)	(66,096		)	(65,857		)	(62,177		)	(62,177		)	(62,169		)
Accumulated other comprehensive income	13,557			14,225			15,129			17,193			17,536			20,392
Distributions in excess of net income	(300,611		)	(290,597		)	(279,694		)	(271,915		)	(288,204		)	(288,225		)
EPR Properties shareholders' equity	1,927,341			1,751,593			1,760,137			1,687,637			1,493,084			1,454,260
Noncontrolling interests	377			377			377			377			377			377
Total equity	1,927,718			1,751,970			1,760,514			1,688,014			1,493,461			1,454,637
Total liabilities and equity	$	3,679,231		$	3,532,852		$	3,339,113		$	3,272,276		$	3,135,273		$	3,016,285

(1) Includes rental properties held for sale.
(2) Includes related accrued interest receivable.



EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)

	3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013
Rental revenue and tenant reimbursements:
Entertainment	$	65,102		$	63,783		$	61,410		$	61,373		$	59,352		$	58,974
Education	7,490			5,519			5,478			5,198			4,422			3,152
Recreation	6,069			4,612			3,846			3,751			2,682			1,782
Other	235			285			285			283			305			704
Mortgage and other financing income:
Entertainment	1,789			1,768			1,723			1,761			2,258			2,223
Education (1)	7,561			7,440			8,778			8,666			8,507			8,145
Recreation	10,050			8,096			8,066			8,081			8,807			7,789
Other	97			97			97			94			67			79
Other income	345			187			174			145			1,441			125
Total revenue	$	98,738		$	91,787		$	89,857		$	89,352		$	87,841		$	82,973

Property operating expense	5,948			5,539			6,449			6,413			6,579			5,990
Other expense	248			219			98			150			204			208
General and administrative expense	6,719			7,079			7,462			6,146			6,764			6,051
Costs associated with loan refinancing or payoff	—			—			—			—			223			5,943
Interest expense, net	20,801			20,555			19,899			20,632			20,435			20,000
Transaction costs	369			756			196			1,096			317			224
Provision for loan loss	3,777			—			—			—			—			—
Depreciation and amortization	17,421			16,002			15,327			14,807			13,141			13,176
Income before equity in income in joint ventures and other items	43,455			41,637			40,426			40,108			40,178			31,381
Equity in income from joint ventures	300			267			311			230			351			466
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)	(1,047		)	(1,360		)	(925		)	14,176			—			—
Income from continuing operations	42,708			40,764			40,142			62,384			40,529			31,847
Discontinued operations:
Income (loss) from discontinued operations	(3		)	(4		)	15			135			(195		)	629
Transaction (costs) benefit	—			—			3,376			—			—			—
Gain on sale of real estate	—			—			—			523			3,168			—
Net income attributable to EPR Properties	42,705			40,760			43,533			63,042			43,502			32,476
Preferred dividend requirements	(5,952		)	(5,952		)	(5,952		)	(5,951		)	(5,951		)	(5,952		)
Net income available to common shareholders of EPR Properties	$	36,753		$	34,808		$	37,581		$	57,091		$	37,551		$	26,524

(1) Represents income from owned assets under a direct financing lease, nine mortgage notes receivable and one note receivable.



EPR Properties
Funds From Operations and Funds From Operations as Adjusted
(Unaudited, dollars in thousands except per share information)

	3rd Quarter 2014		2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	36,753	$	34,808		$	37,581		$	57,091		$	37,551		$	26,524
Gain on sale of real estate	—		—			—			(3,540		)	(3,168		)	—
Gain on previously held equity interest	—		—			—			(4,853		)	—			—
Gain on sale of investment in a direct financing lease	—		(220		)	—			—			—			—
Real estate depreciation and amortization	17,145		15,725			15,049			14,528			13,069			13,498
Allocated share of joint venture depreciation	54		53			54			64			164			162
FFO available to common shareholders of EPR Properties	$	53,952	$	50,366		$	52,684		$	63,290		$	47,616		$	40,184

FFO available to common shareholders of EPR Properties	$	53,952	$	50,366		$	52,684		$	63,290		$	47,616		$	40,184
Add: Preferred dividends for Series C preferred shares	—		—			—			1,941			—			—
Diluted FFO available to common shareholders	$	53,952	$	50,366		$	52,684		$	65,231		$	47,616		$	40,184

Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	53,952	$	50,366		$	52,684		$	63,290		$	47,616		$	40,184
Costs associated with loan refinancing or payoff	—		—			—			—			223			5,943
Transaction costs (benefit)	369		756			(3,180		)	1,096			317			224
Provision for loan loss	3,777		—			—			—			—			—
Gain on sale of land	—		—			(330		)	—			—			—
Deferred income tax expense (benefit)	363		842			407			(14,787		)	—			—
FFO as adjusted available to common shareholders of EPR Properties	$	58,461	$	51,964		$	49,581		$	49,599		$	48,156		$	46,351

FFO per common share attributable to EPR Properties:
Basic	$	1.00	$	0.94		$	1.00		$	1.25		$	1.01		$	0.85
Diluted	1.00		0.94			1.00			1.23			1.00			0.85
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	1.09	$	0.97		$	0.94		$	0.98		$	1.02		$	0.98
Diluted	1.08		0.97			0.94			0.97			1.01			0.98
Shares used for computation (in thousands):
Basic	53,792		53,458			52,541			50,792			47,349			47,081
Diluted	54,001		53,654			52,719			52,933			47,524			47,294

Weighted average shares outstanding-diluted EPS	54,001		53,654			52,719			50,959			47,524			47,294
Effect of dilutive Series C preferred shares	—		—			—			1,974			—			—
Adjusted weighted-average shares outstanding-diluted	54,001		53,654			52,719			52,933			47,524			47,294


(1) See pages 31 through 32 for definitions.



EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)

	3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	53,952		$	50,366		$	52,684		$	63,290		$	47,616		$	40,184
Adjustments:
Amortization of above market leases, net	48			48			48			48			—			—
Transaction costs (benefit)	369			756			(3,180		)	1,096			317			224
Non-real estate depreciation and amortization	276			276			278			278			277			277
Deferred financing fees amortization	1,082			1,061			1,015			1,044			1,010			988
Costs associated with loan refinancing or payoff	—			—			—			—			223			5,943
Share-based compensation expense to management and trustees	2,313			2,343			2,328			1,690			1,659			1,618
Maintenance capital expenditures (2)	(1,572		)	(3,026		)	(1,154		)	(2,627		)	(619		)	(279		)
Straight-lined rental revenue	(2,932		)	(1,107		)	(1,111		)	(1,575		)	(1,350		)	(707		)
Non-cash portion of mortgage and other financing income	(1,585		)	(1,239		)	(1,286		)	(1,288		)	(1,329		)	(1,393		)
Provision for loan loss	3,777			—			—			—			—			—
Gain on sale of land	—			—			(330		)	—			—			—
Deferred income tax expense (benefit)	363			842			407			(14,787		)	—			—
AFFO available to common shareholders of EPR Properties	$	56,091		$	50,320		$	49,699		$	47,169		$	47,804		$	46,855

Weighted average diluted shares outstanding (in thousands)	54,001			53,654			52,719			50,959			47,524			47,294

AFFO per diluted common share	$	1.04		$	0.94		$	0.94		$	0.93		$	1.01		$	0.99

Dividends declared per common share	$	0.855		$	0.855		$	0.855		$	0.790		$	0.790		$	0.790

AFFO payout ratio (3)	82		%	91		%	91		%	85		%	78		%	80		%

(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.



EPR Properties
Capital Structure at September 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)			Unsecured Credit Facility (2)		Unsecured Senior Notes		Total		Weighted Avg Interest Rate
2014	$	3,687	$	—	$	—		$	—	$	—	$	3,687	5.57%
2015	14,584		95,497		—			—		—		110,081		5.67%
2016	11,754		96,144		1,850			—		—		109,748		5.92%
2017	7,118		158,201		—			34,000		—		199,319		4.32%
2018	919		12,462		285,000			—		—		298,381		2.57%
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		0.10%
	$	38,062	$	362,304	$	311,845		$	34,000	$	875,000	$	1,621,211	5.13%

			Balance		Weighted Avg Interest Rate			Weighted Avg Maturity
Fixed rate secured debt			$	400,366	5.45		%	2.07
Fixed rate unsecured debt (1)			1,116,850		5.37		%	6.75
Variable rate secured debt			24,995		0.10		%	23.00
Variable rate unsecured debt			79,000		1.67		%	1.36
Total			$	1,621,211	5.13		%	5.68

(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 9/30/2014		Maturity			at 9/30/2014

	$	535,000	$	34,000	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.



EPR Properties
Capital Structure at September 30, 2014 and December 31, 2013
(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Debt:
	September 30, 2014		December 31, 2013

Mortgage note payable, 5.56%, due June 5, 2015	$	30,695	$	31,235
Mortgage note payable, 5.39%, due November 1, 2015	5,040		5,274
Mortgage notes payable, 5.77%, due November 6, 2015	63,413		65,070
Mortgage notes payable, 5.84%, due March 6, 2016	35,825		36,724
Note payable, 2.50%, due April 21, 2016	1,850		—
Mortgage notes payable, 6.37%, due June 30, 2016	25,813		26,406
Mortgage notes payable, 6.10%, due October 1, 2016	23,185		23,719
Mortgage notes payable, 6.02%, due October 6, 2016	17,460		17,866
Mortgage note payable, 6.06%, due March 1, 2017	9,768		9,986
Mortgage note payable, 6.07%, due April 6, 2017	10,062		10,284
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	32,918		33,660
Mortgage note payable, 4.00%, due July 6, 2017	98,133		—
Mortgage note payable, 5.29%, due July 8, 2017	3,641		3,746
Unsecured revolving variable rate credit facility, LIBOR + 1.40%, due July 23, 2017	34,000		—
Mortgage notes payable, 5.86% due August 1, 2017	23,862		24,387
Mortgage note payable, 6.19%, due February 1, 2018	14,013		14,486
Mortgage note payable, 7.37%, due July 15, 2018	6,538		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	285,000		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	$	1,621,211	$	1,475,336



EPR Properties
Capital Structure
Senior Notes


Senior Debt Ratings as of September 30, 2014

Moody's	Baa2 (stable)
Fitch	BBB- (stable)
Standard and Poor's	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 September 30, 2014 and June 30, 2014 are:
		Actual	Actual
Note Covenants	Required	3rd Quarter 2014 (1)	2nd Quarter 2014
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	40%	43%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	10%	11%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	3.8x	3.7x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	275%	254%

(1) See page 14 for detailed calculations.



EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)

Covenant Calculations

Total Assets:	September 30, 2014						Total Debt:						September 30, 2014
Total Assets	$	3,679,231					Secured debt obligations						$	425,361
Add: accumulated depreciation	453,284						Unsecured debt obligations:
Less: intangible assets	(8,915		)				Unsecured debt						1,195,850
Total Assets	$	4,123,600					Outstanding letters of credit						—
							Guarantees						20,430
							Derivatives at fair market value, net, if liability						—
Total Unencumbered Assets:	September 30, 2014						Total unsecured debt obligations:						1,216,280
Unencumbered real estate assets, gross	$	2,940,629					Total Debt						$	1,641,641
Cash and cash equivalents	8,386
Land held for development	204,641
Property under development	189,051
Total Unencumbered Assets	$	3,342,707

Consolidated Income Available for Debt Service:	3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			Trailing Twelve Months
Adjusted EBITDA	$	85,823		$	78,950		$	75,848		$	76,643		$	317,264
Add: Adjusted EBITDA of discontinued operations	(3		)	(4		)	15			135			143
Less: straight-line rental revenue	(2,932		)	(1,107		)	(1,111		)	(1,575		)	(6,725		)
Consolidated Income Available for Debt Service	$	82,888		$	77,839		$	74,752		$	75,203		$	310,682

Annual Debt Service:
Interest expense, gross	$	22,898		$	22,174		$	21,190		$	21,416		$	87,678
Less: deferred financing fees amortization	(1,082		)	(1,061		)	(1,015		)	(1,044		)	(4,202		)
Annual Debt Service	$	21,816		$	21,113		$	20,175		$	20,372		$	83,476

Debt Service Coverage	3.8			3.7			3.7			3.7			3.7



EPR Properties
Capital Structure at September 30, 2014
(Unaudited, dollars in thousands except share information)

Equity

Security	Shares Issued and Outstanding	Price per share at September 30, 2014		Liquidation Preference		Dividend Rate		Convertible

Common shares	57,149,499	$	50.68	N/A		(1)		N/A
Series C	5,400,000	$	22.03	$	135,000	5.750%		Y
Series E	3,450,000	$	30.50	$	86,250	9.000%		Y
Series F	5,000,000	$	24.97	$	125,000	6.625%		N

Calculation of Total Market Capitalization:

Common shares outstanding at September 30, 2014 multiplied by closing price at September 30, 2014						$	2,896,337
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 September 30, 2014						1,621,211
Total consolidated market capitalization						$	4,863,798

(1) Total monthly dividends declared in the third quarter of 2014 were $0.855 per share.
(2) Excludes accrued unpaid dividends at September 30, 2014



EPR Properties
Summary of Ratios
(Unaudited)

	3rd Quarter 2014	2nd Quarter 2014	1st Quarter 2014	4th Quarter 2013	3rd Quarter 2013	2nd Quarter 2013

Debt to total assets (book value)	44%	47%	44%	45%	49%	49%

Debt to total market capitalization	33%	33%	32%	34%	37%	35%

Debt to gross assets	39%	42%	39%	40%	44%	43%

Debt/Adjusted EBITDA - continuing operations (1)	4.72	5.26	4.89	4.81	5.20	5.21

Debt/Adjusted EBITDA - continuing and discontinued operations (1)	4.72	5.26	4.89	4.80	5.20	5.13

Secured debt to secured assets	68%	69%	66%	67%	63%	65%

Unencumbered real estate assets to total real estate assets (2)	82%	82%	84%	84%	83%	83%

Interest coverage ratio (3)	3.7	3.6	3.6	3.6	3.5	3.6

Fixed charge coverage ratio (3)	2.9	2.8	2.8	2.8	2.7	2.8

Debt service coverage ratio (3)	3.2	3.1	3.2	3.2	3.1	3.0

FFO payout ratio (4)	86%	91%	86%	64%	79%	93%

FFO as adjusted payout ratio (5)	79%	88%	91%	81%	78%	81%

AFFO payout ratio (6)	82%	91%	91%	85%	78%	80%

(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.



EPR Properties
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)

	3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013
Interest Coverage Ratio (1):
Net income	$	42,705		$	40,760		$	43,533		$	63,042		$	43,502		$	32,476
Provision for loan losses	3,777			—			—			—			—			—
Transaction costs (benefit)	369			756			(3,180		)	1,096			317			224
Interest expense, gross	22,898			22,174			21,190			21,416			21,460			20,632
Depreciation and amortization	17,421			16,002			15,327			14,807			13,346			13,776
Share-based compensation expense
to management and trustees	2,313			2,343			2,328			1,690			1,659			1,618
Costs associated with loan refinancing
or payoff	—			—			—			—			223			5,943
Interest cost capitalized	(2,085		)	(1,610		)	(1,287		)	(779		)	(1,014		)	(626		)
Straight-line rental revenue	(2,932		)	(1,107		)	(1,111		)	(1,575		)	(1,350		)	(707		)
Gain on sale of real estate	—			—			(330		)	(3,540		)	(3,168		)	—
Gain on sale of investment in a direct financing lease	—			(220		)	—			—			—			—
Gain on previously held equity interest	—			—			—			(4,853		)	—			—
Deferred income tax expense (benefit)	363			842			407			(14,787		)	—			—
Interest coverage amount	$	84,829		$	79,940		$	76,877		$	76,517		$	74,975		$	73,336

Interest expense, net	$	20,801		$	20,555		$	19,899		$	20,632		$	20,435		$	19,972
Interest income	12			9			4			5			11			34
Interest cost capitalized	2,085			1,610			1,287			779			1,014			626
Interest expense, gross	$	22,898		$	22,174		$	21,190		$	21,416		$	21,460		$	20,632

Interest coverage ratio	3.7			3.6			3.6			3.6			3.5			3.6

Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	84,829		$	79,940		$	76,877		$	76,517		$	74,975		$	73,336

Interest expense, gross	$	22,898		$	22,174		$	21,190		$	21,416		$	21,460		$	20,632
Preferred share dividends	5,952			5,952			5,952			5,951			5,951			5,952
Fixed charges	$	28,850		$	28,126		$	27,142		$	27,367		$	27,411		$	26,584

Fixed charge coverage ratio	2.9			2.8			2.8			2.8			2.7			2.8

Debt Service Coverage Ratio (1):
Interest coverage amount	$	84,829		$	79,940		$	76,877		$	76,517		$	74,975		$	73,336

Interest expense, gross	$	22,898		$	22,174		$	21,190		$	21,416		$	21,460		$	20,632
Recurring principal payments	3,590			3,249			2,728			2,637			2,472			4,141
Debt service	$	26,488		$	25,423		$	23,918		$	24,053		$	23,932		$	24,773

Debt service coverage ratio	3.2			3.1			3.2			3.2			3.1			3.0

(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.



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:
	3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013			2nd Quarter 2013

Net cash provided by operating activities	$	53,854		$	72,824		$	41,530		$	75,745		$	45,649		$	72,554

Equity in income from joint ventures	300			267			311			230			351			466
Distributions from joint ventures	(810		)	—			—			(355		)	(216		)	(191		)
Amortization of deferred financing costs	(1,082		)	(1,061		)	(1,015		)	(1,044		)	(1,010		)	(988		)
Amortization of above market leases, net	(48		)	(48		)	(48		)	(48		)	—			—
Increase (decrease) in mortgage notes and related accrued interest receivable	2,087			129			107			(783		)	2,868			(1,664		)
Increase (decrease) in restricted cash	(1,181		)	(754		)	3,425			135			(565		)	(10,234		)
Increase (decrease) in accounts receivable, net	2,052			883			(543		)	2,540			1,539			1,480
Increase in direct financing lease receivable	529			988			694			1,222			1,186			1,240
Increase (decrease) in other assets	(979		)	1,353			2,039			(1,172		)	(2,842		)	1,810
Decrease (increase) in accounts payable and accrued liabilities	8,101			(14,688		)	18,151			(17,159		)	9,066			(8,493		)
Decrease (increase) in unearned rents and interest	3,393			(1,008		)	(3,793		)	(2,952		)	(464		)	(2,167		)
Straight-line rental revenue	(2,932		)	(1,107		)	(1,111		)	(1,575		)	(1,350		)	(707		)
Interest expense, gross	22,898			22,174			21,190			21,416			21,460			20,632
Interest cost capitalized	(2,085		)	(1,610		)	(1,287		)	(779		)	(1,014		)	(626		)
Transaction costs (benefit)	369			756			(3,180		)	1,096			317			224
Deferred income tax expense	363			842			407			—			—			—

Interest coverage amount (1)	$	84,829		$	79,940		$	76,877		$	76,517		$	74,975		$	73,336

(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.



EPR Properties
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)

2014 Capital Spending:
Description	Location	Operating Segment	Capital Spending Three Months Ended September 30, 2014		Capital Spending Nine Months Ended September 30, 2014
Development of megaplex theatres	various	Entertainment	$	6,430	$	19,371
Acquisition of megaplex theatres	various	Entertainment	—		126,960
Development of other entertainment and retail projects	various	Entertainment	3,412		3,997
Investment in note receivable secured by partnership interest in theatre operations	China	Entertainment	430		1,916
Investment in note receivable	Kenner, LA	Entertainment	—		1,750
Investment in mortgage notes receivable for public charter schools	various	Education	7,630		17,100
Acquisition and development of early childhood education centers	various	Education	14,612		38,232
Development of public charter school properties	various	Education	33,175		70,379
Acquisition and development of private schools	various	Education	19,545		51,198
Improvements at ski resorts	various	Recreation	710		1,549
Development of TopGolf golf entertainment facilities	various	Recreation	36,732		95,191
Acquisition and development of Camelback Mountain Resort	Tannersville, PA	Recreation	23,452		36,114
Additions to mortgage note receivable for development of Schlitterbahn waterparks	various	Recreation	4,548		4,548
Investment in casino and resort project	Sullivan County, NY	Other	1,198		3,298
Total investment spending			$	151,874	$	471,603
Other capital acquisitions, net	various		1,415		5,060
Total capital spending			$	153,289	$	476,663

2014 Dispositions:
Description	Location	Date of Disposition	Net Sales Proceeds
Sale of land adjacent to a public charter school investment	Queen Creek, AZ	January and August 2014	$	1,269
Sale of four public charter school properties	various	April 2014	46,092
Sale of land held for development	Savannah, GA	May 2014	2,378



EPR Properties
Property Under Development - Investment Spending Estimates at September 30, 2014 (1)
(Unaudited, dollars in thousands)

	September 30, 2014			Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects	4th Quarter 2014		1st Quarter 2015		2nd Quarter 2015		3rd Quarter 2015		Remainder 2015-2016		Total Expected Cost (2)		% Leased
Entertainment	$	7,911	3	$	7,425	$	6,725	$	5,725	$	5,125	$	400	$	33,311	100%
Education	102,889		19	28,990		27,497		26,671		25,377		21,773		233,197		100%
Recreation	61,064		9	49,520		39,014		11,941		—		—		161,539		100%
Total Build-to-Suit	171,864		31	$	85,935	$	73,236	$	44,337	$	30,502	$	22,173	$	428,047
Non Build-to-Suit Development	17,187
Total Property Under Development	$	189,051

			September 30, 2014	Owned Build-to-Suit In-Service Estimates
			# of Projects	4th Quarter 2014		1st Quarter 2015		2nd Quarter 2015		3rd Quarter 2015		Remainder 2015-2016		Total In-Service (2)
Entertainment			3	$	—	$	—	$	7,356	$	14,978	$	10,977	$	33,311
Education			19	93,606		4,410		—		37,052		98,129		233,197
Recreation			9	18,264		53,117		90,158		—		—		161,539
Total Build-to-Suit			31	$	111,870	$	57,527	$	97,514	$	52,030	$	109,106	$	428,047

	September 30, 2014			Mortgage Build-to-Suit Spending Estimates
	Mortgage Notes Receivable		# of Projects	4th Quarter 2014		1st Quarter 2015		2nd Quarter 2015		3rd Quarter 2015		Remainder 2015-2016		Total Expected Cost (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Education	31,418		4	2,570		3,840		425		—		—		38,253
Recreation (3)	37,871		1	30,000		30,000		13,077		—				110,948
Total Build-to-Suit Mortgage Notes	69,289		5	$	32,570	$	33,840	$	13,502	$	—	$	—	$	149,201
Non Build-to-Suit Mortgage Notes	476,976
Total Mortgage Notes Receivable	$	546,265

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



EPR Properties
Financial Information by Asset Type
For the Three Months Ended September 30, 2014
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	60,616		$	7,490		$	6,069		$	235		$	74,410		$	—		$	74,410
Tenant reimbursements	4,486			—			—			—			4,486			—			4,486
Other income	5			—			—			191			196			149			345
Mortgage and other financing income	1,789			7,561			10,050			97			19,497			—			19,497
Total revenue	66,896			15,051			16,119			523			98,589			149			98,738

Property operating expense	5,759			—			—			189			5,948			—			5,948
Other expense	—			—			—			248			248			—			248
Total investment expenses	5,759			—			—			437			6,196			—			6,196
General and administrative expense	—			—			—			—			—			6,719			6,719
Transaction costs	—			—			—			—			—			369			369
Provision for loan loss	—			—			—			—			—			3,777			3,777
EBITDA - continuing operations	$	61,137		$	15,051		$	16,119		$	86		$	92,393		$	(10,716	)	$	81,677
	66		%	16		%	18		%	—		%	100		%

Add: transaction costs																369			369
Add: provision for loan loss																3,777			3,777
Adjusted EBITDA - continuing operations																			85,823

Reconciliation to Consolidated Statements of Income:
Interest expense, net																(20,801		)	(20,801		)
Transaction costs																(369		)	(369		)
Provision for loan loss																(3,777		)	(3,777		)
Depreciation and amortization																(17,421		)	(17,421		)
Equity in income from joint ventures																300			300
Income tax expense																(1,047		)	(1,047		)
Discontinued operations:
Loss from discontinued operations																(3		)	(3		)
Net income attributable to EPR Properties																			42,705
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	36,753



EPR Properties
Financial Information by Asset Type
For the Nine Months Ended September 30, 2014
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	176,940		$	18,486		$	14,528		$	805		$	210,759		$	—		$	210,759
Tenant reimbursements	13,355			—			—			—			13,355			—			13,355
Other income (loss)	(7		)	—			—			284			277			429			706
Mortgage and other financing income	5,279			23,779			26,212			291			55,561			—			55,561
Total revenue	195,567			42,265			40,740			1,380			279,952			429			280,381

Property operating expense	17,413			—			—			523			17,936			—			17,936
Other expense	—			—			—			566			566			—			566
Total investment expenses	17,413			—			—			1,089			18,502			—			18,502
General and administrative expense	—			—			—			—			—			21,260			21,260
Transaction costs	—			—			—			—			—			1,321			1,321
Provision for loan loss	—			—			—			—			—			3,777			3,777
EBITDA - continuing operations	$	178,154		$	42,265		$	40,740		$	291		$	261,450		$	(25,929	)	$	235,521
	68		%	16		%	16		%	—		%	100		%

Add: transaction costs																1,321			1,321
Add: provision for loan loss																3,777			3,777
Adjusted EBITDA - continuing operations																			240,619

Reconciliation to Consolidated Statements of Income:
Interest expense, net																(61,254		)	(61,254		)
Transaction costs																(1,321		)	(1,321		)
Provision for loan loss																(3,777		)	(3,777		)
Depreciation and amortization																(48,750		)	(48,750		)
Equity in income from joint ventures																878			878
Gain on sale of land																330			330
Gain on sale of investment in a direct financing lease																220			220
Income tax expense																(3,332		)	(3,332		)
Discontinued operations:
Income from discontinued operations																8			8
Transaction (costs) benefit																3,376			3,376
Net income attributable to EPR Properties																			126,997
Preferred dividend requirements																(17,856		)	(17,856		)
Net income available to common shareholders of EPR Properties																			$	109,141



EPR Properties
Financial Information by Asset Type
For the Three Months Ended September 30, 2013
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	54,800		$	4,422		$	2,682		$	305		$	62,209		$	—		$	62,209
Tenant reimbursements	4,552			—			—			—			4,552			—			4,552
Other income	29			—			—			1,373			1,402			39			1,441
Mortgage and other financing income	2,258			8,507			8,807			67			19,639			—			19,639
Total revenue	61,639			12,929			11,489			1,745			87,802			39			87,841

Property operating expense	6,365			—			—			214			6,579			—			6,579
Other expense	—			—			—			204			204			—			204
Total investment expenses	6,365			—			—			418			6,783			—			6,783
General and administrative expense	—			—			—			—			—			6,764			6,764
Transaction costs	—			—			—			—			—			317			317
EBITDA - continuing operations	$	55,274		$	12,929		$	11,489		$	1,327		$	81,019		$	(7,042	)	$	73,977
	68		%	16		%	14		%	2		%	100		%

Add: transaction costs																317			317
Adjusted EBITDA - continuing operations																			74,294

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(223		)	(223		)
Interest expense, net																(20,435		)	(20,435		)
Transaction costs																(317		)	(317		)
Depreciation and amortization																(13,141		)	(13,141		)
Equity in income from joint ventures																351			351
Discontinued operations:
Loss from discontinued operations																(195		)	(195		)
Gain on sale of real estate																3,168			3,168
Net income attributable to EPR Properties																			43,502
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	37,551



EPR Properties
Financial Information by Asset Type
For the Nine Months Ended September 30, 2013
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	164,305		$	10,732		$	6,373		$	1,348		$	182,758		$	—		$	182,758
Tenant reimbursements	13,748			—			—			—			13,748			—			13,748
Other income	77			—			—			1,451			1,528			10			1,538
Mortgage and other financing income	6,685			24,609			24,151			225			55,670			—			55,670
Total revenue	184,815			35,341			30,524			3,024			253,704			10			253,714

Property operating expense	19,341			—			—			263			19,604			—			19,604
Other expense	—			—			—			508			508			—			508
Total investment expenses	19,341			—			—			771			20,112			—			20,112
General and administrative expense	—			—			—			—			—			19,468			19,468
Transaction costs	—			—			—			—			—			859			859
EBITDA - continuing operations	$	165,474		$	35,341		$	30,524		$	2,253		$	233,592		$	(20,317	)	$	213,275
	71		%	15		%	13		%	1		%	100		%

Add: transaction costs																859			859
Adjusted EBITDA - continuing operations																			214,134

Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(6,166		)	(6,166		)
Gain on early extinguishment of debt																4,539			4,539
Interest expense, net																(60,424		)	(60,424		)
Transaction costs																(859		)	(859		)
Depreciation and amortization																(39,140		)	(39,140		)
Equity in income from joint ventures																1,168			1,168
Discontinued operations:
Income from discontinued operations																198			198
Gain on sale of real estate																3,733			3,733
Net income attributable to EPR Properties																			117,183
Preferred dividend requirements																(17,855		)	(17,855		)
Net income available to common shareholders of EPR Properties																			$	99,328



EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)

	For the Three Months Ended September 30, 2014								For the Nine Months Ended September 30, 2014
	Entertainment (1)			Other (2)		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	—	$	—		$	3		$	—		$	3
Total revenue	—			—		—			3			—			3

Property operating expense	3			—		3			13			—			13
Other expense (benefit)	—			—		—			—			(18		)	(18		)
Total investment expenses	3			—		3			13			(18		)	(5		)
Transaction costs (benefit)	—			—		—			(3,376		)	—			(3,376		)
EBITDA - discontinued operations	$	(3	)	$	—	$	(3	)	$	3,366		$	18		$	3,384

Add: transaction costs (benefit)						—									(3,376		)
Adjusted EBITDA - discontinued operations						$	(3	)							$	8
Reconciliation to Consolidated Statements of Income:
Transaction costs (benefit)						—									3,376
Income (loss) from discontinued operations						$	(3	)							$	3,384

	For the Three Months Ended September 30, 2013								For the Nine Months Ended September 30, 2013
	Entertainment (1)			Other (2)		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	163	$	163		$	109		$	1,514		$	1,623
Tenant reimbursements	—			—		—			554			—			554
Total revenue	—			163		163			663			1,514			2,177

Property operating expense (benefit)	66			—		66			68			(30		)	38
Other expense	—			87		87			—			241			241
Total investment expenses	66			87		153			68			211			279
EBITDA and Adjusted EBITDA- discontinued operations	$	(66	)	$	76	$	10		$	595		$	1,303		$	1,898
Reconciliation to Consolidated Statements of Income:
Interest income, net						—									28
Depreciation and amortization						(205		)							(1,728		)
Gain on sale of real estate, net						3,168									3,733
Income from discontinued operations						$	2,973								$	3,931



EPR Properties
Investment Information by Asset Type
As of September 30, 2014 and December 31, 2013
(Unaudited, dollars in thousands)

		As of September 30, 2014
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,856,085		$	297,155		$	209,705		$	7,253		$	2,370,198
Add back accumulated depreciation on rental properties		431,431			8,998			10,018			2,837			453,284
Land held for development		4,457			—			—			200,184			204,641
Property under development		21,941			106,046			61,064			—			189,051
Mortgage notes and related accrued interest receivable, net		58,220			73,709			409,304			5,032			546,265
Investment in a direct financing lease, net		—			198,551			—			—			198,551
Investment in joint ventures		5,343			—			—			—			5,343
Intangible assets, gross (1)		21,014			—			—			—			21,014
Notes receivable and related accrued interest receivable, net (1)		3,792			—			—			—			3,792
	Total investments (2)	$	2,402,283		$	684,459		$	690,091		$	215,306		$	3,992,139
	% of total investments	60		%	17		%	17		%	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 September 30, 2014 and December 31, 2013 in the Company's Quarterly Report on Form 10-Q. Reconciliation is as follows:

		9/30/2014			12/31/2013
Intangible assets, gross		$	21,014		$	18,444
Less: accumulated amortization on intangible assets		(12,099		)	(11,633		)
Notes receivable and related accrued interest receivable, net		3,792			4,992
Prepaid expenses and other current assets		51,815			48,129
Total other assets		$	64,522		$	59,932

(2) See pages 31 and 32 for definitions.



EPR Properties
Lease Expirations
As of September 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 September 30, 2014 (1)		% of Total Revenue		Total Number of Properties		Financing Income/Rental Revenue for the Trailing Twelve Months Ended September 30, 2014		% of Total Revenue

2014	—		$	—	—		—		$	—	—
2015	3		9,716		3	%	—		—		—
2016	4		9,344		3	%	—		—		—
2017	4		7,373		2	%	1		1,071		1	%
2018	17		27,497		7	%	—		—		—
2019	6		16,577		4	%	—		—		—
2020	7		9,182		2	%	—		—		—
2021	5		7,541		2	%	—		—		—
2022	12		22,268		6	%	—		—		—
2023	5		10,571		3	%	—		—		—
2024	14		27,613		7	%	—		—		—
2025	5		11,097		3	%	—		—		—
2026	4		5,667		2	%	—		—		—
2027	13	(2)	8,530		2	%	—		—		—
2028	3		5,628		2	%	—		—		—
2029	15	(3)	14,125		4	%	—		—		—
2030	—		—		—		—		—		—
2031	5		7,552		2	%	9	(5)	7,502		2	%
2032	3	(4)	2,039		1	%	14	(6)	16,293		4	%
2033	6		4,423		1	%	17	(7)	16,032		4	%
Thereafter	2		874		—		15		6,179		2	%
	133		$	207,617	56	%	56		$	47,077	13	%

Note: This schedule relates to consolidated megaplex theatres, public charter schools and early education centers only, which together represent approximately 69% of total revenue for the trailing twelve months ended September 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.



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	Nine Months Ended		Percentage of
	Customers	Asset Type	September 30, 2014		Total Revenue	September 30, 2014		Total Revenue

1.	American Multi-Cinema, Inc.	Entertainment	$	21,905	22%	$	65,460	23%
2.	Regal Cinemas, Inc.	Entertainment	10,122		10%	26,076		9%
3.	Cinemark USA, Inc.	Entertainment	8,050		8%	24,444		9%
4.	Imagine Schools, Inc.	Education	5,963		6%	19,204		7%
5.	SVVI, LLC	Recreation	4,801		5%	11,411		4%
6.	Peak Resorts, Inc.	Recreation	4,701		5%	14,071		5%
7.	Carmike Cinemas, Inc.	Entertainment	4,549		5%	13,239		5%
8.	Top Golf USA	Recreation	3,713		4%	7,570		3%
9.	Southern Theatres, LLC	Entertainment	3,047		3%	9,099		3%
10.	Landmark Cinemas	Entertainment	1,924		2%	5,744		2%

	Total		$	68,775	70%	$	196,318	70%



EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	September 30, 2014		December 31, 2013
Mortgage note, 9.00%, due March 16, 2015	$	1,140	$	—
Mortgage note, 10.00%, due April 1, 2016	42,907		42,907
Mortgage note and related accrued interest receivable, 5.50%, due November 1, 2016	2,511		2,511
Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2017	2,521		2,521
Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019	189,417		183,465
Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2020	37,871		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	19,760		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	5,629		5,717
Mortgage note and related accrued interest receivable, 9.50%, due January 31, 2033	11,249		6,872
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	27,821		20,802
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033	3,467		3,455
Mortgage note, 11.31%, due July 1, 2033	13,058		13,086
Mortgage note, 7.00% during construction, 8.50% upon completion, due June 30, 2034	4,643		—
Total mortgage notes and related accrued interest receivable	$	546,265	$	486,337

Payments Due on Mortgage Notes Receivable

	As of September 30, 2014
Year:
2014	$	963
2015	2,507
2016	46,839
2017	1,755
2018	837
Thereafter	493,364
Total	$	546,265



EPR Properties
Summary of Notes Receivable
(Unaudited, dollars in thousands)

Summary of Notes Receivable (1)

	September 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 October 31, 2014	1,777			—
Note and related accrued interest receivable, 9.23%,
due August 31, 2015 (2)	3,777			3,692
Note and related accrued interest receivable, 12.50%,
due March 1, 2024	2,016			—
Total notes and related accrued interest receivable	$	7,570		$	4,992
Less: Loan loss reserve	(3,777		)	—
Total notes and related accrued interest receivable, net	$	3,793		$	4,992

(1) Included in other assets in the consolidated balance sheets as of September 30, 2014 and December 31, 2013 in the Company's Quarterly Report on Form 10-Q.

(2) Note receivable is impaired as of September 30, 2014 and is shown below as past due. In accordance with the Company's accounting policy, interest income is being recognized on a cash basis.

Payments due on Notes Receivable

	As of September 30, 2014
Year:
Past Due (100% Reserved)	$	3,777
2014	1,877
2015	—
2016	—
2017	—
2018	—
Thereafter	1,916
Total	$	7,570

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 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.

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

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.

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.

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.

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 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.



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

Mike Hirons
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

Bank of America Merrill Lynch	Jane Wong	646-855-3378
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	212-409-2056
RBC Capital Markets	Richard Moore	440-715-2646
Stifel	Simon Yarmak	443-224-1345



Company Strategy