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): February 24, 2015

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 February 24, 2015, EPR Properties (the “Company”) announced its results of operations and financial condition for the fourth quarter and year ended December 31, 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 February 24, 2015, the Company made available on its website supplemental operating and financial data for the fourth quarter and year ended December 31, 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 February 24, 2015 issued by EPR Properties announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2014.
99.2	Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2014, made available by EPR Properties on February 24, 2015.

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: February 24, 2015

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated February 24, 2015 issued by EPR Properties announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2014.
99.2	Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2014, made available by EPR Properties on February 24, 2015.

EX-99.1

Exhibit 99.1

EPR PROPERTIES REPORTS FOURTH QUARTER AND

2014 YEAR-END RESULTS

Company Achieves Record Quarterly and Annual Revenues

Kansas City, MO, February 24, 2015 -- EPR Properties (NYSE:EPR) today announced operating results for the fourth quarter and year ended December 31, 2014.

Three Months Ended December 31, 2014

• Total revenue was $104.7 million for the fourth quarter of 2014, representing a 17% increase from $89.4 million for the same quarter in 2013.

• Net income available to common shareholders was $46.7 million, or $0.81 per diluted common share, for the fourth quarter of 2014 compared to $57.1 million, or $1.12 per diluted common share, for the same quarter in 2013.

• Funds From Operations (FFO) for the fourth quarter of 2014 was $63.5 million, or $1.10 per diluted common share, compared to $63.3 million, or $1.23 per diluted common share, for the same quarter in 2013.

• FFO as adjusted for the fourth quarter of 2014 was $65.1 million, or $1.13 per diluted common share, compared to $49.6 million, or $0.97 per diluted common share, for the same quarter in 2013, representing a 16% increase in per share results.

Year Ended December 31, 2014

• Total revenue was $385.1 million for the year ended December 31, 2014, representing a 12% increase from $343.1 million for the same period in 2013.

• Net income available to common shareholders was $155.8 million, or $2.86 per diluted common share, for the year ended December 31, 2014 compared to $156.4 million, or $3.24 per diluted common share, for the same period in 2013.

• FFO for the year ended December 31, 2014 was $220.5 million, or $4.04 per diluted common share, compared to $199.4 million, or $4.13 per diluted common share, for the same period in 2013.

• FFO as adjusted for the year ended December 31, 2014 was $225.1 million, or $4.13 per diluted common share, compared to $188.2 million, or $3.90 per diluted common share, for the same period in 2013, representing a 6% increase in per share results.

David Brain, President and CEO, commented, “2014 was a noteworthy year for EPR as we delivered record revenues, achieved record investment spending and announced our fifth consecutive significant dividend increase. Looking ahead, we see strong investment opportunities in each of our three primary segments, and with our solid balance sheet we believe that we are well positioned to deliver ongoing earnings growth.”

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

		Three Months Ended December 31,
		2014					2013
		Amount		FFO/share			Amount			FFO/share
FFO		$	63,451	$	1.10		$	63,290		$	1.23
	Costs associated with loan refinancing or payoff	301		0.01			—			—
	Transaction costs	1,131		0.02			1,096			0.02
	Deferred income tax expense (benefit)	184		—			(14,787		)	(0.28		)
FFO as adjusted		$	65,067	$	1.13		$	49,599		$	0.97
Dividends declared per common share				$	0.855					$	0.790
FFO as adjusted payout ratio				76		%				81		%

		Year Ended December 31,
		2014						2013
		Amount			FFO/share			Amount			FFO/share
FFO		$	220,453		$	4.04		$	199,405		$	4.13
	Costs associated with loan refinancing or payoff	301			0.01			6,166			0.12
	Transaction costs (benefit)	(924		)	(0.01		)	1,955			0.04
	Provision for loan loss	3,777			0.07			—			—
	Gain on early extinguishment of debt	—			—			(4,539		)	(0.09		)
	Gain on sale of land	(330		)	(0.01		)	—			—
	Deferred income tax expense (benefit)	1,796			0.03			(14,787		)	(0.30		)
FFO as adjusted		$	225,073		$	4.13		$	188,200		$	3.90
Dividends declared per common share					$	3.42					$	3.16
FFO as adjusted payout ratio					83		%				81		%

Portfolio Update

The Company's investment portfolio consisted of the following at December 31, 2014:

• The Entertainment segment included investments in 126 megaplex theatre properties, nine entertainment retail centers (which include eight additional megaplex theatre properties and one live performance venue) and six family entertainment centers. The Company’s portfolio of owned entertainment properties consisted of 11.7 million square feet and was 99% leased, including megaplex theatres that were 100% leased.

• The Education segment included investments in 62 public charter school properties, five early education centers and two private school properties. The Company’s portfolio of owned education properties consisted of 3.3 million square feet and was 100% leased.

• The Recreation segment included investments in nine metro ski parks, four waterparks and ten 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 15.9 million square feet and was 99% leased. As of December 31, 2014, the Company also had invested approximately $181.8 million in property under development.

Investment Update

The Company's investment spending during the three months ended December 31, 2014 totaled $141.1 million, bringing the year-to-date investment spending to $612.7 million, and included investments in each of its four operating segments:

• Entertainment investment spending totaled $16.9 million, and was related primarily to the purchase of land under a theatre and adjacent retail as well as investments in build-to-suit construction of three megaplex theatres, each of which is subject to a long-term triple net lease agreement.

• Education investment spending totaled $48.1 million, and was related to investments in build-to-suit construction of 18 public charter schools, three private schools and 12 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 $74.8 million, and was related to build-to-suit construction of 14 Topgolf golf entertainment facilities and additional improvements at Camelback Mountain Resort, each of which is subject to a long-term triple net lease or long-term mortgage agreement.

• Other investment spending totaled $1.3 million, and was related to the Adelaar casino and resort project in Sullivan County, New York.

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 39% at December 31, 2014. The Company had $3.3 million of unrestricted cash on hand and $62.0 million outstanding under its $535.0 million unsecured revolving credit facility at December 31, 2014.

Asset Recycling

In conjunction with Peak Resorts, Inc. (Peak) becoming a publicly traded company, on December 2, 2014, the Company received $76.2 million from Peak representing full prepayment of three mortgage notes receivable and partial prepayment for one mortgage note receivable related to five metro ski parks and one development property. In conjunction with this payoff, the Company received a prepayment fee of $5.0 million which is included in mortgage and other financing income. The maturity dates of the remaining mortgage notes receivable totaling $93.6 million at December 31, 2014 were extended to December 31, 2034. Additionally, $0.3 million of prepaid mortgage fees were written off which are included in costs associated with loan refinancing.

During the fourth quarter of 2014, the Company completed the sale of its remaining vineyard and winery properties for total net proceeds of $8.0 million and recognized a gain of $0.9 million.

Subsequent to year-end, on January 27, 2015, the Company completed the sale of a theatre located in Los Angeles, California for net proceeds of $42.7 million and recognized a gain on sale of $23.7 million.

Adelaar Casino and Resort Project Update

As previously announced, on December 17, 2014, Empire Resorts, Inc.’s wholly owned subsidiary, Montreign Operating Company, LLC, the Company's partner for the gaming venue within the planned Adelaar four-season destination resort, was selected in a unanimous vote by the New York State Gaming Facility Location Board to apply to the New York State Gaming Commission for a gaming facility license for the venue. If the gaming facility license is awarded, construction of the gaming facility is expected to commence soon thereafter as financing commitments and almost all approvals and permits have been obtained.

Chief Executive Officer Retirement

As separately disclosed, Mr. Brain, the Company's President and Chief Executive Officer, is retiring from the Company and will receive retirement severance amounts which are expected to result in a charge to earnings in the first quarter of 2015 in a range of $18 million to $19 million. The Company expects to exclude this charge from its calculation of FFO as adjusted. 

Dividend Information

The Company declared regular monthly cash dividends during the fourth quarter of 2014 totaling $0.855 per common share. The Company also declared fourth 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.

As previously announced, the Company declared regular monthly cash dividends to common shareholders of $0.3025 per common share for each of the months of January and February 2015. This dividend level represents an annualized dividend of $3.63 per common share, an increase of 6.1% over 2014 and the Company’s fifth consecutive year with an annual dividend increase.

Guidance

The Company is increasing its  2015 guidance for FFOAA as adjusted per share to a range of $4.32 to 4.42 from a range of $4.30 to $4.40 (excluding the anticipated retirement severance charge discussed above) and is maintaining its 2015 investment spending guidance of $500.0 million to $550 million. 

Quarterly and Year-End Supplemental

The Company's supplemental information package for the fourth quarter and year ended December 31, 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 December 31,						Year Ended December 31,
	2014			2013			2014			2013
Rental revenue	$	75,914		$	65,952		$	286,673		$	248,709
Tenant reimbursements	4,308			4,653			17,663			18,401
Other income	303			145			1,009			1,682
Mortgage and other financing income	24,144			18,602			79,706			74,272
Total revenue	104,669			89,352			385,051			343,064
Property operating expense	6,961			6,413			24,897			26,016
Other expense	206			150			771			658
General and administrative expense	6,306			6,146			27,566			25,613
Costs associated with loan refinancing or payoff	301			—			301			6,166
Gain on early extinguishment of debt	—			—			—			(4,539		)
Interest expense, net	20,015			20,632			81,270			81,056
Transaction costs	1,131			1,096			2,452			1,955
Provision for loan losses	—			—			3,777			—
Depreciation and amortization	17,989			14,807			66,739			53,946
Income before equity in income from joint ventures and other items	51,760			40,108			177,278			152,193
Equity in income from joint ventures	395			230			1,273			1,398
Gain on sale or acquisition, net	879			3,017			1,209			3,017
Gain on sale of investment in a direct financing lease	—			—			220			—
Gain on previously held equity interest	—			4,853			—			4,853
Income before income taxes	53,034			48,208			179,980			161,461
Income tax benefit (expense)	(896		)	14,176			(4,228		)	14,176
Income from continuing operations	$	52,138		$	62,384		$	175,752		$	175,637
Discontinued operations:
Income from discontinued operations	497			135			505			333
Transaction (costs) benefit	—			—			3,376			—
Gain on sale or acquisition of real estate	—			523			—			4,256
Net income attributable to EPR Properties	52,635			63,042			179,633			180,226
Preferred dividend requirements	(5,951		)	(5,951		)	(23,807		)	(23,806		)
Net income available to common shareholders of EPR Properties	$	46,684		$	57,091		$	155,826		$	156,420
Per share data attributable to EPR Properties common shareholders:
Basic earnings per share data:
Income from continuing operations	$	0.81		$	1.11		$	2.80		$	3.16
Income from discontinued operations	0.01			0.01			0.07			0.10
Net income available to common shareholders	$	0.82		$	1.12		$	2.87		$	3.26
Diluted earnings per share data:
Income from continuing operations	$	0.80		$	1.11		$	2.79		$	3.15
Income from discontinued operations	0.01			0.01			0.07			0.09
Net income available to common shareholders	$	0.81		$	1.12		$	2.86		$	3.24
Shares used for computation (in thousands):
Basic	57,141			50,792			54,244			48,028
Diluted	57,355			50,959			54,444			48,214

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 December 31,						Year Ended December 31,
	2014			2013			2014			2013
FFO:
Net income available to common shareholders of EPR Properties	$	46,684		$	57,091		$	155,826		$	156,420
Gain on sale or acquisition of real estate	(879		)	(3,540		)	(879		)	(7,273		)
Gain on sale of investment in a direct financing lease	—			—			(220		)	—
Gain on previously held equity interest	—			(4,853		)	—			(4,853		)
Real estate depreciation and amortization	17,582			14,528			65,501			54,564
Allocated share of joint venture depreciation	64			64			225			547
FFO available to common shareholders of EPR Properties	$	63,451		$	63,290		$	220,453		$	199,405
FFO available to common shareholders of EPR Properties	$	63,451		$	63,290		$	220,453		$	199,405
Add: Preferred dividends for Series C preferred shares	1,941			1,941			7,763			7,763
Diluted FFO available to common shareholders	$	65,392		$	65,231		$	228,216		$	207,168
FFO per common share attributable to EPR Properties:
Basic	$	1.11		$	1.25		$	4.06		$	4.15
Diluted	1.10			1.23			4.04			4.13
Shares used for computation (in thousands):
Basic	57,141			50,792			54,244			48,028
Diluted	59,353			52,933			56,433			50,176
Weighted average shares outstanding-diluted EPS	57,355			50,959			54,444			48,214
Effect of dilutive Series C preferred shares	1,998			1,974			1,989			1,962
Adjusted weighted average shares outstanding-diluted	59,353			52,933			56,433			50,176
Other financial information:
Straight-lined rental revenue	$	3,515		$	1,575		$	8,665		$	4,846
Dividends per common share	$	0.86		$	0.79		$	3.42		$	3.16

(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 2.0 million common shares that would result from the conversion of our 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of our 9.0% 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 for the three months and years ended December 31, 2014 and 2013 because the effect is anti-dilutive. However, because a conversion of the 5.75% Series C cumulative convertible preferred shares would be dilutive to FFO and per share for the three months and years ended December 31, 2014 and 2013, these adjustments have been made in the calculation of diluted FFO per share for these periods.

EPR Properties

Condensed Consolidated Balance Sheets

(Dollars in thousands)

	December 31,
	2014		2013
Assets
Rental properties, net of accumulated depreciation of $465,660 and $409,643 at December 31, 2014 and 2013, respectively	$	2,451,534	$	2,104,151
Land held for development	206,001		201,342
Property under development	181,798		89,473
Mortgage notes and related accrued interest receivable	507,955		486,337
Investment in a direct financing lease, net	199,332		242,212
Investment in joint ventures	5,738		5,275
Cash and cash equivalents	3,336		7,958
Restricted cash	13,072		9,714
Deferred financing costs, net	19,909		23,344
Accounts receivable, net	47,282		42,538
Other assets	66,091		59,932
Total assets	$	3,702,048	$	3,272,276
Liabilities and Equity
Accounts payable and accrued liabilities	$	82,180	$	72,327
Dividends payable	22,233		19,553
Unearned rents and interest	25,623		17,046
Debt	1,645,523		1,475,336
Total liabilities	1,775,559		1,584,262
EPR Properties shareholders’ equity	1,926,112		1,687,637
Noncontrolling interests	377		377
Total equity	1,926,489		1,688,014
Total liabilities and equity	$	3,702,048	$	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 $4.0 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

Fourth Quarter and Year Ended December 31, 2014

EPR Properties
Supplemental Operating and Financial Data
Fourth Quarter and Year Ended December 31, 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

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
Greg Silvers	Jerry Earnest
President and Chief Executive Officer	Senior Vice President and Chief Investment Officer
Mark Peterson	Mike Hirons
Senior Vice President and Chief Financial Officer	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
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

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 December 31,						Year ended December 31,
Operating Information:	2014			2013			2014		2013
Revenue (1)	$	104,669		$	89,352		$	385,051	$	343,064
Net income available to common shareholders of
EPR Properties	46,684			57,091			155,826		156,420
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - continuing operations (2)	90,065			75,547			325,588		288,822
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - discontinued operations (2)	497			135			3,881		2,032
Adjusted EBITDA - continuing operations (2)	91,196			76,643			331,817		290,777
Adjusted EBITDA - discontinued operations (2)	497			135			505		2,032
Interest expense, net (1)	20,015			20,632			81,270		81,056
Recurring principal payments	3,654			2,637			13,221		13,553
Capitalized interest	2,543			779			7,525		2,763
Straight-lined rental revenue	3,515			1,575			8,665		4,846
Dividends declared on preferred shares	5,951			5,951			23,807		23,806
Dividends declared on common shares	48,850			40,800			186,687		152,692
General and administrative expense	6,306			6,146			27,566		25,613
Balance Sheet Information:	December 31
	2014			2013
Total assets	$	3,702,048		$	3,272,276
Accumulated depreciation	465,660			409,643
Total assets before accumulated depreciation (gross assets)	4,167,708			3,681,919
Unencumbered real estate assets (3)
Number	194			181
Gross book value	3,038,939			2,738,714
Annualized stabilized NOI	308,774			274,416
Total debt	1,645,523			1,475,336
Equity	1,926,489			1,688,014
Common shares outstanding	57,126			51,655
Total market capitalization (using EOP closing price)	5,283,941			4,360,953
Debt/total assets	44		%	45		%
Debt/total market capitalization	31		%	34		%
Debt/gross assets	39		%	40		%
Debt/Adjusted EBITDA - continuing operations (4)	4.51			4.81
Debt/Adjusted EBITDA - continuing and discontinued operations (4)	4.49			4.80
(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)
	4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013
Assets
Rental properties: (1)
Entertainment	$	2,294,112		$	2,287,516		$	2,284,385		$	2,143,392		$	2,152,138		$	2,065,181
Education	365,268			306,153			199,580			199,580			193,372			184,728
Recreation	257,814			219,723			218,656			159,334			158,194			70,955
Other	—			10,090			10,090			10,090			10,090			14,062
Less: accumulated depreciation	(465,660		)	(453,284		)	(439,242		)	(422,463		)	(409,643		)	(398,356		)
Land held for development	206,001			204,641			203,443			202,552			201,342			200,325
Property under development	181,798			189,051			182,897			138,586			89,473			86,048
Mortgage notes receivable: (2)
Entertainment	58,220			58,220			58,220			58,220			58,220			91,309
Education	76,917			73,709			66,013			61,027			56,505			55,412
Recreation	367,797			409,304			379,435			366,561			366,580			364,829
Other	5,021			5,032			5,021			5,032			5,032			2,521
Investment in a direct financing lease, net	199,332			198,551			198,020			242,905			242,212			240,990
Investment in joint ventures	5,738			5,343			5,853			5,586			5,275			13,683
Cash and cash equivalents	3,336			8,386			13,589			20,406			7,958			24,141
Restricted cash	13,072			26,811			17,566			19,568			9,714			18,110
Accounts receivable, net	47,282			44,469			42,830			41,616			42,538			40,326
Other assets	86,000			85,516			86,496			87,121			83,276			61,009
Total assets	$	3,702,048		$	3,679,231		$	3,532,852		$	3,339,113		$	3,272,276		$	3,135,273
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	82,180		$	71,511		$	70,383		$	47,526		$	72,327		$	58,273
Common dividends payable	16,281			16,288			15,239			15,232			13,601			12,636
Preferred dividends payable	5,952			5,952			5,952			5,952			5,952			5,951
Unearned rents and interest	25,623			36,551			29,507			27,281			17,046			18,979
Line of credit	62,000			34,000			79,000			—			—			68,000
Debt	1,583,523			1,587,211			1,580,801			1,482,608			1,475,336			1,477,973
Total liabilities	1,775,559			1,751,513			1,780,882			1,578,599			1,584,262			1,641,812
Equity:
Common stock and additional paid-in- capital	2,284,029			2,280,693			2,093,922			2,090,420			2,004,397			1,825,790
Preferred stock at par value	139			139			139			139			139			139
Treasury stock	(67,846		)	(66,437		)	(66,096		)	(65,857		)	(62,177		)	(62,177		)
Accumulated other comprehensive income	12,566			13,557			14,225			15,129			17,193			17,536
Distributions in excess of net income	(302,776		)	(300,611		)	(290,597		)	(279,694		)	(271,915		)	(288,204		)
EPR Properties shareholders' equity	1,926,112			1,927,341			1,751,593			1,760,137			1,687,637			1,493,084
Noncontrolling interests	377			377			377			377			377			377
Total equity	1,926,489			1,927,718			1,751,970			1,760,514			1,688,014			1,493,461
Total liabilities and equity	$	3,702,048		$	3,679,231		$	3,532,852		$	3,339,113		$	3,272,276		$	3,135,273
(1) Includes rental properties held for sale.
(2) Includes related accrued interest receivable.

7

EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)
	4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013
Rental revenue and tenant reimbursements:
Entertainment	$	64,774		$	65,102		$	63,783		$	61,410		$	61,373		$	59,352
Education	9,387			7,490			5,519			5,478			5,198			4,422
Recreation	5,840			6,069			4,612			3,846			3,751			2,682
Other	221			235			285			285			283			305
Mortgage and other financing income:
Entertainment	1,776			1,789			1,768			1,723			1,761			2,258
Education (1)	7,708			7,561			7,440			8,778			8,666			8,507
Recreation	14,563			10,050			8,096			8,066			8,081			8,807
Other	97			97			97			97			94			67
Other income	303			345			187			174			145			1,441
Total revenue	104,669			98,738			91,787			89,857			89,352			87,841
Property operating expense	6,961			5,948			5,539			6,449			6,413			6,579
Other expense	206			248			219			98			150			204
General and administrative expense	6,306			6,719			7,079			7,462			6,146			6,764
Costs associated with loan refinancing or payoff	301			—			—			—			—			223
Interest expense, net	20,015			20,801			20,555			19,899			20,632			20,435
Transaction costs	1,131			369			756			196			1,096			317
Provision for loan loss	—			3,777			—			—			—			—
Depreciation and amortization	17,989			17,421			16,002			15,327			14,807			13,141
Income before equity in income in joint ventures and other items	51,760			43,455			41,637			40,426			40,108			40,178
Equity in income from joint ventures	395			300			267			311			230			351
Gain on sale or acquisiton, net	879			—			—			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)	(896		)	(1,047		)	(1,360		)	(925		)	14,176			—
Income from continuing operations	$	52,138		$	42,708		$	40,764		$	40,142		$	62,384		$	40,529
Discontinued operations:
Income (loss) from discontinued operations	497			(3		)	(4		)	15			135			(195		)
Transaction (costs) benefit	—			—			—			3,376			—			—
Gain on sale of real estate	—			—			—			—			523			3,168
Net income attributable to EPR Properties	52,635			42,705			40,760			43,533			63,042			43,502
Preferred dividend requirements	(5,951		)	(5,952		)	(5,952		)	(5,952		)	(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties	$	46,684		$	36,753		$	34,808		$	37,581		$	57,091		$	37,551
(1) Represents income from owned assets under a direct financing lease, ten 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)
	4th Quarter 2014			3rd Quarter 2014		2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	46,684		$	36,753	$	34,808		$	37,581		$	57,091		$	37,551
Gain on sale of real estate	(879		)	—		—			—			(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	17,582			17,145		15,725			15,049			14,528			13,069
Allocated share of joint venture depreciation	64			54		53			54			64			164
FFO available to common shareholders of EPR Properties	$	63,451		$	53,952	$	50,366		$	52,684		$	63,290		$	47,616
FFO available to common shareholders of EPR Properties	$	63,451		$	53,952	$	50,366		$	52,684		$	63,290		$	47,616
Add: Preferred dividends for Series C preferred shares	1,941			—		—			—			1,941			—
Diluted FFO available to common shareholders	$	65,392		$	53,952	$	50,366		$	52,684		$	65,231		$	47,616
Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	63,451		$	53,952	$	50,366		$	52,684		$	63,290		$	47,616
Costs associated with loan refinancing or payoff	301			—		—			—			—			223
Transaction costs (benefit)	1,131			369		756			(3,180		)	1,096			317
Provision for loan loss	—			3,777		—			—			—			—
Gain on sale of land	—			—		—			(330		)	—			—
Deferred income tax expense (benefit)	184			363		842			407			(14,787		)	—
FFO as adjusted available to common shareholders of EPR Properties	$	65,067		$	58,461	$	51,964		$	49,581		$	49,599		$	48,156
FFO per common share attributable to EPR Properties:
Basic	$	1.11		$	1.00	$	0.94		$	1.00		$	1.25		$	1.01
Diluted	1.10			1.00		0.94			1.00			1.23			1.00
FFO as adjusted per common share attributable to EPR Properties:
Basic	$	1.14		$	1.09	$	0.97		$	0.94		$	0.98		$	1.02
Diluted	1.13			1.08		0.97			0.94			0.97			1.01
Shares used for computation (in thousands):
Basic	57,141			53,792		53,458			52,541			50,792			47,349
Diluted	57,355			54,001		53,654			52,719			50,959			47,524
Weighted average shares outstanding-diluted EPS	57,355			54,001		53,654			52,719			50,959			47,524
Effect of dilutive Series C preferred shares	1,998			—		—			—			1,974			—
Adjusted weighted-average shares outstanding-diluted	59,353			54,001		53,654			52,719			52,933			47,524
(1) See pages 31 through 32 for definitions.

9

EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)
	4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	63,451		$	53,952		$	50,366		$	52,684		$	63,290		$	47,616
Adjustments:
Amortization of above market leases, net	48			48			48			48			48			—
Transaction costs (benefit)	1,131			369			756			(3,180		)	1,096			317
Non-real estate depreciation and amortization	408			276			276			278			278			277
Deferred financing fees amortization	1,090			1,082			1,061			1,015			1,044			1,010
Costs associated with loan refinancing or payoff	301			—			—			—			—			223
Share-based compensation expense to management and trustees	1,918			2,313			2,343			2,328			1,690			1,659
Maintenance capital expenditures (2)	(1,929		)	(1,572		)	(3,026		)	(1,154		)	(2,627		)	(619		)
Straight-lined rental revenue	(3,515		)	(2,932		)	(1,107		)	(1,111		)	(1,575		)	(1,350		)
Non-cash portion of mortgage and other financing income	(2,248		)	(1,585		)	(1,239		)	(1,286		)	(1,288		)	(1,329		)
Provision for loan loss	—			3,777			—			—			—			—
Gain on sale of land	—			—			—			(330		)	—			—
Deferred income tax expense (benefit)	184			363			842			407			(14,787		)	—
AFFO available to common shareholders of EPR Properties	$	60,839		$	56,091		$	50,320		$	49,699		$	47,169		$	47,804
Weighted average diluted shares outstanding (in thousands)	57,355			54,001			53,654			52,719			50,959			47,524
AFFO per diluted common share	$	1.06		$	1.04		$	0.94		$	0.94		$	0.93		$	1.01
Dividends declared per common share	$	0.855		$	0.855		$	0.855		$	0.855		$	0.790		$	0.790
AFFO payout ratio (3)	81		%	82		%	91		%	91		%	85		%	78		%
(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 December 31, 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
2015	$	14,583	$	95,497	$	—		$	—	$	—	$	110,080	5.67%
2016	11,754		96,144		1,850			—		—		109,748		5.92%
2017	7,118		158,201		—			62,000		—		227,319		3.98%
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	—		—		—			—		—		—		—%
2025	—		—		—			—		—		—		—%
Thereafter	—		—		24,995			—		—		24,995		0.03%
	$	34,374	$	362,304	$	311,845		$	62,000	$	875,000	$	1,645,523	5.07%
			Balance		Weighted Avg Interest Rate			Weighted Avg Maturity
Fixed rate secured debt			$	396,678	5.45		%	1.81
Fixed rate unsecured debt (1)			1,116,850		5.37		%	6.50
Variable rate secured debt			24,995		0.03		%	22.75
Variable rate unsecured debt			107,000		1.65		%	1.63
Total			$	1,645,523	5.07		%	5.39
(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 12/31/2014		Maturity			at 12/31/2014
	$	535,000	$	62,000	July 23, 2017			1.56%
	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 December 31, 2014 and 2013
(Unaudited, dollars in thousands)
Consolidated Debt (continued)
Summary of Debt:
	December 31, 2014		December 31, 2013
Mortgage note payable, 5.56%, due June 5, 2015	$	30,508	$	31,235
Mortgage note payable, 5.39%, due November 1, 2015	4,960		5,274
Mortgage notes payable, 5.77%, due November 6, 2015	62,842		65,070
Mortgage notes payable, 5.84%, due March 6, 2016	35,515		36,724
Note payable, 2.50%, due April 21, 2016	1,850		—
Mortgage notes payable, 6.37%, due June 1, 2016	25,607		26,406
Mortgage notes payable, 6.10%, due October 1, 2016	23,000		23,719
Mortgage notes payable, 6.02%, due October 6, 2016	17,319		17,866
Mortgage note payable, 6.06%, due March 1, 2017	9,693		9,986
Mortgage note payable, 6.07%, due April 6, 2017	9,985		10,284
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	32,662		33,660
Mortgage notes payable, 4.00%, due July 6, 2017	97,248		—
Mortgage note payable, 5.29%, due July 8, 2017	3,604		3,746
Unsecured revolving variable rate credit facility, LIBOR + 1.40%, due July 23, 2017	62,000		—
Mortgage notes payable, 5.86% due August 1, 2017	23,681		24,387
Mortgage note payable, 6.19%, due February 1, 2018	13,849		14,486
Mortgage note payable, 7.37%, due July 15, 2018	6,205		7,498
Unsecured term loan payable, LIBOR + 1.60%, $240,000 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	$	1,645,523	$	1,475,336

12

EPR Properties
Capital Structure
Senior Notes
Senior Debt Ratings as of December 31, 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 December 31, 2014 and September 30, 2014 are:
		Actual	Actual
Note Covenants	Required	4th Quarter 2014 (1)	3rd Quarter 2014
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	40%	40%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	10%	10%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	4.1	3.8x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	275%	275%
(1) See page 14 for detailed calculations.

13

EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)
Covenant Calculations
Total Assets:	December 31, 2014						Total Debt:						December 31, 2014
Total Assets	$	3,702,048					Secured debt obligations						$	421,673
Add: accumulated depreciation	465,660						Unsecured debt obligations:
Less: intangible assets	(8,506		)				Unsecured debt						1,223,850
Total Assets	$	4,159,202					Outstanding letters of credit						—
							Guarantees						22,929
							Derivatives at fair market value, net, if liability						—
Total Unencumbered Assets:	December 31, 2014						Total unsecured debt obligations:						1,246,779
Unencumbered real estate assets, gross	$	3,038,939					Total Debt						$	1,668,452
Cash and cash equivalents	3,336
Land held for development	206,001
Property under development	181,798
Total Unencumbered Assets	$	3,430,074
Consolidated Income Available for Debt Service:	4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			Trailing Twelve Months
Adjusted EBITDA	$	91,196		$	85,823		$	78,950		$	75,848		$	331,817
Add: Adjusted EBITDA of discontinued operations	497			(3		)	(4		)	15			505
Less: straight-line rental revenue	(3,515		)	(2,932		)	(1,107		)	(1,111		)	(8,665		)
Consolidated Income Available for Debt Service	$	88,178		$	82,888		$	77,839		$	74,752		$	323,657
Annual Debt Service:
Interest expense, gross	$	22,560		$	22,898		$	22,174		$	21,190		$	88,822
Less: deferred financing fees amortization	(1,090		)	(1,082		)	(1,061		)	(1,015		)	(4,248		)
Annual Debt Service	$	21,470		$	21,816		$	21,113		$	20,175		$	84,574
Debt Service Coverage	4.1			3.8			3.7			3.7			3.8

14

EPR Properties
Capital Structure at December 31, 2014
(Unaudited, dollars in thousands except share information)
Equity
Security	Shares Issued and Outstanding	Price per share at December 31, 2014		Liquidation Preference		Dividend Rate		Convertible	Conversion Ratio at December 31, 2014
Common shares	57,125,941	$	57.63	N/A		(1)		N/A	N/A
Series C	5,400,000	$	23.40	$	135,000	5.750%		Y	0.3700
Series E	3,450,000	$	31.49	$	86,250	9.000%		Y	0.4551
Series F	5,000,000	$	25.20	$	125,000	6.625%		N	N/A
Calculation of Total Market Capitalization:
Common shares outstanding at December 31, 2014 multiplied by closing price at December 31, 2014						$	3,292,168
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 December 31, 2014						1,645,523
Total consolidated market capitalization						$	5,283,941
(1) Total monthly dividends declared in the fourth quarter of 2014 were $0.855 per share.
(2) Excludes accrued unpaid dividends at December 31, 2014

15

EPR Properties
Summary of Ratios
(Unaudited)
	4th Quarter 2014	3rd Quarter 2014	2nd Quarter 2014	1st Quarter 2014	4th Quarter 2013	3rd Quarter 2013
Debt to total assets (book value)	44%	44%	47%	44%	45%	49%
Debt to total market capitalization	31%	33%	33%	32%	34%	37%
Debt to gross assets	39%	39%	42%	39%	40%	44%
Debt/Adjusted EBITDA - continuing operations (1)	4.51	4.72	5.26	4.89	4.81	5.20
Debt/Adjusted EBITDA - continuing and discontinued operations (1)	4.49	4.72	5.26	4.89	4.80	5.20
Secured debt to secured assets	72%	68%	69%	66%	67%	63%
Unencumbered real estate assets to total real estate assets (2)	84%	82%	82%	84%	84%	83%
Interest coverage ratio (3)	4.0	3.7	3.6	3.6	3.6	3.5
Fixed charge coverage ratio (3)	3.1	2.9	2.8	2.8	2.8	2.7
Debt service coverage ratio (3)	3.4	3.2	3.1	3.2	3.2	3.1
FFO payout ratio (4)	78%	86%	91%	86%	64%	79%
FFO as adjusted payout ratio (5)	76%	79%	88%	91%	81%	78%
AFFO payout ratio (6)	81%	82%	91%	91%	85%	78%
(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)
	4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013
Interest Coverage Ratio (1):
Net income	$	52,635		$	42,705		$	40,760		$	43,533		$	63,042		$	43,502
Provision for loan losses	—			3,777			—			—			—			—
Transaction costs (benefit)	1,131			369			756			(3,180		)	1,096			317
Interest expense, gross	22,560			22,898			22,174			21,190			21,416			21,460
Depreciation and amortization	17,989			17,421			16,002			15,327			14,807			13,346
Share-based compensation expense
to management and trustees	1,918			2,313			2,343			2,328			1,690			1,659
Costs associated with loan refinancing
or payoff	301			—			—			—			—			223
Interest cost capitalized	(2,543		)	(2,085		)	(1,610		)	(1,287		)	(779		)	(1,014		)
Straight-line rental revenue	(3,515		)	(2,932		)	(1,107		)	(1,111		)	(1,575		)	(1,350		)
Gain on sale of real estate	(879		)	—			—			(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)	184			363			842			407			(14,787		)	—
Interest coverage amount	$	89,781		$	84,829		$	79,940		$	76,877		$	76,517		$	74,975
Interest expense, net	$	20,015		$	20,801		$	20,555		$	19,899		$	20,632		$	20,435
Interest income	2			12			9			4			5			11
Interest cost capitalized	2,543			2,085			1,610			1,287			779			1,014
Interest expense, gross	$	22,560		$	22,898		$	22,174		$	21,190		$	21,416		$	21,460
Interest coverage ratio	4.0			3.7			3.6			3.6			3.6			3.5
Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	89,781		$	84,829		$	79,940		$	76,877		$	76,517		$	74,975
Interest expense, gross	$	22,560		$	22,898		$	22,174		$	21,190		$	21,416		$	21,460
Preferred share dividends	5,951			5,952			5,952			5,952			5,951			5,951
Fixed charges	$	28,511		$	28,850		$	28,126		$	27,142		$	27,367		$	27,411
Fixed charge coverage ratio	3.1			2.9			2.8			2.8			2.8			2.7
Debt Service Coverage Ratio (1):
Interest coverage amount	$	89,781		$	84,829		$	79,940		$	76,877		$	76,517		$	74,975
Interest expense, gross	$	22,560		$	22,898		$	22,174		$	21,190		$	21,416		$	21,460
Recurring principal payments	3,654			3,590			3,249			2,728			2,637			2,472
Debt service	$	26,214		$	26,488		$	25,423		$	23,918		$	24,053		$	23,932
Debt service coverage ratio	3.4			3.2			3.1			3.2			3.2			3.1
(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:
	4th Quarter 2014			3rd Quarter 2014			2nd Quarter 2014			1st Quarter 2014			4th Quarter 2013			3rd Quarter 2013
Net cash provided by operating activities	$	82,087		$	53,854		$	72,824		$	41,530		$	75,745		$	45,649
Equity in income from joint ventures	395			300			267			311			230			351
Distributions from joint ventures	—			(810		)	—			—			(355		)	(216		)
Amortization of deferred financing costs	(1,090		)	(1,082		)	(1,061		)	(1,015		)	(1,044		)	(1,010		)
Amortization of above market leases, net	(48		)	(48		)	(48		)	(48		)	(48		)	—
Increase (decrease) in mortgage notes and related accrued interest receivable	1,674			2,087			129			107			(783		)	2,868
Increase (decrease) in restricted cash	(1,486		)	(1,181		)	(754		)	3,425			135			(565		)
Increase (decrease) in accounts receivable, net	3,124			2,052			883			(543		)	2,540			1,539
Increase in direct financing lease receivable	782			529			988			694			1,222			1,186
Increase (decrease) in other assets	(664		)	(616		)	2,195			2,446			(1,172		)	(2,842		)
Decrease (increase) in accounts payable and accrued liabilities	(12,711		)	8,101			(14,688		)	18,151			(17,159		)	9,066
Decrease (increase) in unearned rents and interest	85			3,393			(1,008		)	(3,793		)	(2,952		)	(464		)
Straight-line rental revenue	(3,515		)	(2,932		)	(1,107		)	(1,111		)	(1,575		)	(1,350		)
Interest expense, gross	22,560			22,898			22,174			21,190			21,416			21,460
Interest cost capitalized	(2,543		)	(2,085		)	(1,610		)	(1,287		)	(779		)	(1,014		)
Transaction costs (benefit)	1,131			369			756			(3,180		)	1,096			317
Interest coverage amount (1)	$	89,781		$	84,829		$	79,940		$	76,877		$	76,517		$	74,975
(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 December 31, 2014		Capital Spending Year Ended December 31, 2014
Development of megaplex theatres	various	Entertainment	$	3,960	$	23,331
Acquisition of megaplex theatres	various	Entertainment	—		126,960
Acquisition of land	Sterling Heights, MI	Entertainment	10,848		10,848
Development of other entertainment and retail projects	various	Entertainment	2,035		6,032
Investment in note receivable secured by partnership interest in theatre operations	China	Entertainment	—		1,916
Investment in note receivable	Kenner, LA	Entertainment	—		1,750
Investment in mortgage notes receivable for public charter schools	various	Education	3,209		20,309
Acquisition and development of early childhood education centers	various	Education	11,766		49,998
Development of public charter school properties	various	Education	18,183		88,562
Acquisition and development of private schools	various	Education	14,974		66,172
Improvements at ski resorts	various	Recreation	287		1,836
Development of Topgolf golf entertainment facilities	various	Recreation	41,737		136,928
Investment in mortgage note receivable for Camelback Mountain Resort	Tannersville, PA	Recreation	31,047		67,161
Additions to mortgage note receivable for development of Schlitterbahn waterparks	various	Recreation	1,698		6,246
Investment in casino and resort project	Sullivan County, NY	Other	1,361		4,659
Total investment spending			$	141,105	$	612,708
Other capital acquisitions, net	various		1,777		6,837
Total capital spending			$	142,882	$	619,545
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
Sale of land at a ski property	Bennington, NH	December 2014	404
Sale of winery property	Sunnyside, WA	December 2014	2,974
Sale of a vineyard property	Sonoma County, CA	December 2014	5,030

19

EPR Properties
Property Under Development - Investment Spending Estimates at December 31, 2014 (1)
(Unaudited, dollars in thousands)
	December 31, 2014			Owned Build-to-Suit Spending Estimates
	Property Under Development		# of Projects	1st Quarter 2015		2nd Quarter 2015		3rd Quarter 2015		4th Quarter 2015		2016		Total Expected Cost (2)		% Leased
Entertainment	$	11,930	7	$	2,807	$	6,887	$	5,233	$	1,733	$	13,000	$	41,590	100%
Education	86,427		16	23,841		32,702		30,190		16,302		18,700		208,162		100%
Recreation	70,041		9	29,264		35,365		22,540		7,850		—		165,060		100%
Total Build-to-Suit	168,398		32	$	55,912	$	74,954	$	57,963	$	25,885	$	31,700	$	414,812
Non Build-to-Suit Development	13,400
Total Property Under Development	$	181,798
			December 31, 2014	Owned Build-to-Suit In-Service Estimates
			# of Projects	1st Quarter 2015		2nd Quarter 2015		3rd Quarter 2015		4th Quarter 2015		2016		Total In-Service (2)		Actual In-Service 4th Quarter 2014
Entertainment			7	$	—	$	7,494	$	2,000	$	19,096	$	13,000	$	41,590	$	—
Education			16	14,541		53,246		81,970		8,171		50,234		208,162		56,013
Recreation			9	14,000		17,687		91,537		41,836		—		165,060		36,591
Total Build-to-Suit			32	$	28,541	$	78,427	$	175,507	$	69,103	$	63,234	$	414,812	$	92,604
	December 31, 2014			Mortgage Build-to-Suit Spending Estimates
	Mortgage Notes Receivable		# of Projects	1st Quarter 2015		2nd Quarter 2015		3rd Quarter 2015		4th Quarter 2015		2016		Total Expected Cost (2)
Entertainment	$	—	—	$	—	$	—	$	—	$	—	$	—	$	—
Education	22,554		4	—		200		550		1,838		3,605		28,747
Recreation (3)	70,114		1	30,000		13,077		—		—		—		113,191
Total Build-to-Suit Mortgage Notes	92,668		5	$	30,000	$	13,277	$	550	$	1,838	$	3,605	$	141,938
Non Build-to-Suit Mortgage Notes	415,287
Total Mortgage Notes Receivable	$	507,955
(1) This schedule includes only those properties for which the Company has closed on a contract (lease or mortgage) and commenced construction as of December 31, 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 December 31, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	60,489		$	9,387		$	5,840		$	198		$	75,914		$	—		$	75,914
Tenant reimbursements	4,285			—			—			23			4,308			—			4,308
Other income	1			—			—			32			33			270			303
Mortgage and other financing income	1,776			7,708			14,563			97			24,144			—			24,144
Total revenue	66,551			17,095			20,403			350			104,399			270			104,669
Property operating expense	6,730			—			—			231			6,961			—			6,961
Other expense	—			—			—			206			206			—			206
Total investment expenses	6,730			—			—			437			7,167			—			7,167
General and administrative expense	—			—			—			—			—			6,306			6,306
Transaction costs	—			—			—			—			—			1,131			1,131
EBITDA - continuing operations	$	59,821		$	17,095		$	20,403		$	(87	)	$	97,232		$	(7,167	)	$	90,065
	62		%	17		%	21		%	—		%	100		%
Add: transaction costs																1,131			1,131
Adjusted EBITDA - continuing operations																			91,196
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(301		)	(301		)
Interest expense, net																(20,015		)	(20,015		)
Transaction costs																(1,131		)	(1,131		)
Depreciation and amortization																(17,989		)	(17,989		)
Equity in income from joint ventures																395			395
Gain on sale or acquisition, net																879			879
Income tax expense																(896		)	(896		)
Discontinued operations:
Income from discontinued operations																497			497
Net income																			52,635
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	46,684

21

EPR Properties
Financial Information by Asset Type
For the Year Ended December 31, 2014
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	237,429		$	27,874		$	20,368		$	1,002		$	286,673		$	—		$	286,673
Tenant reimbursements	17,640			—			—			23			17,663			—			17,663
Other income (loss)	(6		)	—			—			315			309			700			1,009
Mortgage and other financing income	7,056			31,488			40,775			387			79,706			—			79,706
Total revenue	262,119			59,362			61,143			1,727			384,351			700			385,051
Property operating expense	24,143			—			—			754			24,897			—			24,897
Other expense	—			—			—			771			771			—			771
Total investment expenses	24,143			—			—			1,525			25,668			—			25,668
General and administrative expense	—			—			—			—			—			27,566			27,566
Transaction costs	—			—			—			—			—			2,452			2,452
Provision for loan loss	—			—			—			—			—			3,777			3,777
EBITDA - continuing operations	$	237,976		$	59,362		$	61,143		$	202		$	358,683		$	(33,095	)	$	325,588
	66		%	17		%	17		%	—		%	100		%
Add: transaction costs																2,452			2,452
Add: provision for loan loss																3,777			3,777
Adjusted EBITDA - continuing operations																			331,817
Reconciliation to Consolidated Statements of Income:
Costs associated with loan refinancing or payoff																(301		)	(301		)
Interest expense, net																(81,270		)	(81,270		)
Transaction costs																(2,452		)	(2,452		)
Provision for loan loss																(3,777		)	(3,777		)
Depreciation and amortization																(66,739		)	(66,739		)
Equity in income from joint ventures																1,273			1,273
Gain on sale or acquisition, net																1,209			1,209
Gain on sale of investment in a direct financing lease																220			220
Income tax expense																(4,228		)	(4,228		)
Discontinued operations:
Income from discontinued operations																505			505
Transaction (costs) benefit																3,376			3,376
Net income																			179,633
Preferred dividend requirements																(23,807		)	(23,807		)
Net income available to common shareholders of EPR Properties																			$	155,826

22

EPR Properties
Financial Information by Asset Type
For the Three Months Ended December 31, 2013
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	56,720		$	5,198		$	3,751		$	283		$	65,952		$	—		$	65,952
Tenant reimbursements	4,653			—			—			—			4,653			—			4,653
Other income	5			—			—			20			25			120			145
Mortgage and other financing income	1,761			8,666			8,081			94			18,602			—			18,602
Total revenue	63,139			13,864			11,832			397			89,232			120			89,352
Property operating expense	6,181			—			—			232			6,413			—			6,413
Other expense	—			—			—			150			150			—			150
Total investment expenses	6,181			—			—			382			6,563			—			6,563
General and administrative expense	—			—			—			—			—			6,146			6,146
Transaction costs	—			—			—			—			—			1,096			1,096
EBITDA - continuing operations	$	56,958		$	13,864		$	11,832		$	15		$	82,669		$	(7,122	)	$	75,547
	69		%	17		%	14		%	—		%	100		%
Add: transaction costs																1,096			1,096
Adjusted EBITDA - continuing operations																			76,643
Reconciliation to Consolidated Statements of Income:
Interest expense, net																(20,632		)	(20,632		)
Transaction costs																(1,096		)	(1,096		)
Depreciation and amortization																(14,807		)	(14,807		)
Equity in income from joint ventures																230			230
Gain on sale or acquisition, net																3,017			3,017
Gain on previously held equity interest																4,853			4,853
Income tax benefit																14,176			14,176
Discontinued operations:
Income from discontinued operations																135			135
Gain on sale of real estate																523			523
Net income																			63,042
Preferred dividend requirements																(5,951		)	(5,951		)
Net income available to common shareholders of EPR Properties																			$	57,091

23

EPR Properties
Financial Information by Asset Type
For the Year Ended December 31, 2013
(Unaudited, dollars in thousands)
	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	221,024		$	15,931		$	10,124		$	1,630		$	248,709		$	—		$	248,709
Tenant reimbursements	18,401			—			—			—			18,401			—			18,401
Other income	80			—			—			1,471			1,551			131			1,682
Mortgage and other financing income	8,447			33,275			32,232			318			74,272			—			74,272
Total revenue	247,952			49,206			42,356			3,419			342,933			131			343,064
Property operating expense	25,521			—			—			495			26,016			—			26,016
Other expense	—			—			—			658			658			—			658
Total investment expenses	25,521			—			—			1,153			26,674			—			26,674
General and administrative expense	—			—			—			—			—			25,613			25,613
Transaction costs	—			—			—			—			—			1,955			1,955
EBITDA - continuing operations	$	222,431		$	49,206		$	42,356		$	2,266		$	316,259		$	(27,437	)	$	288,822
	70		%	16		%	13		%	1		%	100		%
Add: transaction costs																1,955			1,955
Adjusted EBITDA - continuing operations																			290,777
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																(81,056		)	(81,056		)
Transaction costs																(1,955		)	(1,955		)
Depreciation and amortization																(53,946		)	(53,946		)
Equity in income from joint ventures																1,398			1,398
Gain on sale or acquisition, net																3,017			3,017
Gain on previously held equity interest																4,853			4,853
Income tax benefit																14,176			14,176
Discontinued operations:
Income from discontinued operations																333			333
Gain on sale of real estate																4,256			4,256
Net income																			180,226
Preferred dividend requirements																(23,806		)	(23,806		)
Net income available to common shareholders of EPR Properties																			$	156,420

24

EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)
	For the Three Months Ended December 31, 2014								For the Year Ended December 31, 2014
	Entertainment (1)			Other (2)		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	—	$	—		$	3		$	—		$	3
Total revenue	—			—		—			3			—			3
Property operating expense (benefit)	(497		)	—		(497		)	(484		)	—			(484		)
Other expense (benefit)	—			—		—			—			(18		)	(18		)
Total investment expenses	(497		)	—		(497		)	(484		)	(18		)	(502		)
Transaction costs (benefit)	—			—		—			(3,376		)	—			(3,376		)
EBITDA - discontinued operations	$	497		$	—	$	497		$	3,863		$	18		$	3,881
Add: transaction costs (benefit)						—									(3,376		)
Adjusted EBITDA - discontinued operations						$	497								$	505
Reconciliation to Consolidated Statements of Income:
Transaction costs (benefit)						—									3,376
Income from discontinued operations						$	497								$	3,881
	For the Three Months Ended December 31, 2013								For the Year Ended December 31, 2013
	Entertainment (1)			Other (2)		Consolidated			Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	63		$	—	$	63		$	171		$	1,514		$	1,685
Tenant reimbursements	(41		)	—		(41		)	513			—			513
Other income	—			426		426			—			426			426
Total revenue	22			426		448			684			1,940			2,624
Property operating expense (benefit)	7			—		7			75			(30		)	45
Other expense	—			306		306			—			547			547
Total investment expenses	7			306		313			75			517			592
EBITDA and Adjusted EBITDA- discontinued operations	$	15		$	120	$	135		$	609		$	1,423		$	2,032
Reconciliation to Consolidated Statements of Income:
Interest income, net						—									29
Depreciation and amortization						—									(1,728		)
Gain on sale of real estate, net						523									4,256
Income from discontinued operations						$	658								$	4,589

(1) For each of the three months and years ended December 31, 2014 and 2013, primarily related to the settlement of escrow reserves and post closing adjustments associated with the sale of Toronto Dundas Square. Additionally, for the year ended December 31, 2014, transaction costs (benefit) and property operating expense (benefit) consists of reversals of liabilities that were related to the acquisition and ownership of Toronto Dundas Square. These liabilities were reversed as the related payments are not expected to occur.

(2) For the year ended December 31, 2014, consists of a tax refund received on a vineyard and winery property sold in 2013. For the three months and year ended December 31, 2013, consists of five vineyard and winery properties that were sold during 2013.

25

EPR Properties
Investment Information by Asset Type
As of December 31, 2014 and 2013
(Unaudited, dollars in thousands)
		As of December 31, 2014
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,851,285		$	354,182		$	246,067		$	—		$	2,451,534
Add back accumulated depreciation on rental properties		442,827			11,086			11,747			—			465,660
Land held for development		4,457			—			—			201,544			206,001
Property under development		25,321			86,436			70,041			—			181,798
Mortgage notes and related accrued interest receivable, net		58,220			76,917			367,797			5,021			507,955
Investment in a direct financing lease, net		—			199,332			—			—			199,332
Investment in joint ventures		5,738			—			—			—			5,738
Intangible assets, gross (1)		20,796			—			—			—			20,796
Notes receivable and related accrued interest receivable, net (1)		2,069			—			—			—			2,069
	Total investments (2)	$	2,410,713		$	727,953		$	695,652		$	206,565		$	4,040,883
	% of total investments	60		%	18		%	17		%	5		%	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 December 31, 2014 and 2013 in the Company's Annual Report on Form 10-K. Reconciliation is as follows:
		12/31/2014			12/31/2013
Intangible assets, gross		$	20,796		$	18,444
Less: accumulated amortization on intangible assets		(12,290		)	(11,633		)
Notes receivable and related accrued interest receivable, net		2,069			4,992
Prepaid expenses and other current assets		55,516			48,129
Total other assets		$	66,091		$	59,932
(2) See pages 31 and 32 for definitions.

26

EPR Properties
Lease Expirations
As of December 31, 2014
(Unaudited, dollars in thousands)
	Megaplex Theatres						Education Properties
Year	Total Number of Properties		Rental Revenue for the Year Ended December 31, 2014 (1)		% of Total Revenue		Total Number of Properties		Financing Income/Rental Revenue for the Year Ended December 31, 2014		% of Total Revenue
2015	3		$	9,747	3	%	—		$	—	—
2016	4		9,340		3	%	—		—		—
2017	4		7,380		2	%	1		1,062		—	%
2018	17		27,602		7	%	—		—		—	%
2019	6		16,667		4	%	—		—		—
2020	7		9,103		2	%	—		—		—
2021	5		7,614		2	%	—		—		—
2022	12		22,211		6	%	—		—		—
2023	5		10,770		3	%	—		—		—
2024	14		27,787		7	%	—		—		—
2025	5		11,010		3	%	—		—		—
2026	5		5,667		1	%	—		—		—
2027	13	(2)	11,441		3	%	—		—		—
2028	3		5,650		1	%	—		—		—
2029	15	(3)	14,125		4	%	—		—		—
2030	—		—		—	%	—		—		—
2031	5		7,495		2	%	9	(5)	7,518		2	%
2032	3	(4)	2,039		1	%	14	(6)	16,647		4	%
2033	6		4,680		1	%	17	(7)	16,427		4	%
2034	2		1,368		—	%	14		6,508		2	%
Thereafter	—		—		—		4	(8)	3,512		1	%
	134		$	211,696	55	%	59		$	51,674	13	%
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 year ended December 31, 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) Ten of these public charter school properties are leased under a master lease to Imagine.
(8) Three 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	Year Ended		Percentage of
	Customers	Asset Type	December 31, 2014		Total Revenue	December 31, 2014		Total Revenue
1.	American Multi-Cinema, Inc.	Entertainment	$	21,903	21%	$	87,363	23%
2.	Peak Resorts, Inc. (1)	Recreation	9,917		9%	23,988		6%
3.	Regal Cinemas, Inc.	Entertainment	9,728		9%	35,804		9%
4.	Cinemark USA, Inc.	Entertainment	8,068		8%	32,512		8%
5.	Imagine Schools, Inc.	Education	5,975		6%	25,179		7%
6.	Carmike Cinemas, Inc.	Entertainment	4,559		4%	17,798		5%
7.	Topgolf USA	Recreation	3,493		3%	11,063		3%
8.	SVVI, LLC	Recreation	3,419		3%	14,830		4%
9.	Southern Theatres, LLC	Entertainment	3,046		3%	12,145		3%
10.	Landmark Cinemas	Entertainment	1,940		2%	7,684		2%
	Total		$	72,048	68%	$	268,366	70%

(1) Revenue for the three months and year ended December 31, 2014 includes a $5.0 million prepayment fee received for the prepayment of $76.2 million in

mortgage notes receivable.

28

EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)
Summary of Mortgage Notes Receivable
	December 31, 2014		December 31, 2013
Mortgage note, 10.00%, paid in full December 2, 2014	$	—	$	42,907
Mortgage note, 10.27%, paid in full December 2, 2014	—		10,972
Mortgage note, 9.00%, due March 16, 2015	1,164		—
Mortgage note and related accrued interest receivable, 9.00%, due November 30, 2015	1,149		—
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 and related accrued interest receviable, 7.00% and 10.00%, due May 1, 2019	191,116		183,465
Mortgage note, 10.00%, due November 1, 2020	70,114		1,112
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	19,795		19,659
Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032	22,188		22,188
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	5,598		5,717
Mortgage note and related accrued interest receivable, 9.50%, due January 31, 2033	12,082		6,872
Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033	28,788		20,802
Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033	3,471		3,455
Mortgage note, 11.31%, due July 1, 2033	13,005		13,086
Mortgage note, 8.50%, due June 30, 2034	4,870		—
Mortgage note and related accrued interest receivable, 10.93%, due December 1, 2034	51,450		63,500
Mortgage notes, 10.13%, due December 1, 2034	37,562		47,029
Mortgage notes, 10.40%, due December 1, 2034	4,550		4,509
Total mortgage notes and related accrued interest receivable	$	507,955	$	486,337
Payments Due on Mortgage Notes Receivable
	As of December 31, 2014
Year:
2015	$	6,305
2016	3,933
2017	1,754
2018	837
2019	190,642
Thereafter	304,484
Total	$	507,955

29

EPR Properties
Summary of Notes Receivable
(Unaudited, dollars in thousands)
Summary of Notes Receivable (1)
	December 31, 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, 9.23%,
past due (2)	3,777			3,692
Note and related accrued interest receivable, 12.50%,
due March 1, 2024	2,069			—
Total notes and related accrued interest receivable	$	5,846		$	4,992
Less: Loan loss reserve	(3,777		)	—
Total notes and related accrued interest receivable, net	$	2,069		$	4,992
(1) Included in other assets in the consolidated balance sheets as of December 31, 2014 and 2013 in the Company's Annual Report on Form 10-K.
(2) Note receivable is impaired as of December 31, 2014 and is shown here 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 December 31, 2014
Year:
Past Due (100% Reserved)	$	3,777
2015	26
2016	126
2017	—
2018	—
2019	—
Thereafter	1,917
Total	$	5,846

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